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September 04, 2019 | Agriculture
The Global Agricultural Biologicals Market is slated to experience a robust growth owing to the increasing adoption of sustainable agriculture farm practices in providing crop protection and plant nutrition. As per the report published by Fortune Business Insights, titled “Agricultural Biologicals Market: Global Market Analysis, Insights and Forecast, 2019-2026”, the market anticipated to register a CAGR of 13.68% and will reach a value of US$ 20.59 bn by the end of 2026. The global agricultural biologicals market is currently valued at US$ 7.42 bn.
Agricultural biologicals are gaining increasing attention globally as there is a growing need to adopt sustainable farming methods. Synthetic chemical fertilizers and pesticides have led to large-scale exploitation of the environment and have badly damaged the soil ecosystem. As a result, there is a growing demand for biological products in agriculture, which is one of the key factors propelling the global agricultural biologicals market growth in the forecast period. Besides this, rising menace of pest resistance, the need for high-quality yields from farms, and the urgency to contain pest outbreaks are the other factors that will play a key role in the market till 2026.
Timely Regulatory Approvals to Infuse New Energy into the Market
Marrone Bio announced in early 2019 that two of its bio-products, MBI-110 Biofungicide and Haven Sun Protectant, were cleared for sale by Canada’s Pest Management Regulatory Authority and the Canadian Food Inspection Agency respectively. Such approvals are a healthy sign for the global agricultural biologicals market as the market will see increased investments in research and development activities in the coming decade.
Key market players are also engaged in developing and launching novel products, which is turning out to be an effective strategy for companies to elevate their position in the global agricultural biologicals market. For example, AlphaBio created Flipper, an innovative bio-pesticide, which is going to be marketed by Bayer and AlphaBio together from June 2019.
Foliar Spray Application to Exhibit Impressive Growth
Among the segments in the global agricultural biologicals market, foliar spray is expected to register a high CAGR of 14.49% during the forecast period owing to the agronomic benefits offered by the product, coupled with the convenience of use. The segment dominated the market in 2018 and is anticipated to continue its run till 2026.
However, bio-pesticides is expected to hold the largest portion in the global agricultural biologicals market share as stakeholders in the agriculture and allied industries are giving pest management high priority. Moreover, bio-pesticides are proving to be instrumental in adopting sustainable agricultural practices, which has increased their significance manifold.
Staggering Growth Rate Expected from South America; North America Projected to be the Largest Market
North America and Europe are expected to be largest arena for market players, together accounting for around 60% of the global agricultural biologicals market share. The dominating position of the regions is primarily owing to the presence of major companies and research organizations, proactive regulation of use of chemical products, and rapid technological advancements in agricultural practices.
South America is projected to boast the fastest growth rate among regions. In 2017, the Research Institute of Organic Agriculture recognized Argentina as having the second highest share after Australia in terms of organic agricultural land at 3.4 million hectares. Along with Argentina, area under organic farming is rapidly expanding in Brazil, which will boost the global agricultural biologicals market size. Large area under soybean and corn crops in Brazil and Argentina followed by higher returns realization by the farmers in these countries is projected to support the growth of the agricultural biological products market during the forecast period.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/agricultural-biologicals-market-100411
The global agricultural biologicals market is segmented as follows:
By Application Method