According to a new market research report published by Inkwood Research, the Global Agricultural Microbial Market is projected to evolve at a CAGR of 7.80% during the forecasting years of 2020-2028.
"Browse 65 market Data Tables and 58 Figures spread over 176 Pages, along with an in-depth TOC on Global Agricultural Microbial Market Forecast 2020-2028.”
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Agricultural microbials are produced from natural-based microorganisms such as fungi, viruses, bacteria, and protozoa, among others. It provides healthy and higher yields in a sustainable manner. Agriculture microbials are used in major crop types like cereals and grains, oilseeds and pulses, and fruits & vegetables.
Swelling Food and Safety Demand Propels Market Growth
The rising demand for food for an ever-growing population, along with the increasing demand for sustainable agricultural practices, is the major driver for biopesticides. Agricultural production is estimated to double-up to sustain the demands of the growing population. Technology will play a major role in this progress. Expansion in urbanization and less availability of cultivable land have led to farmers adopting efficient crop-protection techniques. There is increasing acceptance and awareness of the increasing benefits of microbial. Since the amount of cultivable land per person is declining, and the population increasing, crop yields must increase to meet food production needs. There are other options to address crop-yields, like seed technology and crop protection. However, the microbial market has the greatest potential.
Bacteria is the Dominating Type Segment in the Market
Bacteria-based agriculture has a huge demand and used all over the world. Its share is rapidly growing with greater understanding and support for using agricultural microbial from different agencies. It is segmented into different species of bacteria, such as Bt, Bacillus Subtilis, Rhizobium, and others. Most of the products available in the market are Bt-based. Hence Bt occupies the largest market share. Many global companies are using microbes in their products. For instance, Rizobecter, an Argentina- based company, is involved in large-scale innovation and research, and sells many microbial biofertilizers for legume crops to Brazil, Uruguay, Bolivia, Paraguay, the United States, Africa, and Europe. Another company Novozymes manufactures and distributes various biofertilizers all over Australia, Europe, Canada, Asia, Brazil, and the United States.
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North America is Estimated to Record the Highest CAGR by 2028
The agricultural microbial market of North America is expected to be the fastest-growing region during the projected period. The growth analysis of the region is based on the analysis of the markets situated in the United States and Canada. The United States holds more than half of the market share in the North American region. An increase in organic farming and environment-friendly practices has led to the rising demand for agricultural microbial products. The need for high-crop and high-quality productivity, developing agricultural practices and farming accuracy have been boosting the market growth in the region.
The market is highly consolidated with various innovations and aggressive marketing strategies. There is intense competitive rivalry in the market, due to strong patent protection in the industry and players vying for major market share. Some of the leading participants in the market are Syngenta AG, Marrone Bio Innovations, Bayer CropScience AG, VerdesianLife Sciences LLC, BASF SE, etc.
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