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Agricultural Microbials Market to be Worth $27.08 Billion by 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.’Download Free sample Report Here: https://www.meticulousresearch.com/download-sample-report/cp_id=5783?utm_source=pr&utm_medium=social+&utm_campaign=product&utm_content=28-02-2024
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.
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).
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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.
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.
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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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