New York, US, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Agricultural Biologicals Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Agricultural Biologicals Market Information by Type, Source, Mode of Application, Technology, and Region - Forecast till 2027”, the market is projected to cross USD 18.06 Billion by 2027 at 12.22% CAGR.
Market Scope
The growth scope of the agricultural biologicals market seems promising as the sales continue to boom worldwide. Surge in disposable income, expanding agriculture sector and the mounting awareness about the benefits associated with agricultural biologicals will ensure a steady upward growth trajectory for the global industry in the following years.
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Competitive Landscape
The Key Industry Participants covered in the MRFR study are:
- Valent Biosciences (US)
- Bayer AG (Germany)
- Syngenta AG (Switzerland)
- BASF SE (Germany)
- Arysta LifeScience (Japan)
- Koppert B.V. (Netherlands)
- DowDuPont (US)
- Marrone Bio Innovations (US)
- Novozymes (Denmark)
- Certis USA LLC (US)
- Valagro (Italy)
- Isagro (Italy)
- Biolchim (Italy)
- Agrinos (US)
- Agrilife (India)
These vendors are focused on expanding their regional presence while launching newer and more innovative products via strategies that include collaborations, agreements, and partnerships. To illustrate, in April 2021, Plant Response fostered its biologicals portfolio by acquiring WISErg. Plant Response is working on expanding its biologicals platform as well as nutrient efficiency technologies, and its key focus is on making available a variety of biological products in the global market.
Top Growth Boosters:
Agricultural biologicals, or biologics are essential tools used for protecting crops and elevating the production level and are primarily sourced from natural materials. Biologics protect the crops from pests and have emerged as an integral aspect of modern farming techniques and practices. Several agricultural communities across the world are using these tools to facilitate sustainable farming. The United States remains one of the biggest consumers of agricultural biologicals, given the soaring preference for safer and greener crop protection technologies. Moreover, the country’s regulatory agencies are greatly involved in this field, with respect to product approvals and imposing policies that foster market penetration.
Furthermore, with several million-dollar firms striving to develop high-performance and quality agricultural products, like pesticides and fertilizers, requirement for eco-friendly products has noted incredible surge in recent years. Years of extensive use of synthetic products for better crop yields have resulted in a debilitating impact on soil fertility and underground water reserves. To reverse the damages, the need for sustainable farming has soared significantly, ultimately leading to higher demand for organic products such as biologics.
Some of the key strategies employed by market participants are investments in exhaustive research & development and penetrating emerging countries to leverage business opportunities. The market expansion is in the nascent stage and therefore, the merger & acquisition activities are not as many as other markets. However, the surge in product approvals and the growth in spending on bio-ingredients could mean considerable market growth in the ensuing years.
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Market Restraints
The lower awareness levels among growers, especially in developing countries, where modern farming practise is still not as prevalent as developed economies, could have a negative impact on the global market in the upcoming period.
COVID 19 Analysis
The lockdown imposed following the COVID-19 outbreak resulted in a massive economic downfall worldwide. Several companies and businesses had to be shut down while a number of industries faced with financial restraints.
However, major agricultural biologicals manufacturers have gone into survival mode and are adopting strategies that could help them remain resilient. As a result, the global industry continues to note steady demand despite the rapid spread of the pandemic.
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Market Segmentation
The agricultural biologicals industry has been considered for type, source, mode of application, and crop type.
Different types of agricultural biologicals in the market are biopesticides, bio-stimulants, along with biofertilizers. Biopesticides own the highest portion of the global market, given the rising use of these types in foliage, turfs, and soil, particularly in Europe and North America.
The sources from where agricultural biologicals are derived include biochemicals, microbials, and more.
Depending on mode of application, the major categories are seed treatment, soil treatment, foliar sprays, and others. Foliar spray is a highly preferred mode of applying biologicals as it is easy to use and is quite effective. Foliar spray has a direct impact on leaves, which facilitate faster nutrient absorption. Small-scale growers and farmers across Asia Pacific extensively use foliar sprays instead of soil treatment as it is more cost-effective.
With respect to crop type, the agricultural biologicals market can be split into fruits & vegetables, oilseeds & pulses, cereals & grains, and others.
Regional Status
Europe’s lead in the global market can be attributed to the high-end and rigorous R&D infrastructure as well as the significant number of patents for biostimulants and biopesticides received by companies in the region.
Asia Pacific can project the fastest growth between 2020 and 2027, given the huge number of agrarian countries like India, Japan, Thailand, South Korea, the Philippines, and Malaysia. These countries adopt sustainable agriculture practices, which has fostered the demand for organic food among consumers. Also, supportive regulatory framework as well as agricultural reforms implemented by the government of these countries also ensure steady growth.
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