Agricultural Inoculants Market Analysis, Latest Industry Trend, Explosive Growth And Growth-2023
Agricultural inoculants contains microbes which are essential for the growth of plant. They are beneficial microbes formulated and applied to soil or seed. These inoculants assist in inserting nutrients necessary for plant growth and suppress diseases which helps in overall growth of the plant. Agricultural inoculants comes in various forms such as solid, liquid and freeze dried. Agricultural inoculants standard have been changing and the rate of their usage is also on the rise. Agricultural inoculants are also known as soil inoculants or microbial inoculants. Increasing trend of organic farming practices owing to high demand for organic products among the rising population is driving the growth of the market.
The global market for agricultural inoculants has been experiencing high demand from the last few years and is projected to reach USD 604.38 million by 2023 compared to USD 345.91 million in 2017. Major share of consumption of agricultural inoculants was witnessed in North America, which held 34.90% market share in the year 2017. The need for an increase in yield per hectare owing to rising global population and their demand for food is a major factor driving the growth of the market.
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Various government initiatives and amplified funding and grants for sustainable agriculture are supporting growth of agricultural inoculant market. Various benefits associated with the application of agricultural inoculants such as improved metabolism, water holding capacity, chlorophyll and antioxidants production is influencing the growth of the market.
Based on the crop type, oil seed and pulses is expected to gain the highest growth rate of 10.22% on the global level. On the basis of source of agricultural inoculants, the bacterial segment is dominating the market. Moreover, based on the application, the seed inoculation segment is dominating the market and is anticipated to grow at a CAGR of 9.96% over the forecast period followed by the soil inoculation segment.
The major key players in Agricultural inoculants are:
- DuPont Inc. (U.S.)
- Novozymes (Denmark)
- MBFi (South Africa)
- BASF (Germany)
- Monsanto Co. (U.S.)
- Soil Technologies Corporation (U.S.)
- Horticultural Alliance Inc. (U.S.)
By Downstream Analysis
On the basis of crop type of the agricultural inoculants, cereal and grains segment is dominating the market holding a global market share of 44.3%. However, the segment oil seeds and pulses is expected to grow substantially over the forecast period followed by fruits and vegetables.
Based on the source of agricultural inoculants, the bacterial segment is dominating the market with major share of 65.7% in the year 2017. Moreover, it is likely to witness the highest growth rate followed by fungal segment over the coming years.
Based on the application, the seed inoculation segment is dominating the market with a leading share of 53.8% in the year 2017. Moreover, it is projected to witness higher growth rate over the forecast period followed by the soil inoculation segment.
Among the regions, North America is dominating the Agricultural Inoculants Market with over 34.90% of the global market share and is projected to reach more than USD 206.40 million by 2023. In North America, Mexico is expected to grow at the highest rate followed by Canada over the forecast period. Moreover, Latin America is projected to witness the highest growth rate during the forecast period 2017-2023 in which Argentina is expected to grow at the highest growth rate. In Latin America, Brazil is dominating the market with market share of 57.54% in the year 2017.