The global agricultural microbials market size is expected to reach USD 11.81 billion by 2027 backed by the increasing awareness regarding the adverse effects of synthetic chemicals and the growing population rate worldwide that is projected to surge the demand for advanced agricultural microbes. Fortune Business Insights published this information in its latest report, titled, “Agricultural Microbials Market, 2020 – 2027.” The report further mentions that the market stood at USD 4.27 billion in 2019 and is likely to exhibit an impressive CAGR of 14.27% between 2020 and 2027.
COVID-19 Impact: Slower Market Growth to Lead to 8.7% CAGR in 2020
Significant supply chain disruption due the novel coronavirus has led to an economic downturn experienced by several economies. Reduced workforce and halted industrial operations may have had detrimental effects on several industries, however, the demand for high yield is expected to drive the market growth amid the COVID-19 pandemic. Several companies have registered growth during the pandemic and expect to maintain slower but positive growth in the foreseeable future. For instance,
- April 2020: Syngenta and Novozymes collaborated with each other to commercialize TAEGRO, a microbial foliar fungicide. This product is developed to aid farmers to combat crop diseases in Europe and Latin America.
Therefore, amid the pandemic the proactive initiatives by the companies will enable the global market for agricultural microbials to exhibit a CAGR of 8.7% in 2020.
List of the Leading Companies Profiled in the Global Agricultural Microbials Market are:
- Certis USA LLC (Columbia, U.S.)
- Marrone Bio Innovations, Inc. (California, U.S.)
- ChemChina (Beijing, China)
- Koppert Biological Systems (Netherlands)
- Varsha Bioscience and Technology Pvt. Ltd. (Hyderabad, India)
- BASF SE (Ludwigshafen, Germany)
- Andermatt Biocontrol AG (Grossdietwil Switzerland)
- Valent Biosciences, LLC (Illinois, U.S.)
- Novozymes (Denmark)
- Rizobacter Argentina S.A. (Argentina)
We have segmented the global market based on type, formulation, function, application method, crop, and region.
On the basis of type, the market is segmented into bacteria, fungi, virus, and others. Additionally, based on type, the bacteria segment held a market share of about 67.90% in 2019 and is expected to showcase considerable growth during the forecast period. This is attributable to the extensive adoption of bacteria in manufacturing biofertilizers, biopesticides, and biostimulants.
On the basis of formulation, the market is categorized into dry and liquid. Moreover, based on function, the market is segregated into soil amendment and crop protection. Based on the application method, the market is segmented into foliar spray, soil treatment, seed treatment, and others. Furthermore, based on crop, the market is derived into fruits and vegetables. Lastly, based on region, the market is categorized into North America, Europe, Asia-Pacific, South America, The Middle East and Africa.
What does the Report Include?
The global market for agricultural microbials report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Adverse Effects of Adoption of Synthetic Chemicals to Promote Growth
According to the data by the Californians for Pesticide Reform, prolonged exposure to synthetic chemicals can lead to several health effects such as blindness, rashes, diarrhea, dizziness, and in the worst scenario even death. The increasing initiatives by the government through informative programs to create awareness regarding the detrimental effects of synthetic chemicals is expected to boost the adoption of agricultural microbials. Moreover, the rising world population is expected to drive the demand for food that is propelling the manufacturers to improve crop yield. This is expected to bode well for the global agricultural microbials market growth during the forecast period.
- North America – The region stood at USD 1.69 billion in 2019 and is expected to hold the highest position in the global market. This is attributable to the presence of an effective policy and regulatory framework that promotes the adoption of agricultural microbials in the region.
- Europe – The market in Europe is expected to hold a considerable agricultural microbial market share during the foreseeable years. This is ascribable to factors such as the fast-paced expansion of organic farming in countries such as Denmark, Italy, Spain, and Germany between 2020 and 2027.
Product Launches by Key Companies to Brighten Their Market Prospects
The global market is fragmented by major companies such as Marrone Bio Innovations, Inc., Certis USA LLC, Koppert Biological Systems, Valent Biosciences, LLC, and others. These companies are actively focusing on developing and introducing innovative microbial to cater to the growing demand from the agricultural sector globally.
November 2019 – Koppert Biological Systems introduced a new bio fungicide, Noli in France. According to the company, the product effectively controls botrytis in horticulture crops, thereby, improving yield quality.