PUBLISHER: The Business Research Company | PRODUCT CODE: 1414319
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414319
“Inoculants Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on inoculants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for inoculants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The inoculants market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Inoculants are live microorganisms that serve as biological stimulants or biocontrol substances, showcasing versatility in their various effects and processes in plants, including promoting beneficial effects on seed germination. They ensure that the legume's unique microbes are available to the plant after germination.
The main categories of inoculants include agricultural inoculants and silage inoculants. Silage inoculants consist of bacteria selected to dominate crop fermentation in the silo. Silage inoculants are classified into two groups based on their fermentation of glucose, a common plant sugar. These inoculants are available in various forms, including dry and liquid. The diverse microbes involved encompass bacteria, fungi, and other microorganisms. Inoculants are utilized across various crop types, including cereals and grains, oilseeds and pulses, fruits and vegetables, forage, and others.
The inoculants market research report is one of a series of new reports from The Business Research Company that provides inoculants market statistics, including inoculants industry global market size, regional shares, competitors with an inoculants market share, detailed inoculants market segments, market trends, and opportunities, and any further data you may need to thrive in the inoculants industry. This inoculants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The inoculants market size has grown rapidly in recent years. It will grow from $1.16 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The expansion observed in the historical period can be attributed to factors such as increased adoption of agricultural practices, heightened awareness and education in the agricultural sector, trends in crop rotation, environmental concerns influencing sustainable farming practices, and market competition.
The inoculants market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be attributed to the impact of climate change, sustainability initiatives by governments, investments in research and development, consumer demand for sustainable agriculture, and the adoption of precision agriculture practices. Key trends expected in the forecast period involve technological innovations, increased adoption of technology, crop-specific solutions, collaborations and partnerships within the industry, and a continued emphasis on sustainable agricultural practices.
The inoculants market is poised for growth, driven by the increasing demand for genetically modified plants. Genetically modified plants, altered through recombinant DNA technology, benefit from inoculants, enhancing productivity and sustainability. Microbial inoculants, as eco-friendly nutrient transporters, reduce chemical inputs and intensify farm product quality. According to the United States Department of Agriculture (USDA), in 2021, Canada witnessed a 7% increase in genetically modified crop planting to over 11.6 million hectares, with 95% of canola and 76% of soybeans being genetically modified. The growing need for genetically modified plants fuels the growth of the inoculants market.
The inoculants market is expected to thrive due to the increasing adoption of organic farming. Organic farming, employing biological pesticides and fertilizers, utilizes inoculants as crop growth regulators. Eurostat reports that the European Union (EU) experienced a rise in organic farming, covering 15.9 million hectares in 2021, up from 14.7 million in 2020. The surge in organic farming practices contributes to the growth of the inoculants market.
Major companies in the inoculants market are at the forefront of innovation, introducing mycorrhizal inoculant technology. This technology involves the application of beneficial fungi, mycorrhizal fungi, to plant roots, enhancing growth and health. Mycorrhizal Applications launched MycoApply EndoThrive in August 2021, a liquid formulation with multiple arbuscular mycorrhizal fungi species. This innovative product simplifies application by allowing tank mixing with liquid fertilizers, offering significant benefits for professional growers.
Product innovation is a prominent trend in the inoculants market, with companies such as Lavie Bio Ltd. focusing on developing groundbreaking solutions. In May 2022, Lavie Bio Ltd. introduced Bio-Inoculant Result, enhancing nutrient absorption efficiency for plant roots. This microbial inoculant not only boosts crop production and profitability but also promotes soil longevity and sustainability.
In April 2021, Verdesian Life Sciences strengthened its position in the inoculants market through the acquisition of Cytozyme Laboratories Inc., a manufacturer of crop growth-promoting products. This strategic move underscores Verdesian Life Sciences' commitment to nutrient utilization efficiency solutions, marking significant progress in this field.
Major companies operating in the inoculants market report are Corteva Inc., BASF SE, Bayer AG, Novozymes A/S, Verdesian Life Sciences LLC, BrettYoung seeds Limited, Queensland Agricultural Seeds, XiteBio Technologies Inc., Precision Laboratories LLC, Cargill Incorporated, Koninklijke DSM N.V., Kemin Industries Inc., Microbial Biological Fertilizers International (MBFi), Advanced Biological Marketing Inc., Archer Daniels Midland Company, Horticultural Alliance Inc., Syngenta AG, AquaBella Organics LLC, Dow Inc., Premier Tech, Bioceres Crop Solutions, Lesaffre, Lallemond Inc., Mapleton Agri Biotec Pty. Ltd., New Edge Microbials Pty. Ltd., T.Stanes & Company Limited, Bactolife A/S, Rhizobia Inoculants Inc., Symbionix Inc., TerraMax Inc.
North America was the largest region in the inoculants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global inoculants market report during the forecast period. The regions covered in the inoculants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the inoculants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The inoculants market consists of sales of different types of inoculants, such as algae inoculants, freeze-dried inoculants, symbiotic inoculants, non-symbiotic inoculants, associative inoculants, etc. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.