Worldwide Agricultural Microbials Market By Analysis of Major Industry Segments 2023
With the increasing attempts to curtail the high frequency of crop diseases, the global demand for agricultural microbials is expected to follow a notable growth track. Agricultural microbials are being widely acknowledged as they are cost-effective and sustainable and enhance the productivity and fertility of crops. They are commonly used in the production of crops such as pulses, oilseeds, cereals and grains, vegetables, fruits, and poultry and dairy products. Some of the common types of these microbials are bacteria, virus, protozoa, and fungi.
The research report encompasses all the important parameters of the global agricultural microbials market, including its dynamics, competitive landscape, and region-wise outlook. The statistics pertaining to the market at both global and regional levels are included in the report. The study profiles key players operating in the market along with their business strategies, latest developments, and contact information.
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Global Agricultural Microbials Market: Drivers and Restraints
The ever-rising demand for food is playing a vital role in the growth of the global agricultural microbials market. Agricultural microbials are useful in enhancing the crop yield and also in improving human health. In addition, the rapidly growing global population is escalating the demand for food, thereby stoking the growth of the region. Moreover, the increasing emphasis on environment-friendly farming practices is translating into the greater uptake of agricultural microbials. Favorable regulatory policies and financial schemes by several governments across the world are also augmenting the market.
On the flip side, the shorter shelf life of microbes is limiting the widespread adoption of agricultural microbials. This is further compounded by the changing climatic conditions. However, the burgeoning use of agricultural microbials in emerging regions of Asia Pacific and Latin America are prompting market players to capitalize on these regions.
Global Agricultural Microbials Market: Geographical Segmentation
The key segments analyzed in the report on the basis of geography are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. North America and Europe will account for substantial cumulative shares in the global market. The growing demand for organic food is the primary factor driving the growth of these regions. In North America, the U.S. will be a major revenue contributor due to the enforcement of stringent environmental protection laws for agricultural practices. The spike in the consumption of fertilizers and pesticides in Canada is triggering the demand for agricultural microbials.
Asia Pacific is expected to register a significant growth rate owing to the increasing production of tropical and sub-tropical vegetables and fruits. Countries such as India and China will be the sights of high growth rate in the region. The rapidly growing population of these countries is leading to the spiraling demand for food, which is stimulating the adoption of agricultural microbials.
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Global Agricultural Microbials Market: Competitive Landscape
The global agricultural microbials market is highly fragmented in nature, with a large number of small players present especially in developing countries. Key players in the market are focusing towards generating innovative solutions such that they can better adapt and scale to suit the requirements of end users. These players are pouring hefty funds into research and development of novel microbial products in order to stay relevant. Several players are aiming at expanding their geographical outreach to enhance their visibility. The key companies operating in the global agricultural microbials market are Monsanto, Bayer CropScience AG, Syngenta AG, BASF SE, Arysta LifeScience Limited, Sumitomo Chemical Co. Ltd., and Novozymes.
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