The new report by Expert Market Research titled, ‘Global Agricultural Inoculants Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global agricultural inoculants market, assessing the market based on its segments like types, microbes, functions, modes of application, forms, crop types, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 8%
The global market for agricultural inoculants is anticipated to be driven by the need to scale up agricultural production to meet the expanding world population’s food needs, while also maintaining soil fertility. As more and higher-quality agricultural inoculants become accessible, growers are progressively using them. Agricultural inoculants are also long-term remedies that help to mitigate the detrimental effects of pesticide use on the environment.
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Organically cultivated foods are becoming increasingly popular around the world. These factors will almost certainly drive market growth. Another element favouring market expansion is the rising demand for food as a result of the growing population, along with the limited supply of cultivable land.
Industry Definition and Major Segments
In agriculture, inoculants (or soil organisms) are employed for their beneficial effects. Bacteria like rhizobia create symbiotic relationships with specific host plants like legumes; the plant feeds the bacteria with carbon from photosynthesis and a habitat, while the bacteria fix atmospheric nitrogen into a useable form for the plant (nitrogen fixation).
By type, the market is segmented into:
- Plant Growth Promoting Microorganisms
- Bio-Control Agents
- Plant-Resistant Stimulants
By microbes, the market is divided into:
- Nitrogen-fixing Bacteria
- Phosphate-Solubilizing Bacteria
- Trichoderma Spp.
By function, the market is divided into:
- Crop Nutrition
- Crop Protection
By mode of application, the market is segmented into:
- Seed Inoculation
- Soil Inoculation
By form, the market is classified into:
By crop type, the market is divided into:
- Cereals and Grains
- Oilseeds and Pulses
- Fruits and Vegetables
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The expanding agriculture business and the increased use of organic farming practices are among the primary drivers of market expansion. Agricultural inoculants are increasingly being utilised in conjunction with organic manure to promote soil fertility and plant health, as concerns about agricultural sustainability, soil health, and environmental safety develop. The increasing consumer awareness regarding the adverse effects of chemically synthesised fertilisers and pesticides is also providing a boost to market growth.
Artificial additions have been shown to cause microbial imbalances in the soil and lower levels of biocontrol agents. As a result, agricultural inoculants that provide natural protection to plants and soil are becoming increasingly popular. Other factors, such as numerous agricultural science advancements and the implementation of favourable government regulations, are expected to propel the industry even further.
Key Market Players
The major players in the market are Corteva, Inc., Novozymes A/S, Verdesian Life Sciences, LLC, Queensland Agricultural Seeds, XiteBio Technologies Inc., and TerraMax, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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