New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Inoculants Global Market Report 2023" - https://www.reportlinker.com/p06466702/?utm_source=GNW
V., XiteBio Technologies Inc., Kemin Industries Inc., Microbial Biological Fertilizers International (MBFi), and Advanced Biological Marketing Inc.
The global inoculants market is expected to grow from $1.05 billion in 2022 to $1.16 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The inoculants market is expected to reach $1.65 billion in 2027 at a CAGR of 9.2%.
The inoculants market consists of sales of different types of inoculants, such as algae inoculants, freeze-dried inoculants, symbiotic inoculants, non-symbiotic inoculants, associative inoculants, etc.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Inoculants are live microorganisms that function as biological stimulants or biocontrol substances and are called versatile due to their varied effects and processes in plants, including beneficial effects on seed germination. It guarantees that the legume’s unique microbes are available to the plant after it germinates.
North America was the largest region in the inoculants market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in inoculants report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of inoculants are agricultural inoculants and silage inoculants.Silage inoculants are bacteria that have been chosen to dominate crop fermentation in the silo.
Inoculants for silage are split into two groups according to the way they ferment glucose, a common plant sugar.The various forms include dry, and liquid.
The various microbes include bacterial, fungal, and other microbes, which are used by various crop types that include cereals and grains, oilseeds and pulses, fruits and vegetables, forage, and others.
The increasing use of organic farming is expected to propel the growth of the inoculants market going forward.Organic farming refers to an agricultural practice that makes use of biological pesticides and fertilizers manufactured from plant or animal waste.
Organic farming boosts the inoculants markets as inoculants are widely used as crop growth regulators in organic farming. For instance, in June 2023, according to the Eurostat, a Europe-based government agency, total area under organic farming in the EU in 2020 covered 14.7 million hectares of agricultural land. Further, Sweden had the highest shares of organic cereals (7.1 %) and fresh vegetables (17.8 %), and the organic area made up 9.1 % of total EU agricultural land in 2020.Therefore, increasing the use of organic farming is driving the inoculant market.
Product innovation is the key trend gaining popularity in the inoculants market.Major companies operating in the inoculants market are focused on developing innovative products to strengthen their position in the market.
For instance, in May 2022, Lavie Bio Ltd., an Israel-based manufacturer of inoculants and microbial-originated agricultural products, launched bio-inoculant result. This is a microbial inoculant that enhances the efficiency with which plant roots absorb nutrients from the soil, enhancing crop production and producers’ profitability while promoting soil longevity and sustainability for the environment. The result has the potency to produce an extra 3–4 bushels for every acre and has demonstrated significant yield improvement when compared to industry standards.
In April 2021, Verdesian Life Sciences, a US-based manufacturer of inoculants, seed treatment products, and natural fertilizers acquired Cytozyme Laboratories Inc. for an undisclosed amount. Through the acquisition, Cytozyme Laboratories Inc. reinforced Verdesian Life Sciences’ identity as nutrient utilization-efficient individuals. This purchase represents a huge step forward not only for Verdesian Life Sciences but additionally for the area of nutrient usage efficiency solutions. Cytozyme Laboratories Inc. is a US-based manufacturer of inoculants and other crop growth-promoting products.
The countries covered in the inoculants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The inoculants market research report is one of a series of new reports that provides inoculants market statistics, including inoculants industry global market size, regional shares, competitors with an inoculants market share, detailed inoculants market segments, market trends, and opportunities, and any further data you may need to thrive in the inoculants industry. This inoculants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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