Business

Agricultural Microbials Market research, Competitor Strategy, Industry Trends, Forecast to 2023

Market Definition:

Agricultural microbials contain microbes which are essential for the plant growth. They are beneficial microbes formulated and applied to the soil or seed. They assist in inserting nutrients necessary for the plant growth and suppressing diseases, which helps in overall growth of the plant. The standard of agricultural microbials have been changing and the rate of their usage is also on the rise. Increasing trend of organic farming practices owing to high demand for organic products among the rising population is driving the growth of the market.    

Market Scenario:

Increasing awareness regarding agricultural microbials has raised the bar for quality, which in turn, has increased the market share of agricultural microbials globally. Mass market penetration is leading to the introduction of new products based out of agricultural microbials and their retail across various regions. Additionally, the market is growing due to increasing population coupled with increasing demand for food. In addition to the increasing population, growing demand for food, increase in the crop production, soil efficiency, and high-quality yield is expected to drive the agricultural microbials market.

Various government initiatives, amplified funding, and grants for sustainable agriculture are supporting the growth of agricultural microbials market. Various benefits associated with the application of agricultural microbials such as improved soil quality, water holding capacity, crop productivity, and disease control is influencing the growth of the market.The global agricultural microbials market is expected to grow at a CAGR of 12.5% during the forecast period, 2017-2023. 

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Key Players:                                                       

Some of the key players profiled in the global agricultural microbials market: Syngenta AG (Switzerland), BASF SE (Germany), Novozymes A/S (Denmark), Dow AgroSciences LLC (U.S.), Sumitomo Chemical Company, Ltd. (Japan), Nufarm Ltd. (Australia), Bayer CropScience AG (Germany), Koppert B.V. (the Netherlands), Certis U.S.A. LLC (U.S.), and Monsanto Company (U.S.)

Key Findings:

High demand for agricultural products has surged the global market for agricultural microbials

Increasing agricultural practice is the reason for growing demand for agricultural microbials

Application of agricultural microbials is projected to witness highest growth rate in the fruits & vegetables segment followed by the cereals & pulses over the estimated period

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Regional Analysis:

The global agricultural microbials market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). The Asia Pacific region is dominating the agricultural microbials market followed by North America owing to rising population followed by increasing consumption of agricultural products in the developing regions. Moreover, agriculture is the key business in India, which is anticipated to drive the agricultural microbials market over the forecast period.

Furthermore, the U.S. dominates the North American agricultural microbials market owing to increasing consumer awareness and growing demand for fruits, vegetables, cereals, pulses, and other crops, which is anticipated to boost the growth of the agricultural microbials market during the review period.

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