Agricultural Microbials Market Forecast - Anticipates $27.08 Billion Valuation by 2031

Redding California, February 15, 2024- Meticulous Research®, a globally recognized leader in market research, proudly announces the release of its comprehensive research report, titled 'Agricultural Microbials Market by Microorganism Type (Bacteria, Fungi, Virus), Product Functionality (Soil Amendments, Crop Protection), Formulation, Mode of Application (Foliar Spray, Soil Treatment, Seed Treatment), Crop Type - Global Forecast to 2031.'

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According to this cutting-edge publication from Meticulous Research®, the agricultural microbials market is poised to achieve a remarkable valuation of $27.08 billion by 2031, exhibiting a robust Compound Annual Growth Rate (CAGR) of 13% during the forecast period 2024-2031. The growth of this market is propelled by a confluence of factors, including a heightened awareness regarding the detrimental impact of synthetic chemicals, an upswing in organic farming practices and a surge in demand for organic food, an escalating focus on sustainable agriculture, and mounting concerns regarding environmental safety. Nevertheless, challenges such as a lack of education and awareness among farmers and the high production cost of agricultural microbials pose constraints to market growth. Despite these challenges, the growing adoption of agricultural microbials in emerging economies is anticipated to create substantial growth opportunities for stakeholders. On the flip side, the shorter shelf life of agricultural microbial products and protracted product registration and approval processes pose major challenges.

Key Industry Players
Leading the pack in the agricultural microbials market are key players such as Syngenta AG (A Part of China National Chemical Corporation/Chemchina) (Switzerland), BASF SE (Germany), Bayer AG (Germany), Corteva, Inc. (U.S.), UPL Limited (India), FMC Corporation (U.S.), Novozymes A/S (Denmark), Nufarm Limited (Australia), Sumitomo Chemical Co., Ltd. (Japan), Koppert B.V. (Netherlands), Pro Farm Group Inc. (U.S.), Isagro S.p.A. (Italy), BioWorks, Inc. (U.S.), Certis USA L.L.C. (U.S.), and Biobest Group NV (Belgium).

Market Segmentation
The agricultural microbials market is segmented into microorganism type (bacteria, fungi, virus, and other microorganisms), product functionality (soil amendments and crop protection), formulation (liquid and dry), mode of application (foliar spray, soil treatment, seed treatment, and other modes of application), crop type (cereals & grains, oilseeds & pulses, fruits & vegetables, and other crops), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The report meticulously evaluates industry competitors, providing insights into their market share at both global and regional levels.

Microorganism Type Insights
In 2024, the bacteria segment is expected to claim the largest share of the agricultural microbials market. This dominance is attributed to the multifaceted applications of bacteria in formulating biofertilizers, biopesticides, and biostimulants. Bacteria play a pivotal role in enhancing plant growth, protecting against root-fungus diseases, and maintaining soil health by promoting nutrient cycling and suppressing soil-borne diseases.

Product Functionality Dynamics
The crop protection segment is projected to hold the larger share of the agricultural microbials market in 2024. This dominance is fueled by the pressing need to augment crop yield and quality, heightened awareness about environmental safety, the adoption of advanced agricultural practices, and the escalating demand for organic food.

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Formulation Trends
In 2024, the liquid segment is expected to secure the larger share of the agricultural microbials market. This can be attributed to the superior performance and extended effective duration (up to 6 months) of liquid formulations compared to dry formulations (up to 3 months). The convenience of application without prior mixing further enhances the appeal of liquid formulations.

Mode of Application Highlights
The foliar spray segment is anticipated to dominate the agricultural microbials market in 2024, owing to its high efficiency, uniform distribution of chemicals, and minimal to no wastage. The foliar spray mode of application facilitates rapid nutrient absorption, making it a convenient and prompt correction treatment for various plant diseases and deficiencies.

Crop Type Dynamics
In 2024, the cereals & grains segment is poised to hold the largest share of the agricultural microbials market. This is attributed to the growing imperative to enhance cereal & grain production, minimize losses due to pests and diseases, and the versatile use of these crops in animal feed, biofuel, and starch & ethanol production.

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Geographic Landscape
Asia-Pacific is slated to record the highest CAGR during the forecast period, driven by factors such as population growth, increased crop diseases, a shift towards organic farming among farmers, implementation of environmental protection laws, and the pressing need for higher productivity and yield.

Mr. Khushal Bombe
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This release was published on openPR.