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Accumulation of excessive nutrients in the soil due to the uncontrolled application of synthetic chemical fertilizers is not only a problem for soil but for the whole environment. To curb soil pollution and enhance the health of soil medium to produce organic food (due to their growing demand), the demand for biofertilizers is increasing globally at a considerable pace. Agricultural inoculants that are made by using the inocula of microorganisms and effective for plant growth are getting rapid recognition as biofertilizers and biocontrol agents due to their potential to augment the nitrogen, potassium, and phosphorus supply in crops and ultimately promote their growth.
Key companies operating in the global agricultural inoculants market are focusing on expanding their production capacity and product portfolio along with engaging themselves in merger and acquisition activities to remain prominent in the global market. Bayer CropScience, BASF SE, and Novozymes are some of the key companies operating in the global agricultural inoculants market.
Agricultural inoculants are formed by using single or multiple microbial strains that are capable of promoting plant growth. Formulation of agricultural inoculants involves strains of living microorganisms that bind and work with the soil to improve their fertility and overall health. Microbial inoculants are extremely potential in reducing the application of chemical fertilizers, overuse of which causes damage to the soil ecosystem.
Key Market Driver -
Key Market Driver – Rising adoption of environment-friendly agricultural products and practices are expected to drive the market growth
Key Market Restraint -
Key Market Restraint – Lack of awareness about the product in some developing economies may restrain the growth of the market
Rising utilization of agricultural inoculants as significant soil amendments and crop protection substances or agents to safeguard plants from diseases and enhance their growth are expected to drive the growth of global agricultural inoculants market during the forecast period. Increasing awareness about the advantages of adopting organic and sustainable farming practices among farmers, coupled with rising demand for organic products, especially edibles is further projected to contribute positively in the growth of global agricultural inoculants market. However, low awareness about the significance of agricultural inoculants among small farmers and farmers based in some developing economies may hinder the market growth of global agricultural inoculants. Furthermore, the time-consuming process of formulation of particular agricultural inoculants and various other complexities associated in their production may obstruct the growth of the market during the forecast years.
Some of the major companies that are present in the global agricultural inoculants market are Bayer CropScience, DuPont, BASF SE, Advanced Biological Marketing Inc., Novozymes AG, Verdesian Life Sciences LLC, Precision Laboratories LLC, MBFi, GreenMax AgroTech, and BrettYoung.
Plant growth-promoting microorganisms are projected to be the major agricultural inoculants type in the production of various crops during the forecast period, as they are widely adopted by farmers across several developed and developing economies. The ability of plant growth-promoting microbes to facilitate the availability of crucial nutrients, such as iron, nitrogen, and phosphorus to plants in order to enhance their growth is expected to result in their broader acceptance and utilization during the forthcoming years. Furthermore, the growing demand for food produced by using natural sources is expected to escalate the segment’s growth. Rhizobia spp. inoculation is majorly used for legume crops and the same account for major share of the agricultural inoculants market.
Among mode of application, the seed inoculation application method is expected to be the dominating among others. High efficacy of the application mode on the plant growth under several variable climatic conditions is one of the prominent reason for the growth of the segment. The method is extremely effective in the production of various oilseed and pulse crop as microbes that promote nitrogen uptake of the plant, when coated on seeds are able to stimulate the crop growth significantly. High adoption of the application mode by farmers as it is extremely easy and beneficial for various crop types is further expected to propel the growth of the segment during the foreseeable years.
North America is anticipated to dominate the global agricultural inoculants market during the forecast period, owing to the development and adoption of advanced agricultural technologies in countries, such as the United States and Canada. Demand for organic food is increasing tremendously in developed regions and to fulfill the growing requirement effective and sustainable tools and technologies are getting widely adopted into the farming system of many agriculture-oriented countries. Negative impact on crops due to fluctuating temperature, untimely rainfall, and severity of the climate in North America is boosting the demand for sustainable agricultural products such as microbial inoculants.
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The demand for agricultural inoculants in Asia Pacific and South America is projected to grow at a rapid pace during the foreseeable years especially in agriculture-driven countries, such as India, China, and Brazil, owing to high usage of agricultural inoculants in production of crops, such as maize, rice, and oilseeds in the aforementioned countries.
Mode of Application
By Crop Type
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