Vantage Market Research
Dec 08, 2021
The agricultural microbial market is predicted to increase at a CAGR of 13.8%. The growing popularity of biopesticides and biofertilizers is expected to drive the global market. According to the National Agricultural Statistics Service's 2019 organic survey, there has been a 17% increase in certified organic farms in the U.S. between 2016 and 2019. This increased acceptance of such microbial globally is based on the government's strong emphasis on organic farming.
Key Findings:
- Synthetic fertilizers account for 13% of overall greenhouse gas (GHG) emissions, according to the United Nations and the Food and Agriculture Organization.
- The use of microbial provides a number of advantages, including enhanced crop production, nutrient absorption, and organic cultivation as the consumers are becoming more aware of the detrimental impacts of synthetic chemicals on health.
- Apart from the numerous benefits of agricultural microbials, it has been observed to have lower adoption rates than synthetic chemicals.
Market overview:
Bacteria, liquid formation, foliar spray application, crop protection segment, and fruits and vegetables sector are the prominent players in the Agricultural Microbials Market.
Bacteria are the dominant force in the agricultural microbials business. The fungus has a considerable market share since they have been shown to be incredibly advantageous to plants by serving as plant growth stimulating fungi (PFPF).
Due to its simplicity of application, the liquid form of agricultural microbials is expected to account for the greatest proportion of the market. Furthermore, they do not necessitate any prior operations, such as mixing, which aids in the prevention of rotting.
Foliar spraying is a simple technique that may be used to cure deficiencies and diseases in plants quickly. Owing its advantages over other treatment methods, the foliar spray application technique commands a considerable market share.
During 2020 - 2026, the widespread use of agricultural microbials for crop protection is likely to drive segmental expansion. Microbial-based remedies have been shown to efficiently manage a wide range of plant pests and diseases. Moreover, due to the high remuneration factor linked with such commodities, global demand for high-value crops such as fruits and vegetables is steadily increasing. Other crops, such as grains, cereals, legumes, and oilseeds, are also moving in this direction.
Regional analysis:
North America holds the greatest market share, with the U.S. accounting for more than half of the regional market share in 2020. The need for high crop productivity and output, coupled with high-quality, developing agricultural techniques, and precision farming has driven market expansion for agriculture microbial products in the North American region throughout the years. The region is pushing the use of microbial products to balance the agricultural sector's expansion, which is now dominated by the use of chemical fertilisers and pesticides to support large-scale output. The surge in organic and environmentally friendly farming techniques has boosted demand for agricultural microbial products, particularly in the U.S. owing to its growing understanding of the importance of a well-balanced plant, the country's agricultural industry has been adjusting to a more natural and organic manner of farming.
Competitive landscape:
The agricultural microbial market is a highly fragmented market, with the presence of many domestic players. Major players such as BASF, Certis USA LLC, and Terra International Inc. are well established in the global market. However, there is still plenty of space for small regional players to grow and make their mark in the agricultural sector.
Recent developments:
- Sumitomo Chemicals recently invested in Conagen, a US biotechnology company, which will help them meet their goals by further strengthening their R&D capabilities.