Exploring Global Prospects: Agricultural Microbials Market Analysis and Industry Forecast (2024-2031)
Meticulous Research®— leading global market research company, published a research report titled, ‘Agricultural Microbials Market by Microorganism Type (Bacteria, Fungi, Virus), Product Functionality (Soil Amendments, Crop Protection), Formulation, Mode of Application (Foliar Spray, Soil Treatment, Seed Treatment), Crop Type — Global Forecast to 2031.’
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According
to this latest publication from Meticulous Research®, the
agricultural microbials market is projected to reach $27.08 billion by 2031, at a CAGR
of 13% during the forecast period 2024–2031. The growth of this
market is being propelled by factors such as the growing awareness regarding
the utilization of synthetic chemicals, rising organic farming and demand for
organic food, increasing focus on sustainable agriculture practices, and
growing concerns regarding environmental safety. However, the lack of education
and awareness among farmers and the high cost of agricultural microbials
production are restraining the growth of this market. Moreover, the growing
adoption of agricultural microbials in emerging economies is expected to
generate significant growth opportunities for the stakeholders in this market.
On the other hand, the shorter shelf life of agricultural microbial and lengthy
product registration and approval processes are major challenges impacting
market growth.
Key Players
Some
of the key players operating in the agricultural microbials market are Syngenta
AG (A Part of China National Chemical Corporation/Chemchina) (Switzerland),
BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), UPL
Limited (India), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm
Limited (Australia), Sumitomo Chemical Co., Ltd. (Japan), Koppert B.V.
(Netherlands), Pro Farm Group Inc. (U.S.), Isagro S.p.A. (Italy), BioWorks,
Inc. (U.S.), Certis USA L.L.C. (U.S.), and Biobest Group NV (Belgium).
The
agricultural microbials market is segmented based on microorganism type
(bacteria, fungi, virus, and other microorganisms), product functionality (soil
amendments and crop protection), formulation (liquid and dry), mode of
application (foliar spray, soil treatment, seed treatment, and other modes of
application), crop type (cereals & grains, oilseeds & pulses, fruits
& vegetables, and other crops), and geography (North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa). The study also
evaluates industry competitors and analyzes the market at the regional and
country levels.
Based on
microorganism type, the bacteria
segment is expected to account for the largest share of the agricultural
microbials market in 2024. The segment’s large share is mainly attributed to
the rising number of applications of bacteria in the formulation of
biofertilizers, biopesticides, and biostimulants. Bacteria are commonly known
for performing several growth-enhancing functions in plants and protecting
plants from various root-fungus diseases, influencing the segment market
growth. In addition, bacteria play a crucial role in maintaining soil health by
promoting nutrient cycling, improving soil structure, and suppressing
soil-borne diseases. These factors contribute to the segment’s large share.
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Based on
product functionality, the crop
protection segment is expected to account for the larger share of the
agricultural microbials market in 2024. The segment’s large share is mainly
attributed to the growing need to increase crop yield and quality, growing
awareness about environmental safety, increasing adoption of advanced
agricultural practices and technologies, growing organic farming and the rising
demand for organic food, and rapidly decreasing agricultural land.
However,
the soil amendments segment is projected to witness significant growth during
the forecast period of 2024–2031. The key factors supporting the rapid growth
of this segment include the widespread use of agricultural microbes for
enhancing soil quality, soil fertility, and crop protection.
Based on
formulation, the liquid segment
is expected to account for the larger share of the agricultural microbials
market in 2024. The segment’s large share is mainly attributed to the liquid
formulation’s better performance and higher effective duration (up to 6 months)
than that of dry formulation (up to 3 months). Moreover, it does not require
any previous procedures, such as mixing, which helps avoid spoilage.
Based on
mode of application, the foliar
spray segment is expected to account for the largest share of the agricultural
microbials market in 2024. The segment’s large share is mainly attributed to
its high efficiency in the application, uniform distribution of chemicals, and
minimum to no wastage of agricultural microbials in the foliar spray mode of
application. Additionally, the uptake of nutrients is much faster in foliar
spray as it quickly absorbs the nutrients, and this technique is comparatively
easier to apply and acts as a prompt correction treatment for several diseases
and deficiencies in plants; these factors contribute to the segment’s large
share.
Based on
crop type, the cereals &
grains segment is expected to account for the largest share of the agricultural
microbials market in 2024. The segment’s large share is mainly attributed to
the growing need to increase cereal & grain production, minimize cereal
& grain loss due to pests and diseases, and the increasing use of these
crops in animal feed, biofuel, and starch & ethanol production.
Additionally, in many countries, governments actively support cereals &
grains production due to their importance in food security. This often includes
policies and subsidies that incentivize the use of modern agricultural
practices, including the use of agricultural microbials.
Based on
geography, the agricultural
microbials market is segmented into North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa. Asia-Pacific is projected to record
the highest CAGR during the forecast period due to the rapid growth in population,
increase in crop diseases, farmers' shift towards organic farming and
implementation of environmental protection laws, and the rising need for high
productivity and yield.
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