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.’
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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.
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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