Market Research Report
Global Agricultural Microbial Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||613042|
|Published||Content info||205 Pages
Delivery time: 2-3 business days
|Global Agricultural Microbial Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: December 1, 2019||Content info: 205 Pages||
The agricultural microbial market was valued at USD 3,452.3 million in 2018 and is expected to register a CAGR of 18.6%, during the forecast period (2019-2024). In 2018, North America was the largest geographic segment of the market studied and accounted for a share of around 36.7% of the global market.
Agricultural microbial are produced from naturally-occurring microorganisms, such as bacteria, fungi, viruses, and protozoa among others. The global market has been witnessing an upward trend due to increasing awareness and support from several agencies with respect to the usage of agricultural microbial. However, the lack of technological advancements in microbial inoculants and the need for maintaining high numbers of functional microorganisms on seed during seed treatment are some challenges to microbial seed treatment manufacturers.
Owing to various factors, such as rapid advancement in the agricultural sector, growth in the need for high productivity, improved crop health, and favorable regulatory policies, the agricultural microbial market is amplifying exponentially. The agricultural microbial market is now an investment area for leading agrochemical companies. Given the increasing demand for biopesticide products, several companies include bio-pesticides in their portfolio, either by acquiring products from or forming licensing agreements with small size companies or by investing in their own R&D activities.
Increasing Food Demand and Need for Food Safety
The growing need to feed an ever-growing global population, coupled with the increasing demand for sustainable agricultural practices and the concern of the general public over environmental safety is one of the leading drivers for the agricultural microbial market. Agricultural production is likely to grow two-fold over the next 36 years, in order to meet the demands coming from around 9 billion population. Certainly, technology is expected to continue to play a significant role in this progress. Increase in urbanization and less availability of arable land are motivating farmers to adopt efficient crop-protection techniques. There has been a broader acceptance and recognition of the increasing benefits of microbials. With the amount of arable land per-person declining and expansion of population, global crop yields must increase to meet the food production needs. As a result, an increase in the demand for microbial products and agricultural production is being witnessed.
North America Dominates the Global Market
North America was the largest market share, with the United States accounting for more than half of the regional market share in 2018. The regional market growth depends on the need for land productivity of agricultural fields while keeping soil health intact. The requirement for high-crop productivity and production with high-quality, evolving agricultural practices and precision farming have been driving market growth for agriculture microbial products over the years in North America. The region is promoting the use of microbial products, in order to balance the agricultural sector growth, which is mostly opted by chemical fertilizer and pesticide required in order to sustain its large-scale productions.
The agricultural microbial market is a highly fragmented market, with many small players occupying a major portion of the market. The greater market share of players, like Certis USA LLC, Marrone Bio Innovations and others can be attributed to highly diversified product portfolio and a large number of acquisitions and agreements taking place. These players are also focusing on R&D, large product portfolio, wide geographical presence, and aggressive acquisition strategy.