The global agricultural biologicals market size was valued at USD 11.73 billion in 2022 and is expected to be worth USD 13.35 billion in 2023. The market is projected to reach USD 33.69 billion by 2030, recording a CAGR of 14.14% during the forecast period.
Excess use of chemical fertilizers to protect crops from pests is hampering the environment, which is expected to boost the demand for eco-friendly fertilizers, such as agricultural biologicals. These products can be applied on their own or in combination with synthetic pest-resistant chemicals. The widespread uses of eco-friendly fertilizers in agriculture is predicted to fuel the agricultural biologicals market growth.
Fortune Business Insights™ displays this information in a report titled, “Agricultural Biologicals Market, 2023-2030.”
LIST OF KEY COMPANIES PROFILED IN THE 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.)
Source Link :
https://www.fortunebusinessinsights.com/industry-reports/agricultural-biologicals-market-100411
Segmentation:
Biopesticides to Gain Significant Momentum Due to Their Strong Use in Improving Crop Yield
By product type, the market is divided into biopesticides, biostimulants, and biofertilizers. The biopesticides segment captured the largest agricultural biologicals market share in 2022 as more farmers and agriculturists are developing pest-resistant products to boost the overall crop yield.
Farmers to Increase Reliance On Microbial Biologicals Due to Their Ability to Solve Crop-Related Issues
Based on source, the market is bifurcated into microbial and biochemical. The microbial segment held a dominant market share as microbial biologicals can help farmers resolve crop-related issues, such as boosting soil health, protecting crops, and enhancing crop productivity.
Convenience Offered by Foliar Spray Method Boosted Its Adoption among Farmers
Based on application method, the global market is classified into foliar spray, soil treatment, seed treatment, and others. The foliar spray segment held a major market share as the foliar spray method offers great convenience while applying biologicals and provides various benefits over other techniques.
Agricultural Biologicals to be Widely Used in Row Crops Due to Rising Demand for Organic Foods
Based on crop, the market is segmented into row crops, fruits & vegetables, and others. The row crops segment led the market growth as more customers are demanding organic and less-processed foods.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers qualitative and quantitative insights into the market and provides valuable information on the leading crop types, application methods, product types, and sources. It also gives important insights into the market’s competitive landscape, latest market trends, and key industry developments. Besides the abovementioned factors, the market report covers several other factors that are contributing to the market’s growth.
Drivers and Restraints:
Growing Production of Horticulture and Cereal Crops to Boost Market Progress
The total production of vegetables, fruits, and cereals is increasing at a steady pace across the world. Since the average disposable income of people living in developed and developing countries is rising, the demand for high-quality vegetables and fruits is growing. Moreover, farmers in these countries are becoming aware of the benefits of using agricultural biologicals, which is expected to drive the market progress.
However, lack of well-defined regulations and guidelines regarding biologicals can hinder the market development.
Regional Insights:
North America Dominated the Market Due to Rising Incidence of Plant Infections and Diseases
North America dominated the global market in 2022 as the region is witnessing a worrying rise in the incidence of plant diseases and infections. Moreover, countries, such as the U.S. are increasing their acreage for field crops, such as wheat, soybeans, and cotton. Other factors, such as rising greenhouse gas emissions and extreme changes in climatic conditions will boost the demand for agricultural biologicals in the region.
Europe will also showcase significant growth in the global market as the region is one of the key consumers of agricultural biologicals.
Competitive Landscape:
Leading Companies to Introduce Innovative Products to Increase Market Presence
The competitive landscape of this market is slightly consolidated due to the growing presence of reputed as well as emerging companies. Some of these organizations are dominating the global market due to factors, such as strong brand loyalty, vast client base, and increasing food production. They are also launching a wide range of innovative agricultural biological solutions to expand their customer base and boost their market presence.
Notable Industry Development:
February 2023: Bayer partnered with Kimitec to speed up the creation and commercialization of biological crop protection solutions and biostimulants. Through this partnership, the companies will try to create crop protection products that address plant diseases, pests, and weeds, biological solutions made from natural sources, and biostimulants to promote plant growth.