Agricultural Biologicals Market size to grow by USD 10.45 billion from 2022 to 2027, Agrinos AS, Andermatt Group AG, BASF SE and more among the key companies in the market, Technavio
NEW YORK, March 6, 2024 /PRNewswire/ -- The agricultural biologicals market size is set to grow by USD 10.45 billion from 2022 to 2027. The market is estimated to register a CAGR of 14.24%, according to Technavio's latest market research report estimates. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Agrinos AS, Andermatt Group AG, BASF SE, Bayer AG, Biological Products Industry Alliance, Evogene Ltd., Gowan Co., Koppert, Marrone Bio Innovations Inc., Mitsui and Co. Ltd., Novozymes AS, PI Industries Ltd., SEIPASA SA, SOM Phytopharma India Ltd., Syngenta Crop Protection AG, T.Stanes and Co. Ltd., UPL Ltd., Valent BioSciences LLC, Vegalab SA, and PROBELTE SAU are some of the major market participants. The increasing prices of chemical fertilizers and pesticides, increasing governmental support for the use of bio-based products in agriculture and growing organic food products market will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources.
This report offers an up-to-date analysis of the current market scenario, the latest trends, drivers, and the overall market environment.
Market Segmentation
- Type
- Biopesticides
- Biofertilizers
- Biostimulants
- Application
- Cereals And Grains
- Fruits And Vegetables
- Oilseeds And Pulses
- Other Crops
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
The market share growth by the biopesticides segment is significant during the forecast period. Biopesticides are pesticides made from natural substances such as plants, bacteria, fungi, and specific minerals. Their level of toxicity is lower compared to that of traditional pesticides. Canola oil and baking soda are two examples of such efficient biopesticides. Hence, such factors drive segment growth during the forecast period.
Key Company
To help businesses improve their market position, the agricultural biologicals market provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include Agrinos AS, Andermatt Group AG, BASF SE, Bayer AG, Biological Products Industry Alliance, Evogene Ltd., Gowan Co., Koppert, Marrone Bio Innovations Inc., Mitsui and Co. Ltd., Novozymes AS, PI Industries Ltd., SEIPASA SA, SOM Phytopharma India Ltd., Syngenta Crop Protection AG, T.Stanes and Co. Ltd., UPL Ltd., Valent BioSciences LLC, Vegalab SA, and PROBELTE SAU.
- Agrinos AS - The company offers agricultural biologicals such as iNvigorate.
- Andermatt Group AG - The company offers agricultural biologicals such as AlgoVital Plus and T-Gro.
- BASF SE - The company offers agricultural biologicals such as Nemasys C.
The increasing governmental support for the use of bio-based products in agriculture is a significant driving factor for market growth.
The growing need for sustainable agricultural techniques leads to the adoption of bio-based products by farmers. Globally, there are various initiatives to encourage the use of bio-based products in agriculture. International organizations, which include the Food and Agriculture Organization, frequently fund these programs. Additionally, governments in various countries give farmers discounts on bio-based products and they are involved in quality control and make sure that agricultural producers receive high-quality bio-based products. Hence, such factors drive the market growth during the forecast period.
- Increasing product launches is an emerging trend in the agricultural biologicals market growth.
- The availability of synthetic pesticides and herbicides is a major challenge that may hinder market growth.
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Analyst Review
In the ever-evolving landscape of agriculture, Agricultural Biologicals have emerged as a cornerstone for sustainable practices and enhanced crop productivity. This burgeoning market segment is witnessing exponential growth, driven by a global shift towards eco-friendly solutions and heightened awareness regarding the adverse effects of chemical pesticides and fertilizers on both the environment and human health.
Agricultural Biologicals, encompassing a diverse array of products derived from natural sources such as microorganisms, plant extracts, and beneficial insects, offer a compelling alternative to traditional agrochemicals. These bio-based formulations play a pivotal role in bolstering soil health, combating pests and diseases, and promoting overall plant vigor. Moreover, they facilitate the development of resilient agricultural systems that are less susceptible to adverse climatic conditions and pest infestations.
The market for Agricultural Biologicals is characterized by a myriad of innovative solutions tailored to meet the specific needs of various crops and farming practices. From biopesticides and biostimulants to biofertilizers, industry players are continuously introducing novel formulations enriched with bioactive compounds to optimize crop yields while minimizing environmental impact. This influx of advanced biological products underscores the industry's commitment to fostering sustainable agricultural practices and ensuring food security on a global scale.
In recent years, governments worldwide have implemented stringent regulations aimed at reducing the usage of conventional agrochemicals and promoting the adoption of biological alternatives. This regulatory landscape has significantly influenced market dynamics, prompting both growers and agribusinesses to embrace Agricultural Biologicals as an integral component of their crop management strategies.
Furthermore, the escalating demand for organic produce, coupled with a growing consumer preference for chemical-free food products, has further fueled the uptake of Agricultural Biologicals across diverse agricultural sectors. From large-scale farming operations to smallholder farmers, there is a growing realization of the inherent benefits offered by biological solutions in achieving sustainable crop production and ensuring long-term agricultural viability.
Looking ahead, the Agricultural Biologicals market is poised for continued expansion, driven by ongoing research and development endeavors aimed at enhancing product efficacy and compatibility. As stakeholders across the agricultural value chain increasingly recognize the imperative of embracing sustainable practices, Agricultural Biologicals are poised to play an indispensable role in shaping the future of farming and fostering a greener, more resilient agricultural ecosystem.
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Type
- Market Segmentation by Application
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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