The global agricultural biologicals market size is estimated to account for a value of USD 8.8 billion in 2020 and is projected to grow at a CAGR of 13.6% to reach a value of USD 18.9 billion by 2028. Increasing incidences of pest outbreaks in crops, rise in awareness & demand for supreme quality yield from the farm produce, and development of pest resistance are some of the prominent factors that are contributing to the expansion of the market. The exploitation of the environment due to the overuse of crop protection chemicals is fostering the demand for agricultural biological products.
Agricultural biologicals are projected to play an important role in catering to the growing demand for organic products across the world. High adoption of this technology is not only limited to protecting crops and increasing the crop yield significantly but also an assurance of sustainable farming and maintenance of long-term soil fertility achieved by using natural resources. However, the limited availability of quality products is expected to suppress the agricultural biological market growth.
- The agricultural biological market is estimated to be valued at USD 8.8 billion in 2020.
- The agricultural biological market is projected to grow at a CAGR of 13.68% from 2021 to 2028.
- The increasing trend of sustainable agriculture within the global markets, low residue levels, and supportive regulations are the key factors driving the expansion of the agricultural biological market.
- Stringent regulations by agricultural product regulatory bodies and agencies on the use of excessive amounts of synthetic or chemical fertilizers are expected to drive the growth of the market.
Key Market Players
Some of the key players within the Agricultural Biologicals Market include Dow Chemical International Pvt. Ltd, Syngenta India Ltd, Bayer India Ltd, BASF India Ltd, Isagro Asia Agrochemicals Pvt. Ltd, Novozymes India, T Stanes & Co Limited, Arysta LifeScience India Ltd, Koppert Biological Systems India Pvt Ltd, Camson Bio Technologies.
The biopesticides accounted for the highest market share within the market, owing to the increasing focus of farmers and agriculturists towards the event of pest resistance products for crops so as to extend the yield of quality crops. Enhancement within the area under organic farming and growing demand for organic products is further boosting the demand for pesticides across the world. The increasing interest of agriculture industry stakeholders in pest management and the adoption of a safer strategy to manage pest populations are a few of the most prominent driving factors for biopesticides market growth.
The North American region accounted for the largest share of the market in 2020 and is attributed to its high-end R&D infrastructure and also the high number of patents received for biopesticides and biostimulants by companies based within the region.