Agricultural Microbials Market Poised to Reach $27.08 Billion by 2031

Redding California,March 18, 2024 - Meticulous Research®, a leading provider of market intelligence and consulting services, has unveiled its latest comprehensive report titled "Agricultural Microbials Market by Microorganism Type, Product Functionality, Formulation, Mode of Application, Crop Type - Global Forecast to 2030." According to this exclusive report, the agricultural microbials market is anticipated to soar to $27.08 billion by 2031, marking a remarkable CAGR of 13.0% from 2024 to 2031.

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Revolutionizing Sustainable Farming Practices
Agricultural microbials represent a transformative approach to sustainable and eco-friendly farming practices. By introducing beneficial microorganisms into agricultural systems, these microbials bolster soil fertility, enhance crop health, and reduce the reliance on chemical inputs. Embracing bacteria, fungi, viruses, and other microbes, agricultural microbials play pivotal roles in fostering nutrient availability, promoting plant growth, and safeguarding crops against pests and diseases. With a focus on nurturing resilient and efficient farming practices, agricultural microbials contribute significantly to soil health management, increased crop yield, and overall environmental sustainability.

Driving Forces and Challenges
The growth of the agricultural microbials market is propelled by increasing awareness regarding synthetic chemicals' adverse effects, a surge in organic farming practices, and escalating demand for organic food. Moreover, the intensifying focus on sustainable agriculture and growing environmental concerns further fuel market expansion. However, challenges such as limited education and awareness among farmers and the high production costs of agricultural microbials pose constraints to market growth. Nonetheless, the burgeoning adoption of agricultural microbials in emerging economies promises lucrative opportunities for market stakeholders.

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Key Market Players
Key players driving innovation and growth in the agricultural microbials market include:
Syngenta AG (A Part of China National ChemicalCorporation/Chemchina) (Switzerland)BASF SE (Germany)Bayer AG (Germany) Corteva, Inc. (U.S.) UPL Limited (India) FMCCorporation(U.S.)NovozymesA/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.)Biobest Group NV (Belgium)

Key Findings and Insight
The report offers detailed insights into the agricultural microbials market, including historical data (2022 and 2023), estimated current data (2024), and forecasts for 2031. Among the key findings:

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Bacteria are projected to dominate the microorganism type segment, driven by their versatile applications in biofertilizers, biopesticides, and biostimulants.
Crop protection emerges as the leading product functionality segment, fueled by the imperative to enhance crop yield and quality while ensuring environmental safety.
Liquid formulations are expected to lead the market, owing to their superior performance and extended effective duration compared to dry formulations.
Foliar spray emerges as the preferred mode of application, renowned for its efficiency, uniform chemical distribution, and minimal wastage.

The cereals & grains segment is poised to command a significant share, driven by the growing need to bolster production and minimize losses due to pests and diseases.

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Geographical Insights
Asia-Pacific is forecasted to exhibit the highest CAGR during the forecast period, attributed to factors such as rapid population growth, increasing crop diseases, a shift towards organic farming, and stringent environmental protection regulations.

Mr. Khushal Bombe
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This release was published on openPR.