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Market
Overview:
The global
agricultural
microbials market was valued at USD 6.17 billion in 2023 and is
expected to expand at a CAGR of 11.21%, reaching approximately USD
16.02 billion by 2032. In 2024, the market is projected to grow to USD
6.85 billion.
North
America led the market in 2023,
holding a 35.17% share of the global agricultural microbials industry.
The rising
emphasis on maximizing crop yields and productivity in farming by major
companies will subsequently spur business opportunities for the agricultural
microbials market growth during the forecast period. Moreover, the growing
popularity of biopesticides, biostimulants, and biofertilizers among farmers to
achieve higher crop production results will boost the agricultural microbials
market revenue in the foreseeable future, states Fortune Business Insights in a
report, titled “Agricultural Microbials
Market Size, Share & Industry Analysis, By Type (Bacteria, Fungi, Virus,
and Others), Formulation (Dry and Liquid), Application Method (Foliar Spray,
Soil Treatment, and Seed Treatment), Function (Soil Amendment and Crop
Protection), Crop (Cereals, Oilseeds and Pulses, and Fruits & Vegetables),
and Regional Forecast, 2024 – 2032” the market size stood at USD 6.17 billion in 2023.
The
Report Lists the Main Companies in the Agricultural Microbials Market:
REPORT
COVERAGE
The global market research report provides qualitative and quantitative
insights into the market. It also offers a detailed analysis of the market size
and growth rate for all possible market segments. Along with this, the report
provides an elaborative analysis of the market dynamics and competitive
landscape. Various key recent industry developments, such as mergers &
acquisitions, the regulatory scenario in critical countries, and key industry
trends, are mentioned in the report.
Competitive
Landscape:
Collaboration
between DuPont Pioneer & Evogene to Stimulate Growth
DuPont
Pioneer, a global leader in advanced plant genetics for crops such as corn,
cotton, rice, pearl millets, mustard, and sunflower, has announced a multiyear
partnership with Evogene, an Israeli company specializing in agricultural
biotechnology. This collaboration aims to develop seed treatments based on
microbiomes for corn. The partnership is expected to positively impact the
agricultural microbials market by helping farmers enhance and protect their
corn yields with innovative bio-stimulant products.
Ofer
Haviv, President and CEO of Evogene, emphasized the significance of
microbiome-based biologicals in boosting agricultural productivity. He noted
that Evogene's technology platform is instrumental in developing these new
solutions and achieving positive results. Haviv expressed excitement about
partnering with DuPont Pioneer, highlighting that this collaboration will
enhance their success and accelerate their time to market.
Source:
https://www.fortunebusinessinsights.com/industry-reports/agricultural-microbial-market-100412
Market
Driver:
Rising
Innovation in Microbial-based Ingredients to Enhance Market Scope
Key
players are investing more in research and development to create innovative
microbial-based ingredients that help farmers boost crop production. This is
expected to drive significant growth in the market in the coming years. The use
of plant growth-promoting bacteria (PGPB) to develop biopesticides and
biofertilizers has enhanced the agricultural microbials sector. Additionally,
the increasing commercialization of beneficial bacterial and fungal species
will further expand the market share of agricultural microbials in the near
future.
Regional
Analysis:
Increasing
Awareness Among Farmers to Enable Speedy Expansion in North America
North America generated a revenue
of USD 2.17 billion in 2023
and is predicted to expand rapidly during the forecast period owing to the
growing awareness among farmers regarding the advantages of microbial in
agriculture. The regulatory policies and framework by government organizations
will favor the growth of the market in the region. Moreover, the increased
efforts by key players to improve their distribution channels in the region
will aid development in North America. Additionally, farmland expansion for the
cultivation of high-value crops can successively create sales opportunities for
the market in the US. Asia Pacific is predicted to rise at an exponential rate
due to the increasing investment by key players in the development of
biological solutions. Besides, the rising focus towards increasing crop
productivity and efficiency by farmers will enable healthy growth in Asia
Pacific.
Agricultural
Microbials Market Future Outlook
KEY INDUSTRY
DEVELOPMENTS:
April
2022: Bayer
CropScience signed an agreement with Ginkgo Bioworks wherein Ginkgo Bioworks
would acquire Bayer's West Sacramento Biologics Research & Development site
and internal discovery and lead optimization platform. This agreement is likely
to accelerate the expansion of Bayer's diversified portfolio of high-quality
microbial-based solutions for growers worldwide.
Market
Overview:
The global
agricultural
microbials market was valued at USD 6.17 billion in 2023 and is
expected to expand at a CAGR of 11.21%, reaching approximately USD
16.02 billion by 2032. In 2024, the market is projected to grow to USD
6.85 billion.
North
America led the market in 2023,
holding a 35.17% share of the global agricultural microbials industry.
The rising
emphasis on maximizing crop yields and productivity in farming by major
companies will subsequently spur business opportunities for the agricultural
microbials market growth during the forecast period. Moreover, the growing
popularity of biopesticides, biostimulants, and biofertilizers among farmers to
achieve higher crop production results will boost the agricultural microbials
market revenue in the foreseeable future, states Fortune Business Insights in a
report, titled “Agricultural Microbials
Market Size, Share & Industry Analysis, By Type (Bacteria, Fungi, Virus,
and Others), Formulation (Dry and Liquid), Application Method (Foliar Spray,
Soil Treatment, and Seed Treatment), Function (Soil Amendment and Crop
Protection), Crop (Cereals, Oilseeds and Pulses, and Fruits & Vegetables),
and Regional Forecast, 2024 – 2032” the market size stood at USD 6.17 billion in 2023.
The
Report Lists the Main Companies in the Agricultural Microbials Market:
REPORT
COVERAGE
The global market research report provides qualitative and quantitative
insights into the market. It also offers a detailed analysis of the market size
and growth rate for all possible market segments. Along with this, the report
provides an elaborative analysis of the market dynamics and competitive
landscape. Various key recent industry developments, such as mergers &
acquisitions, the regulatory scenario in critical countries, and key industry
trends, are mentioned in the report.
Competitive
Landscape:
Collaboration
between DuPont Pioneer & Evogene to Stimulate Growth
DuPont
Pioneer, a global leader in advanced plant genetics for crops such as corn,
cotton, rice, pearl millets, mustard, and sunflower, has announced a multiyear
partnership with Evogene, an Israeli company specializing in agricultural
biotechnology. This collaboration aims to develop seed treatments based on
microbiomes for corn. The partnership is expected to positively impact the
agricultural microbials market by helping farmers enhance and protect their
corn yields with innovative bio-stimulant products.
Ofer
Haviv, President and CEO of Evogene, emphasized the significance of
microbiome-based biologicals in boosting agricultural productivity. He noted
that Evogene's technology platform is instrumental in developing these new
solutions and achieving positive results. Haviv expressed excitement about
partnering with DuPont Pioneer, highlighting that this collaboration will
enhance their success and accelerate their time to market.
Source:
https://www.fortunebusinessinsights.com/industry-reports/agricultural-microbial-market-100412
Market
Driver:
Rising
Innovation in Microbial-based Ingredients to Enhance Market Scope
Key
players are investing more in research and development to create innovative
microbial-based ingredients that help farmers boost crop production. This is
expected to drive significant growth in the market in the coming years. The use
of plant growth-promoting bacteria (PGPB) to develop biopesticides and
biofertilizers has enhanced the agricultural microbials sector. Additionally,
the increasing commercialization of beneficial bacterial and fungal species
will further expand the market share of agricultural microbials in the near
future.
Regional
Analysis:
Increasing
Awareness Among Farmers to Enable Speedy Expansion in North America
North America generated a revenue
of USD 2.17 billion in 2023
and is predicted to expand rapidly during the forecast period owing to the
growing awareness among farmers regarding the advantages of microbial in
agriculture. The regulatory policies and framework by government organizations
will favor the growth of the market in the region. Moreover, the increased
efforts by key players to improve their distribution channels in the region
will aid development in North America. Additionally, farmland expansion for the
cultivation of high-value crops can successively create sales opportunities for
the market in the US. Asia Pacific is predicted to rise at an exponential rate
due to the increasing investment by key players in the development of
biological solutions. Besides, the rising focus towards increasing crop
productivity and efficiency by farmers will enable healthy growth in Asia
Pacific.
Agricultural
Microbials Market Future Outlook
KEY INDUSTRY
DEVELOPMENTS:
April
2022: Bayer
CropScience signed an agreement with Ginkgo Bioworks wherein Ginkgo Bioworks
would acquire Bayer's West Sacramento Biologics Research & Development site
and internal discovery and lead optimization platform. This agreement is likely
to accelerate the expansion of Bayer's diversified portfolio of high-quality
microbial-based solutions for growers worldwide.
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