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Agricultural Microbials Market Rising Concerns for Sustainable Agriculture
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.’Download free sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=5783?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=21-03-2024
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.
The Bacteria Segment Expected to Dominate the Agricultural Microbials Market in 2024Based on microorganism type, the agricultural microbials market is segmented into bacteria, fungi, virus, and other types. In 2024, the bacteria segment is expected to account for the largest share of the agricultural microbials market. The segment’s large market 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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The Soil Amendments Segment to Witness Highest Demand During the Forecast Period
Based on product functionality, the agricultural microbials market is segmented into soil amendments and crop protection. In 2024, the crop protection segment is expected to account for the larger share of the agricultural microbials market. The segment’s large market 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 higher growth of this segment is mainly driven by the growing widespread use of agricultural microbes for enhancing soil properties and fertility.
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The Liquid Segment Expected to Dominate the Agricultural Microbials Market in 2024
Based on formulation, the agricultural microbials market is segmented into liquid and dry. In 2024, the liquid segment is expected to account for the larger share of the agricultural microbials market. The segment’s large share is 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.
Key players: 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).
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