Press release
Driving Agricultural Efficiency with Inoculants
According to The Business Research Company's, The inoculants market size has grown rapidly in recent years. It will grow from $1.16 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased agricultural practices, increased awareness and education, crop rotation trends, environmental concerns, market competition.
The inoculants market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to climate change impact, government sustainability initiatives, research and development investments, consumer demand for sustainable agriculture, precision agriculture. Major trends in the forecast period include technological innovations, technology adoption, crop-specific solutions, collaborations and partnership, sustainable practices.
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Market Drivers and Trends:
The growing need for genetically modified plants is expected to propel the growth of the inoculants market going forward. Genetically modified plants are biological plants that have been altered using recombinant DNA technology, a process that involves the insertion of specific DNA sequences into the plant's genome to confer new traits or characteristics. Inoculants help genetically modified plants by improving their productivity and sustainability. Microbial inoculants are eco-friendly and sustainable plant nutrient transporters that can minimize chemical input impacts and intensify the quality and quantity of farm products. For instance, in January 2021, according to reports shared by the United States Department of Agriculture (USDA), a US-based federal agency, in 2021, Canada planted over 11.6 million hectares of genetically modified crops, primarily canola, soybeans, corn, sugar beets, and some alfalfa, an increase of 7% from 10.9 million in 2020. Additionally, in 2021, a whopping 95 % of the canola planted genetically modified. And 76 % of the soybeans planted in 2020 will be genetically modified. Therefore, the growing need for genetically modified plants is driving the growth of the inoculants market.
Major companies operating in the inoculants market are developing innovative solutions such as mycorrhizal inoculant technology to maximize nutrient quality. Mycorrhizal inoculant technology is the application of beneficial fungi, called mycorrhizal fungi, to plant roots to enhance their growth and health. For instance, in August 2021, Mycorrhizal Applications, US-based provider of commercial mycorrhizal fungi soil inoculants, launched MycoApply EndoThrive. It's a next-generation liquid formulation containing multiple species of arbuscular mycorrhizal fungi (AMF) on a non-aqueous liquid carrier. This innovative product represents a significant advancement in mycorrhizal inoculant technology, offering a range of benefits for professional growers. It can be conveniently tank-mixed with liquid fertilizers for simultaneous application, further simplifying the application process.
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Major Key Players of the Market:
Corteva Inc.; BASF SE; Bayer AG; Novozymes A/S; Verdesian Life Sciences LLC; BrettYoung seeds Limited; Queensland Agricultural Seeds; XiteBio Technologies Inc.; Precision Laboratories LLC; Cargill Incorporated; Koninklijke DSM N.V.; Kemin Industries Inc.; Microbial Biological Fertilizers International (MBFi); Advanced Biological Marketing Inc.; Archer Daniels Midland Company; Horticultural Alliance Inc.; Syngenta AG; AquaBella Organics LLC; Dow Inc.; Premier Tech; Bioceres Crop Solutions; Lesaffre; Lallemond Inc.; Mapleton Agri Biotec Pty. Ltd.; New Edge Microbials Pty. Ltd.; T.Stanes & Company Limited; Bactolife A/S; Rhizobia Inoculants Inc.; Symbionix Inc.; TerraMax Inc.
Inoculants Market 2024 Key Insights:
• The inoculants market will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Genetically Modified Plants' Impact On Inoculants Market Growth
• Breakthrough In Mycorrhizal Inoculant Technology For Enhanced Nutrient Quality
• North America was the largest region in the inoculants market in 2023
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Agricultural inoculants also known as microbial inoculants and soil inoculants, mainly contains beneficial microbes which promotes plant growth.
These inoculants induce beneficial factors that help in delivering nutrients and suppressing diseases, thus promoting the plant growth.
The outstanding functions of this kind of inoculants like formation of symbiotic relationship for mutual benefits, biofertilizers,…
