Market Overview
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.
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.
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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, 2017-2024.
Major Key Players
The major players in the Agricultural Microbials Market include 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.)
Regional Analysis
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.
Downstream Analysis
Global Agricultural Microbials Market is segmented into type, function, and application.
On the basis of the type, it is segmented into bacteria, fungi, viruses, protozoa, and others. Among all, the bacteria segment is dominating the market.
On the basis of the function, it is segmented into crop protection, soil improvement, and others. Among both the functions, the soil improvement segment is dominating the market.
On the basis of the application, it is segmented into fruits and vegetables, cereals & pulses, oilseeds & grains, and others. Among all the applications, the fruits and vegetables segment is dominating the market.
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