Increasing Awareness Related to the Advantage of Organic Food Will Augment the Global Bio-Agriculture Market in the Forecast Period of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 9.5 Billion
• Forecast CAGR (2023-2028): 12%
• Forecast Market Size (2026): USD 18.9 Billion
The rising consumption of organic food is a key factor for the bio-agriculture market growth. The increasing awareness related to the benefits of organic food, the ill-effect of pesticides on health in the long-term period, and online access to organic food is some of the key factor driving the market of organic food across the globe.
Developed economies including the US, Switzerland, Denmark are witnessing significant growth in the bio-agriculture market owing to high spending by people on organic food and promotion to organic food by the government. The US government has worked extensively to promote the production of organic food products by increasing the number of certified organic operations and by providing funding for organic research and certification cost-share assistance.
Bio-Agriculture Industry Definition and Major Segments
Bio-agriculture is a sustainable model of agriculture which balances the soil to grow pest- and disease-resistant crops with low use of chemicals. It maintains soil fertility and reduces soil erosion with less harm to the environment. Besides, it focuses on crop protection and quality enhancement. Under this model, material and resources are recycled to the greatest extent possible within the enterprise.
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The function of the bio-agriculture includes:
• Crop Protection
• Crop Enhancement
The market, based on product type, can be divided into:
• Natural Products
By application, the market can be divided by application:
• Foliar Spray
• Seed Treatment
• Soil Treatment
Based on Crop type, the market can be segmented into:
• Cereals and Grains
• Oilseeds and Pulses
• Fruits and Vegetables
The regional markets for the Global Bio-Agriculture Market can be separated into:
• North America
o United States of America
• Asia Pacific
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
Bio-Agriculture Market Trends
Advancement in bio-agriculture is also expected to drive the market by increasing the profitability of the farmers. The industry is adopting various technological reforms to boost and sustain the system, such as increasing the usage of bio fertilizers. With the increasing trend of organic foods and awareness related to climate change, the market will witness substantial growth. Apart from this, government enforcement to ban the usage of pesticides will also motivate market growth. Other macro-economic factors driving the market growth include rapid urbanization and the growing disposable income of the middle-class population.
Key Market Players
The major players in the market include Marrone Bio Innovations, Certis USA L.L.C, National Fertilizers Ltd., Novozymes A/S, Mapleton Agri Biotec Pt Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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