The global agricultural inoculants market size is set to grow at an impressive rate owing to the rising concerns regarding the overuse of chemical pesticides, observes Fortune Business Insights™ in its report, titled, “Agricultural Inoculants Market Size, Share & Industry Analysis, By Microbe (Fungal, Bacterial, and Others), By Crop Type (Cereals, Oilseeds & Pulses, Fruits & Vegetables), Application Method (Seed, Soil, and Others), Regional Forecast, 2020 – 2027.” The market size was USD 867.6 million in 2019 and is anticipated to reach USD 1,939.9 million by 2027, exhibiting a CAGR of 10.6% during the forecast period.
A List of Key Manufacturers Operating In the Agricultural Inoculants Market Report:
- Bayer AG (Leverkusen, Germany)
- BASF SE (Ludwigshafen, Germany)
- Corteva (Delaware, United States)
- Isagro S.p.a. (Milan Italy)
- Lallemand Inc. (Ontario, Canada)
- Rizobacter (Pergamino, Argentina)
- Stoller Group (Texas, United States)
- Verdesian Life Sciences (North Carolina, United States)
- KALO (Kansas, United States)
- Advanced Biological Marketing Inc. (Ohio, United States)
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Highlights of the Report:
The report
comprises insights into the revenue generated by key market players, which we
have availed through secondary sources such as company websites, corporate
filings, annual reports, and investor presentations. Our next step included
tracking and analyzing competitive developments of these players such as
partnerships, mergers & acquisitions, new product launches, and research
& development activities.
DRIVERS & RESTRAINTS-
Rising Concerns regarding Soil Damage Due to
Chemical Pesticides to Drive Growth
Growers use
chemical pesticides in order to protect their crops against insects and harmful
weeds. However, prolonged use of chemicals could damage the quality of the
soil. The growing concerns regarding the over-use of chemical pesticides are
estimated to drive the global agricultural inoculants market in the forecast
timeline. For example, according to the Food and Agriculture Organization (FAO)
of the United Nations, in 2018, the total amount of pesticides utilized by
growers worldwide was 4.1 million. However, limited awareness regarding the
product as well as its low shelf life is anticipated to limit the growth of
agricultural inoculants.
Read the Full Summary of This Report:
https://www.fortunebusinessinsights.com/industry-reports/agricultural-inoculants-market-101615
COVID-19 IMPACT-
Reduced Production amid COVID-19 to Decrease
the Demand for Inoculants
Some industries
have had a direct impact of the COVID-19 outbreak and agriculture is one such
industry. As a result, all the supporting industries around the former are
stumbling upon low production. This has significantly reduced the demand for
inoculants. Top-order enterprises are looking at alternative measures to
survive the crisis. At Fortune Business Insights, we are consistently providing
fruitful insights by conducting a detailed analysis of the market.
REGIONAL INSIGHTS-
Market in North America to Bolster owing to
the Adoption of Advanced Crop Production Technologies
North
America is projected to dominate the global agricultural inoculants market with
USD 294.2 million share in 2019.
High cultivation of crops that consume high amounts of inoculant, such as
soybean, canola, and corn, in major countries including the U.S. and Canada is
one of the major factors driving the growth in the region. In addition, faster
adoption of the latest technology in the region to improve crop productivity is
set to further strengthen the demand.
The market
in South America is set to grow at the fastest CAGR in the forecast timeframe.
Large application of inoculants in major countries including Brazil and
Argentina is the key factor responsible for growth in the region. In addition,
the presence of key players is forecast to further propel the demand. For
instance, the expansion of Rizobacter, the third-largest inoculant company, is
based in Argentina.
COMPETITIVE LANDSCAPE-
Key Players Planning to Invest in R&D
Activities to Launch Innovative Products
Key players
operating in the global agricultural inoculants market are embarking on product
innovation. Most of them are investing extensively on research and development
in order to offer better inoculants. For instance, in August 2020, Lallemand
Plant Care Canada launched LALFIX PROYIELD LIQUID SOYBEAN, a new inoculant that
combines two unique strains of nitrogen-fixing bacteria.
INDUSTRY DEVELOPMENTS-
- In August 2020, Stoller Argentina S.A., a subsidiary of
Stoller Group, launched a package with three integrated solutions, an
inoculant, a fungicide and a biostimulant.
- In April 2019, Bayer introduced biological soybean
inoculant in Brazil. The new inoculant, CTS 500 was made available for the
2019/2020 harvest.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/global-agricultural-inoculants-market-10510
The growing agriculture industry, along with the increasing adoption of organic farming practices, represent as the key factors driving the Agricultural Inoculants Market growth.
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