Agricultural Biological Market is expected to grow at a CAGR of 12.9% By 2027
The global agricultural biological market accounted to US$ 7,148.8 Mn in 2018 and is expected to grow at a CAGR of 12.9% during the forecast period 2019 - 2027, to account to US$ 21,141.0 Mn by 2027.
Agricultural biological constitutes a broad range of plant extracts, insects, microbials, and other agricultural biological materials, which are used by the farmers to improve crop health and yield and for the pests control. It also helps in enhancing the availability of nutrients, nutrient uptake capacity of the plant, assists in products strong resistance to insects, and residue management, as well as improving total productivity of the plant crops. Agricultural biological products are less expensive and a highly effective option as compare to synthetic crop protection products.
The global agricultural biological market is bifurcated based on type into biopesticides, biostimulants, and biofertilizers. The biopesticides segment accounted for the largest share in the global agricultural biological market. Biopesticides are the most widely used type for agricultural biological products. It is widely used to control agricultural pests through specific biological effects which contain bio control agents such as natural organisms or substances derived from animals, plants, bacteria, or minerals. Biopesticides cover a broad spectrum of potential products like microbial pesticides, plant-incorporated protectants, and biochemical pesticides. The growing interest in organic farming and pesticide residue-free agricultural produce would lead to an increase in adoption of biopesticides by the farmers.
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Increase in adoption of natural products over synthetic products is driving the growth of the agricultural biological market. Agricultural biological are used as a replacement of synthetic or chemical plant protection products like chemical pesticides, fungicides or insecticides. They serve as a natural product which lead to soil health development, plants disease control, enhancement of nutrient uptake, plant growth enhancement, and various others. The growing demand for the agricultural biological products is attributed to its low environmental impacts and less manufacturing costs which is expected to drive the growth of the agricultural biological market.
The Asia Pacific agricultural biological market is dominated by China, followed by India. Increasing focus towards organic farming and importance for maintaining ecological balance are chief motives for rising consumption of organic fertilizers in the continent. Also, the use of improved biological crop preservatives such as biochemicals, bioherbicides, and biopesticides is further impacting the growth of the market. Besides, due to the increase in the cost of chemical fertilizers, the farmers are shifting their focus to use of bio-based agriculture solutions supported by governments. Also, the consumer in Asia-Pacific realizes the importance of using bio-based food products for a healthy lifestyle.
Some of the players present in global agricultural biological market are BASF SE, Biolchim S.p.A., Certis U.S.A. LLC, DowDuPont Inc., Isagro S.p.A, Koppert Biological Systems, Marrone Bio Innovations, Inc., Syngenta, UPL and Valent BioSciences LLC among others.
The overall global agricultural biological market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the agricultural biological market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the agricultural biological market.
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