Agricultural Inoculants Market Scope
The global agricultural inoculants market has experienced consistent demand in the past few years and is expected to touch the valuation of USD 604.38 million by 2023, reports Market Research Future (MRFR). The market is projected to have a gainful run at a CAGR of 9.75% during the forecast period (2016-2023).
Agricultural Inoculants Market Boosters and Key Barriers
Agricultural inoculants are also referred to as soil inoculants or microbial inoculants. These primarily contain beneficial microbes that help accelerate plant growth. Agricultural inoculants induce beneficial factors which help deliver nutrients and also prevent the growth of diseases, elevating the plant growth. Numerous qualities including forming symbiotic relationship for mutual benefits, providing the needed nutrients & minerals as well as biofertilizers creates a surge in the demand for agricultural inoculants at a global level. With the boost in the crop yield due to the rising adoption of inoculants, the market is slated to have a lucrative run during the appraisal period.
The hike in the demand for food has been the consequence of the expanding population, which is projected to expand the agricultural inoculants market report. The United Nations (UN) Department of Economic and Social Affairs reports that the global population is expected to touch roughly 8.1 billion by the year 2025. These numbers are indicative of the growing need for massive agricultural production that can only be met when agricultural inoculants are added to promote the growth of plants.
With that said, the market can face few roadblocks in the form of unclear legislation of agricultural inoculants. Yet, with the surge in government initiatives along with amplified funding as well as grants for improvement in sustainable agriculture, the agricultural inoculant market is perceived to do excellent business in the ensuing years.
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Agricultural Inoculants Key Industry Trends
Increasing Organic and Environment Friendly Farming Practices
At present, various agricultural practices are moving from traditional organic farming practices to newer ones, especially organic farming. Few reasons for the rising popularity of organic farming include the surge in health consciousness, soil health, long-lasting agriculture sustainability as well as environmental safety. There are multiple methods to practice organic farming such as manure, organic compost and using agricultural inoculants. Organic farming makes use of agricultural inoculants that are mainly microorganisms that ensure soil fertility, plant health, and agricultural sustainability.
Agricultural Inoculants Market Segmentation
The agricultural inoculants application industry has been segmented on the basis of crop type, source of agricultural inoculants and application.
The agricultural inoculants market, by crop type, is considered for cereals & grains, oil seed & pulses, fruits & vegetables, and others. Between these, the largest share of the global market belonged to the cereal and grains segment at 44.3%. Meanwhile, the oil seeds and pulses segment is poised to rise significantly over the review period, with the fruits and vegetables segment following suit. The report states that the oil seeds and pulses segment will be growing at the best rate of 10.22% from 2017 to 2023.
With respect to the source of agricultural inoculants, the market covers bacterial, fungal and others. The bacterial segment led the global market with maximum share of 65.7% in 2017, trailed by fungal segment. The bacterial source of agricultural inoculants is believed to surge at a growth rate of 9.93% in the coming years.
Agricultural Inoculants Market Top Companies
The top companies molding the global Agricultural inoculants market include MBFi (South Africa), BASF (Germany), DuPont Inc. (U.S.), Horticultural Alliance Inc. (U.S.), Monsanto Co. (U.S.), Novozymes (Denmark), Soil Technologies Corporation (U.S.), and others.
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