The global agricultural biologicals market size was valued at USD 10.25 billion in 2021. The market is projected to grow from USD 11.66 billion in 2022 to USD 29.31 billion by 2029, exhibiting a CAGR of 14.07% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Agricultural Biologicals Market, 2022-2029.”
List of Key Players Mentioned in the Agricultural Biologicals Market Report:
Bayer AG (Germany)
BASF SE (Germany)
Syngenta AG (Switzerland)
UPL Limited (India)
Marrone Bio Innovations (U.S.)
SEIPASA S.A. (Spain)
Koppert Biological Systems (Netherlands)
PI Industries (India)
Novozymes A/S (Denmark)
Gowan Group (U.S.)
Commotions in Supply Chain Owing to Application of Trade Limitations amid COVID-19 to Hinder Market Performance
The abrupt outbreak of the COVID-19 pandemic has been impacting the global economy since 2020, as governments throughout the globe inflicted lockdowns and restricted the mobility of their masses. All the industrial sectors took a colossal hit, as their trades were stopped, international travel halted, and only vital businesses, such as medicines and food, were allowed to operate. The intensity and promptness with which the coronavirus influenced the global economy, and especially the agriculture and food system, hindered the agricultural biological market growth.
Biopesticides to Account for Largest Share owing to Expansive Usage as Substitute Crop Inputs
By type, the market is divided into biopesticides, biostimulants, and biofertilizers.
Biopesticides held the largest global agricultural biological market share, owing to the rising emphasis of farmers and agriculturists on the progression of pest resistance products for crops to surge the efficiency of quality crops.
Microbial Variant to Appear as Leading Segment Due to its Rising Acceptance Among Farmers
By source, the market is bifurcated microbial and biochemical, with the microbial segment accounting for the major share.
Foliar Spray to be Major Segment Owing to the Application Convenience Provided by the Method
On the basis of application method, the global market is classified into foliar spray, soil treatment, seed treatment, and others.
Agricultural Biologicals Usage in Surging Row Crops Production to Lead Market
Based on crop, the market is segmented into row crops, fruits & vegetables, and others. The row crops segment emerged as the dominating segment owing to change in customer inclination toward less filtered and natural foods.
The market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa in terms of geography.
The report offers valuable insights obtained by a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Level of Risk Related with Synthetic Chemicals in Agriculture to Spur Market Growth
The market for biologicals utilized in agriculture is driven by the surging consciousness of the detrimental effect on the environment triggered by synthetic plant protection constituents. The maladministration in the usage of inorganic agricultural biological inputs, particularly synthetic fertilizers has resulted in an increment in the quantity of GHGs produced such as carbon dioxide (CO2), nitrous oxide (N2O), and methane (CH4). This has substantially resulted in the farmers and growers moving to bio-based agri-inputs.
North America to Dominate Backed by Stringent Guidelines Regarding Usage of Protective Chemicals
North America held the largest market share and accounted for USD 2.94 billion in 2020 in the global marketplace. The demand for biological crop production and crop protection products is increasingly rising, owing to severe restrictions on the utilization of numerous synthetic crop protection chemicals as they pose considerable risk to human wellbeing as well as the environment.
Europe is one of the dominating consumers of agricultural biological products and the region is anticipated to exhibit cordial performance throughout the forecast period.
Asia Pacific is estimated to demonstrate important growth prospects for the market owing to rising sustainability issues among consumers and farmers.
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Key Industry Development:
March 2021: Valagro, a fundamental agriculture-based corporation, declared the unveiling of its biostimulant, Talete in Australia, China, Colombia, France, and Greece. The product assists in sustainable water management in severe circumstances.
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