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Bacteria-Based Agricultural Microbials Market Analysis 2024-2033
Bacteria-Based Agricultural Microbials Market
According to The Business Research Company's, The bacteria based agricultural microbials market size has grown strongly in recent years. It will grow from $3.59 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to environmental concerns, pesticide resistance, increased crop productivity, organic farming movement, market demand for sustainable solutions..
The bacteria based agricultural microbials market size is expected to see strong growth in the next few years. It will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to government support and regulations, shift towards biologicals, increasing adoption of integrated pest management, continued research and development, climate change impact.. Major trends in the forecast period include sustainable agriculture focus, reduced chemical usage, soil health awareness, biological seed treatment adoption, organic farming practices..
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Market Drivers and Trends:
Increasing demand for organic food is expected to propel the growth of the bacteria-based agricultural microbials market going forward. Organic food refers to food produced without synthetic chemicals or genetically modified ingredients. The increasing demand for organic food is primarily due to rising awareness about health concerns. Bacteria-based agricultural microbials uses microorganisms such as bacteria, fungus, and viruses to boost crop development, increase yield, and protect crops from infections and pests. For instance, in June 2022, according to the Organic Trade Association, a US-based business association, organic sales increased by $1.4 billion (2%) between 2020 and 2021, surpassing $63 billion. Further, food sales, which account for more than 90% of organic sales, increased to $57.5 billion (about 2%), and non-food sales reached $6 billion (an increase of 7%). Therefore, increasing demand for organic food drives the growth of the bacteria-based agricultural microbial market.
Strategic partnerships have emerged as a key trend gaining popularity in the bacteria-based agricultural microbial market. Major players operating in the bacteria-based agricultural microbials market are concentrating their efforts on establishing new partnerships to strengthen their position in the market. For instance, in January 2023, Indigo Ag, a US-based agricultural technology company, partnered with ISAOSA, a Mexico-based fertilizer distributor, to launch innovative microbial technology for increased nutrient use efficiency in Mexico. The microbial product Indigo 30, which is a member of Indigo's biotrinsic range, increases corn crop yields. The new formulation will make it possible for Indigo 30 to be combined directly with fertilizer for the first time, greatly extending the product's window of use for farmers.
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Major Key Players of the Market:
BASF SE; Bayer AG; Certis LLC; Isagro S.p.A.; Verdesian Life Sciences LLC; Koppert B.V.; E.I. DuPont de Nemours and Company; Syngenta AG; Sumitomo Chemical Co. Ltd.; Corteva Inc.; CHR. Hansen Holdings A/S; UPL Limited; Valent Biosciences Corporation; Novozymes A/S; Gujarat State Fertilizers & Chemicals Limited; Marrone Bio Innovations Inc.; Nufarm Ltd.; Precision Laboratories LLC; Lallemand Inc.; BioWorks Inc.; Terramera Inc.; Andermatt Biocontrol AG; BioConsortia Inc.; BioPhero ApS; Biotalys NV; BioTEPP Inc.; EcoPesticides International Inc.; Futureco Bioscience S.A.; Gowan Company LLC; Kemin Industries Inc.; Plant Health Care plc; Symborg SL
Bacteria Based Agricultural Microbials Market 2024 Key Insights:
• The bacteria based agricultural microbials market will grow to $5.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• The Surge In Bacteria-Based Agricultural Microbials Amid Organic Food Demand
• Pioneering Partnerships Reshaping Microbial Technology Landscape
• North America was the largest region in the bacteria-based agricultural microbials market in 2023
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