Global Agricultural Microbial Market - Segmented by Type, Function, Formulation, Mode of application, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global agricultural microbial market for the use of fungi in agriculture was valued USD 401.6 million in 2016, at a CAGR growth of 19.1%. With around 40% of the global market share, North America is the largest market for agricultural microbial, followed by Europe and Asia-Pacific. Fastest-growth will be witnessed in Asia-Pacific is likely to grow at a CAGR of 20.59% and the second fastest growing market, South America, witnessing a CAGR of 19.92%.
Popularity of Organic farming drives the market
Being less harmful than synthetic pesticides, microbial pesticides typically affect only the target pest and other organisms closely related to it. As conventional synthetic options become ineffective due to developing resistance, growers are more and more willing to try biological options. Consumer sentiments have, in no small way, contributed to growth of the agricultural microbial market.
Consumers have become more aware of products they consume and scrutinize the safety and quality of food products. Innovations in the area of microbial pesticides, coupled with a growing consumer awareness about the negative impact of synthetic pesticides, are expected to lead to increasing future adoption rates for these products
North America dominates the market share
The agriculture microbial products market of North America is estimate to be the largest with a market size of USD 950.34 million, in 2016, with a CAGR of 14.98%.More concern about organic labelled products and awareness of microbial pesticides efficiency has driven the market in North America. The market is expected to grow at a steady rate during the forecast period. United States holds the largest market with more than half of the North American market share. The United States market value is estimated to be USD 516.18 million in 2016 and registering a CAGR of 14.35%
Key Developments in the Market
• September 2017, Bayer CropScience AG and Ginkgo Bioworks teamed up to focus on the development of plant microbiome for nitrogen fixation in plants
• May 2017, Inocucor technologies Inc. inked an agreement with Axter Agroscience Inc. to distribute Synergo, an agriculture microbial product in Canada.
Major Key Players BASF SE, BAYER CROPSCIENCE, ARYSTA LIFESCIENCE LIMITED, SYNGENTA AG, CERTIS USA LLC, CHR. HANSEN, BIOAG ALLIANCE (MONSANTO/NOVOZYMES), MARRONE BIO INNOVATIONS
Reasons to Purchase this Report
• To have an understanding of the fastest growing or/and largest regions during the forecast period
• The report outlines drives, restraints and trends that are currently effecting the market
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The report covers in-detail insights about the competitors overview, company share analysis
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet in excel.
Customization of the Report
• Countries of client’s interest can be included in report based on feasibility of report.
• Companies of client’s interest can be included in report based on feasibility of report.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.