PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1328575
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1328575
According to MarketsandMarkets, the agricultural biologicals market is projected to reach USD 27.9 billion by 2028 from USD 14.6 billion by 2023, at a CAGR of 13.8% during the forecast period in terms of value. The agricultural biologicals market comprises of biofertilizers, biopesticides, beneficial insects and biostimulants. The increasing consumer awareness and preference for organic and sustainable food fuel the market demand for agricultural biologicals. However, the higher production costs and limited scalability of agricultural biologicals can present challenges in terms of affordability and market competitiveness. Nevertheless, governments' implementation of stricter regulations on chemical pesticides encourages the adoption of safer alternatives, providing opportunities for the agricultural biologicals market.
"By mode of application, Foliar spray is projected in high demand during the forecast period."
The compatibility of foliar application with other agricultural practices, such as fertilization, disease management, and pest control, enables farmers to seamlessly integrate agricultural biologicals into their existing spray programs. This integration enhances the overall effectiveness and efficiency of crop management practices. Foliar spray offers a targeted and precise method of applying agricultural biologicals, enabling direct contact between the biological agents and the target pests or pathogens. This direct contact maximizes the effectiveness of the biological solutions, optimizing their impact on pest and disease control. Owing to these factors, the segment is projected to grow at the highest CAGR.
"By crop type, the Cereals & Grains is expected to dominate the market for agricultural biologicals"
Agricultural biologicals provide effective and sustainable solutions for managing pests and diseases in cereals and grains, which are vulnerable to various pests and diseases that can negatively impact yield and quality. By utilizing agricultural biologicals, farmers can reduce their dependence on chemical pesticides. Additionally, biological products like biofertilizers and microbial inoculants improve the availability and uptake of nutrients in cereals and grains. They enhance soil fertility, promote nutrient cycling, and boost the plants' ability to absorb vital nutrients, resulting in improved crop health and increased productivity.
South America will significantly contribute toward market growth during the forecast period
The South American region, comprising Brazil, Argentina, and the Rest of South America (including Chile, Peru, and Venezuela), witnesses the cultivation of key crops such as cereals, corn, legumes, and soybeans across tropical, sub-tropical, and temperate climatic areas. Over time, inappropriate agricultural practices and excessive use of fertilizers and technology have led to soil degradation, prompting many farmers to adopt organic farming practices. A significant portion of land in the region is dedicated to organic farming, predominantly owned by small and local farmers. Various Latin American countries, including Argentina, Brazil, and Colombia, are expanding their production of biofertilizers and biological control agents. Incentive programs and regulatory changes are encouraging the use of biological inputs in agriculture. Moreover, these countries are focusing on diversifying crop varieties among small-scale farmers through organic farming strategies.
The increasing focus on organic farming and sustainable practices in the South American region drives the demand for agricultural biologicals as preferred inputs. Farmers are actively seeking biological solutions for pest and disease management, nutrient supplementation, and soil health improvement, presenting a lucrative market opportunity for manufacturers and suppliers of agricultural biologicals. Additionally, governments in South American countries are implementing incentive programs and regulatory changes to encourage the adoption of biological inputs in agriculture. These initiatives provide valuable support and incentives for farmers, leading to market growth and greater acceptance of agricultural biologicals.
By Company Type: Tier1-40%, Tier 2-30%, Tier 3- 30%
By Designation: Managers - 50%, CXOs-30%, and Executives- 20%
By Region: North America - 20%, Europe - 25%, Asia Pacific - 35%, South America - 10% RoW - 10%,
The study includes an in-depth competitive analysis of these key players in the agricultural biologicals market with their company profiles, recent developments, and key market strategies.
The report segments the agricultural biologicals market on the basis of function, Mode of Application, Product Type, Crop Type, and Region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global agricultural biologicals market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall agricultural biologicals market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
(Business overview, Products/Solutions/Services offered, Recent Developments, MNM view, Right to win, Strategic choices, Weaknesses and competitive threats)**