DUBLIN--(BUSINESS WIRE)--Dec 6, 2022--
The "Agricultural Microbials Market by Type, Function (Soil Amendment and Crop Protection), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables), Mode of Application, Formulation, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global agricultural microbials market is estimated to be valued at USD 6.4 billion in 2022. It is projected to reach USD 12.6 billion by 2027, recording a CAGR of 14.6% during the forecast period. The agricultural microbials market is projected to grow at an exponential rate due to factors such as the rise in demand for sustainable agricultural practices, favorable government regulations, an increase in demand for high-value crops, and a rise in the number of investments from key players in this market. Crop protection is the chief function that is targeted by larger companies in the agricultural microbials market. Microbials can be applied in several ways, of which foliar spray is the most widely accepted application mode across the globe. However, precision targeting and application advantages associated with seed treatment have been gaining importance in recent times for microbials across the globe. Controlled release are research institutions and key players exploring another technology to enhance integrated pest management and the sustainability of their products.
The use of biopesticides has increased consumer confidence in purchasing fruits & vegetables cultivated in a sustainable environment. The increasing pressure on farmers for the minimal use of chemical pesticides in the cultivation of fruits & vegetables has led to increased demand and encouraged the exploration of biological alternatives. Organizations such as the WHO and governments of different countries are focusing on decreasing levels of malnutrition, increasing sustainable farming practices, and attaining self-sufficiency in terms of food. This will drive the growth of the agricultural microbials market.
The North America region is estimated to record a CAGR of 15.0% during the forecast period.
In 2021, North America accounted for the largest market share, followed by Europe and the Asia Pacific, owing to the reduced dependence on chemical pesticides for crop protection in countries such as the US, Canada, Germany, and France. The agricultural microbials market in North America is growing at a CAGR of 15.0% during the forecast period, due to the rising demand in large economies, such as US, Canada, and Mexico countries. These are some of the regions that are experiencing high growth in organic farming, farm conversions from conventional to organic, and the development of newer biological solutions through research. The increasing growth of high-value crops and rising awareness among farmers about the environmental benefits of microbial solutions are expected to provide more scope for market expansion. Moreover, the ongoing R&D activities on newer microbial strains also render a scope for market growth. Government policies adopted by Asia Pacific countries toward sustainable agricultural practices and the support provided for the consumption of microbial products are the major factors driving the growth of this market.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Agricultural Biologicals Market, by Function
8 Agricultural Biologicals Market, by Product Type
9 Agricultural Biologicals Market, by Mode of Application
10 Agricultural Biologicals Market, by Crop Type
11 Agricultural Biologicals Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Agricultural Biologicals Market, Customization Data
15 Adjacent & Related Markets
16 Appendix
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/neo3bk
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KEYWORD:
INDUSTRY KEYWORD: AGRICULTURE NATURAL RESOURCES
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/06/2022 09:53 AM/DISC: 12/06/2022 09:53 AM
http://www.businesswire.com/news/home/20221206005757/en