"We Envision Growth Strategies Most Suited
to Your Business"
The global agricultural microbials market size is expected to exhibit strong growth by reaching USD 15.71 billion by 2029. Fortune Business Insights™ in its report titled “Agricultural Microbials Market Size, Share & COVID-19 Impact Analysis, By Type (Bacteria, Fungi, Virus, and Others), By Formulation (Dry and Liquid), By Function (Soil Amendment and Crop Protection), By Application Method (Foliar Spray, Soil Treatment, Seed Treatment, and Others), and By Crop (Cereals, Oilseeds & Pulses, Fruits & Vegetables, and Others), and Regional Forecast, 2022-2029”. observes that the market size in 2021 stood at USD 5.27 billion and reached USD 6.00 billion in 2022. The market is expected to exhibit a CAGR of 14.74% during the forecast period. The functional superiority of microbials and the increasing emphasis on organic agriculture may bolster the market growth.
BASF SE and AgBiome Declared an Agreement to Expand Market Presence
BASF SE and AgBiome entered into an agreement to develop biological fungicide in Europe and the Middle East & Africa in March 2021. This development may allow the company to expand its market reach in the regions and enhance its market presence.
Supply Chain Disruptions Hindered Market Progress
This market was negatively affected during the COVID-19 pandemic due to supply chain disruptions. Restricted movements and border closures are the main reasons responsible for this disruption. Further, transportation delays and a decline in agricultural commodities hampered the market’s progress. However, strong biostimulants sales enhanced the industry's growth. For example, Syngenta and BASF SE witnessed strong growth during the pandemic. Syngenta experienced a 2% rise in sales figures in 2020. These factors may boost the industry’s growth during the pandemic.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/agricultural-microbial-market-100412
Rising Awareness Regarding Synthetic Chemicals’ Bad Effects on Crops to Boost Market Progress
Agricultural microbials consist of fungi, viruses, and bacteria beneficial for agricultural activities such as soil improvement and crop protection. Strong demand for eco-friendly crops may enhance agricultural microbials’ adoption. The rising concerns regarding the detriments of synthetic fertilizers are likely to enhance natural fertilizers’ demand. For example, as per the United Nations and the Food and Agriculture Organization, synthetic fertilizers produce nearly 13% of greenhouse gas emissions. Furthermore, increasing demand for organic foods and farming may enhance the demand for organic fertilizers. These factors are likely to drive the agricultural microbials market growth.
Key Players Announce Novel Operating Units for the Expansion of its Activities
Prominent companies operating in the market announce new operating units to expand activities globally. For example, Valent BioSciences LLC opened a new operating unit in February 2022 to expand its biostimulant product line-up. This strategy may allow the company to expand its operating units. Further, companies devise research and development, partnerships, mergers, acquisitions, and automated production techniques to satisfy goals and enhance their market position globally.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation-
ATTRIBUTE | DETAILS |
Study Period | 2018-2029 |
Base Year | 2021 |
Estimated Year | 2022 |
Forecast Period | 2022-2029 |
Historical Period | 2018-2020 |
Unit | Value (USD Billion) |
By Type |
|
By Formulation |
|
By Function |
|
By Application Method |
|
By Crop |
|
By Geography |
|