LONDON, July 21, 2015 /PRNewswire/ -- In order to cater to the demand for higher food production with increasing agricultural input consumption across the globe, farmers are focusing on boosting crop production and their nutritional value. Agricultural microbials are seen as products that can improve their return on investment. Agricultural microbials perform the essential role of protecting crops from pests and improving their yield.
Leading companies in the agricultural microbials market are continuously developing new products, technologies, and methods for manufacturing microbial products with high proficiency. Thus, the agricultural microbials market is gaining global acceptance among farmers. The leading players in this market are BASF SE, (Germany), Bayer CropScience AG (Germany), Monsanto (U.S.), Sumitomo Chemical Co., Ltd. (Japan), Syngenta AG (Switzerland), Dow Chemicals (U.S.), Arysta LifeScience Limited (Japan), and Novozymes (Denmark). These players are adopting different strategies to develop in the agricultural microbials market. New product launches and acquisitions have been the key strategies implemented by market players for global expansion.
The market for agricultural microbials is estimated to worth $2,182.78 million in 2014, and is projected to reach $4,556.37 million by 2019, at a CAGR of 15.3%. In 2013, North America was the largest market; this market is projected to grow to $1,759.84 million by 2019, at a CAGR of 15.1%, as studied from 2014. Europe is the second-largest market of agricultural microbials, and is projected to grow at a CAGR of 15.4% during the period under review. The agricultural microbials market consists of four crop types: cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops (turf, forage, and ornamental & plantation crops).
By type, the market is classified into bacterial, fungal, and others (virus and protozoa). The bacterial segment was the largest in 2013, and is projected to grow with the increasing demand from the agriculture and food industries. The bacterial market is further divided into four major sub-categories: Bacillus thuringiensis (Bt), Rhizobacteria, Bacillus subtilis, and others. The fungi market is further divided into three major sub-categories: Trichoderma, Mycorrhizae, and others.
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