Agricultural Microbial Market, Competitive Landscape, 2024-2032
Market Overview:
The global agricultural microbials market size was valued at USD 5.27 billion in 2021. The market is projected to grow from USD 6.00 billion in 2022 to USD 15.71 billion by 2029, exhibiting a CAGR of 14.74% during the forecast period.
The rising emphasis on maximizing crop yields and productivity in farming by major companies will subsequently spur business opportunities for the agricultural microbials market growth during the forecast period. Moreover, the growing popularity of biopesticides, biostimulants, and biofertilizers among farmers to achieve higher crop production results will boost the agricultural microbials market revenue in the foreseeable future, states Fortune Business Insights in a report, titled “Agricultural Microbials Market Size, Share & Industry Analysis, By Type (Bacteria, Fungi, Virus, and Others), Formulation (Dry and Liquid), Application Method (Foliar Spray, Soil Treatment, and Seed Treatment), Function (Soil Amendment and Crop Protection), Crop (Cereals, Oilseeds and Pulses, and Fruits & Vegetables), and Regional Forecast, 2022 – 2029” the market size stood at USD 3.75 billion in 2018.
The Report Lists the Main Companies in the Agricultural Microbials Market:
Certis USA LLC
Marrone Bio Innovations
ChemChina (Syngenta)
Koppert Biological Systems
Varsha Bioscience and Technology Pvt. Ltd.
BASF SE
Andermatt Biocontrol AG
Valent BioSciences LLC
Novozymes
Rizobacter Argentina S.A.
REPORT COVERAGE
The global market research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key recent industry developments, such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends, are mentioned in the report.
Competitive Landscape:
Collaboration between DuPont Pioneer & Evogene to Stimulate Growth
DuPont Pioneer, a global leader in advanced plant genetics for crops such as corn, cotton, rice, pearl millets, mustard, and sunflower, has announced a multiyear partnership with Evogene, an Israeli company specializing in agricultural biotechnology. This collaboration aims to develop seed treatments based on microbiomes for corn. The partnership is expected to positively impact the agricultural microbials market by helping farmers enhance and protect their corn yields with innovative bio-stimulant products.
Ofer Haviv, President and CEO of Evogene, emphasized the significance of microbiome-based biologicals in boosting agricultural productivity. He noted that Evogene's technology platform is instrumental in developing these new solutions and achieving positive results. Haviv expressed excitement about partnering with DuPont Pioneer, highlighting that this collaboration will enhance their success and accelerate their time to market.
Source: fortunebusinessinsights.com/industry-report..
Market Driver:
Rising Innovation in Microbial-based Ingredients to Enhance Market Scope
Key players are investing more in research and development to create innovative microbial-based ingredients that help farmers boost crop production. This is expected to drive significant growth in the market in the coming years. The use of plant growth-promoting bacteria (PGPB) to develop biopesticides and biofertilizers has enhanced the agricultural microbials sector. Additionally, the increasing commercialization of beneficial bacterial and fungal species will further expand the market share of agricultural microbials in the near future.
Regional Analysis:
Increasing Awareness Among Farmers to Enable Speedy Expansion in North America
North America generated a revenue of USD 1.48 billion in 2018 and is predicted to expand rapidly during the forecast period owing to the growing awareness among farmers regarding the advantages of microbial in agriculture. The regulatory policies and framework by government organizations will favor the growth of the market in the region. Moreover, the increased efforts by key players to improve their distribution channels in the region will aid development in North America. Additionally, farmland expansion for the cultivation of high-value crops can successively create sales opportunities for the market in the US. Asia Pacific is predicted to rise at an exponential rate due to the increasing investment by key players in the development of biological solutions. Besides, the rising focus towards increasing crop productivity and efficiency by farmers will enable healthy growth in Asia Pacific.
KEY INDUSTRY DEVELOPMENTS:
- April 2022: Bayer CropScience signed an agreement with Ginkgo Bioworks wherein Ginkgo Bioworks would acquire Bayer's West Sacramento Biologics Research & Development site and internal discovery and lead optimization platform. This agreement is likely to accelerate the expansion of Bayer's diversified portfolio of high-quality microbial-based solutions for growers worldwide.