New York, March 29, 2021 (GLOBE NEWSWIRE) -- Market Size – USD 925 million in 2020, Market Growth – at a CAGR of 6.8%, Market Trends – Rapid adoption of environmentally friendly farming practices globally
The global inoculants market size is expected to reach USD 1469.6 Million by 2028 at a CAGR of 6.8%, according to a new report by Reports and Data. In modern farming, the use of pesticides as well as fertilizers is found to be high, which is causing several critical issues, including microbial imbalance, soil pollution, reduction in productivity and soil fertility, and loss of beneficial organism and natural biocontrol agents. Moreover, the emerging insects’ resistance is triggering the need for various alternatives. Thus, inoculants play a crucial role in ensuring soil health and fertility, agricultural sustainability, and plant health.
Apart from agricultural inoculants, there is another type available in the market, known as silage inoculants. Rapidly expanding poultry industry worldwide, growing use of silage in the form of feedstock for producing biofuel, and the increasing rate of the livestock sector, are augmenting the need for silage inoculant, thus contributing to the sector’s growth. Additionally, limited availability of fertile land, and rapidly changing environment conditions are responsible for triggering demand for agriculture inoculants. Moreover, the rising prices of pesticides and fertilizers are further propelling the industry, owing to their lower cost than chemical fertilizers. However, the lack of awareness about inoculants among growers/farmers in several emerging nations, and agricultural inoculants’ reduced shelf life are some of the factors restricting the industry expansion.
Asia Pacific is predicted to dominate the overall industry in the estimated period owing to the soaring demand for various types of food products in nations, such as China, Indonesia, and Sri Lanka. Increasing rate of meat consuming and the rapid industrialization of animal farm production are stimulated the need for silage inoculant market in APAC.
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Further key findings in the report
- In 2019, a leading company—Bayer AG, launched CTS 500, an innovative industrial soybean inoculant in Brazil. This CTS 500 provides high number of root nodules and guarantees in soyabean seeds’ pre-treatment for almost 60 days.
- Expensive agrochemicals and their adverse impact on the plants/crops is positively impacting the inoculants industry’s growth.
- North America is foreseen to capture a significant rise in the agricultural inoculants industry share in the coming years. Furthermore, the U.S. showcases above 30% of the overall agricultural inoculants market’s possession. This is because of the fast acceptance of forefront technologies to increase the productivity of crops and cut down the production cost.
Inoculants Market Size, Share & Analysis, By Type (Agricultural Inoculants And Silage Inoculants), By Microbe (Bacterial And Fungal), By Crop Type (Oilseeds & Pulses, Cereals & Grains, Fruits & Vegetables, And Forage), By Region, And Forecast To 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/inoculants-market
Major Firms Operating in the Industry:
- BASF (Germany)
- Novozymes (Denmark)
- Corteva (US)
- Bayer (Germany)
- Precision Laboratories
- LLC (US)
- Advanced Biological Marketing Inc. (US)
- XiteBio Technologies Inc. (Canada)
- BrettYoung (US)
- Verdesian Life Sciences (US)
- Queensland Agricultural Seeds Pty (Australia)
For the purpose of this report, Reports and Data has segmented the global inoculants market on the basis of product type, microbe, crop type, and region:
Type Outlook (Revenue, USD Million, 2018 - 2028)
- Agricultural inoculants
- Plant-growth-promoting microorganisms
- Biocontrol agents
- Plant-resistant stimulants
- Silage inoculants
- Homofermentative
- Heterofermentative
Crop Type Outlook (Revenue, USD Million, 2018 - 2028)
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Forage
- Other crop types (turf & ornamentals, plantation crops, and fiber crops)
Microbes Outlook (Revenue, USD Million, 2018 - 2028)
- Bacterial
- Rhizobacteria
- Phosphobacteria
- Azotobacter
- Lactobacillus
- Pediococcus
- Enterococcus
- Other bacterial (Azospirillum, Bacillus, and Pseudomonas putida)
- Fungal
- Mycorrhiza
- Trichoderma spp.
- Other fungal (Paecelomyces lilacinus, Aspergillus, and Penicillium spp)
- Other microbes (algal, viral, and protozoan)
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Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Central & South America
- Brazil
- Latin America
- Peru
- Rest of South America
- Middle East & Africa
- South Africa
- North Africa
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