Introduction of Agricultural Biological: Going Big For Farming Too!
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.
Under the type segment, the biopesticides segment accounted for the largest share in the global agricultural biological market. Biopesticides are the extensively used agricultural biological products. They are used to control agricultural pests with the help of specific biological effects. These effects contains biocontrol agents including 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. They are generally less toxic than the conventional type of pesticides and affects only the target pest.
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The usage of nanotechnology in the agricultural sector has significantly increased and is expected to grow in the future. Nanoparticles are used to improve soil fertility, soil nutrients, control growth of weeds, and protect plant crops. Nanobiopesticides are also being used by the agricultural farmers for the pest control and expected to increase in the future. Nanobiopesticides consist of nanoparticles of small engineered structures or active ingredients with important pesticidal properties. The health authorities ensure that these nanobiopesticides doesn’t contain any harmful substances that can harm human beings, plants, and environment. These factors would lead to rising in demand for nanobiopesticides in the agriculture industry.
The market for global agricultural biological is concentrated with some very well-established players. Some of the key players in the global agricultural biological market include 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.
Source: The Insight Partners