Global Agricultural Microbial Market Opportunities Forecast 2024 - 2033
7 May, 2024
The agricultural microbial market has seen significant expansion, moving from $5.85 billion in 2023 to $6.75 billion in 2024, boasting a robust compound annual growth rate (CAGR) of 15.5%. This growth is fueled by escalating demand for sustainable agriculture, regulatory backing, enhanced farm productivity, and concerns surrounding pesticide residues. Projections indicate continued momentum, with the market expected to hit $11.87 billion in 2028, with a CAGR of 15.1%. Future drivers include sustained emphasis on sustainability, adaptation to climate change, organic farming growth, global food security, integrated pest management (IPM), and the emergence of new markets. Key trends involve advancements in biotechnology, extensive research and development, collaborative partnerships, microbial consortia, microbiome research, and the integration of digital agriculture.
Major Driver In The Agricultural Microbial Market
The agricultural microbial market is poised for growth as awareness of organic farming practices continues to rise, driven by the avoidance of chemical pesticides and fertilizers in favor of microorganism-based solutions that safeguard plants and enhance soil health. Highlighting this trend, the United States Food and Agriculture Organization reported organic agriculture spanning 187 countries in 2021, with 3.1 million farmers maintaining approximately 72.3 million hectares organically, signaling a significant surge in organic farming practices that directly propels the agricultural microbial market forward.
Request A Free Sample Of The Global Agricultural Microbial Market ReportAgricultural Microbial Market Competitive Landscape
BASF SE, Syngenta AG, Koppert BV, Novozymes A/S, Bayer CropScience, Arysta Lifescience Limited, AgBiome LLC, Certis Usa LLC, Chr. Hansen A/S, BioAg Alliance, Marrone Bio Innovations, Monsanto Company, Corteva Agriscience, Valent BioSciences, Lallemand Plant Care, Camson Bio Technologies, Becker Underwood, BioConsortia Inc., Phyllom BioProducts Inc., Rizobacter Argentina S. A., Terramera Inc., BioWorks Inc., Biochimex S. A. S., BioForest Technologies Inc., Andermatt Biocontrol AG, Verdesian Life Sciences LLC, Metagenomics Inc., Qingdao Future Group, BioNovelus Inc.
Key Agricultural Microbial Market Trend
Increasing investments are emerging as a prominent trend in the agricultural microbial market. Major companies within this sector are directing their focus towards investments aimed at the development of novel technologies and products. For example, in February 2021, ADM, a US-based company specializing in nutrition, agricultural origination, and processing, disclosed a significant equity investment in Acies Bio, a Slovenian biotechnology firm. Acies Bio specializes in research, development, and manufacturing services for synthetic biology and precision fermentation technologies applicable in food, agriculture, and industry. This strategic investment will expedite ADM's progress in precision microbial fermentation endeavors by leveraging Acies Bio's extensive microbial expertise and contract manufacturing services.
Get The Full Global Agricultural Microbial Market ReportAgricultural Microbial Market Segmentation
The agricultural microbial market covered in this report is segmented –
1) By Type: Bacteria, Fungi, Virus, Other Types
2) By Formulation: Dry Formulation, Liquid Formulation
3) By Function: Crop Protection, Soil Amendment
4) By Mode Of Application: Soil Treatment, Foliar Spray, Seed Treatment
5) By Application: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Turf And Ornamentals
By Geography:The regions covered in the agricultural microbial market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.North America was the largest region in the microbial agriculture market in 2023.
The Agricultural Microbial Global Market Report 2024 furnishes information about the global agricultural microbial market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.