The global agricultural inoculants market size is set to grow at an impressive rate owing to the rising concerns regarding the overuse of chemical pesticides, observes Fortune Business Insights™ in its report, titled, “Agricultural Inoculants Market Size, Share & Industry Analysis, By Microbe (Fungal, Bacterial, and Others), By Crop Type (Cereals, Oilseeds & Pulses, Fruits & Vegetables), Application Method (Seed, Soil, and Others), Regional Forecast, 2020 – 2027.” The market size was USD 867.6 million in 2019 and is anticipated to reach USD 1,939.9 million by 2027, exhibiting a CAGR of 10.6% during the forecast period.
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Reduced Production amid COVID-19 to Decrease the Demand for Inoculants
Some industries have had a direct impact of the COVID-19 outbreak and agriculture is one such industry. As a result, all the supporting industries around the former are stumbling upon low production. This has significantly reduced the demand for inoculants. Top-order enterprises are looking at alternative measures to survive the crisis. At Fortune Business Insights, we are consistently providing fruitful insights by conducting a detailed analysis of the market.
Highlights of the Report:
The report comprises insights into the revenue generated by key market players, which we have availed through secondary sources such as company websites, corporate filings, annual reports, and investor presentations. Our next step included tracking and analyzing competitive developments of these players such as partnerships, mergers & acquisitions, new product launches, and research & development activities.
Drivers & Restraints-
Rising Concerns regarding Soil Damage Due to Chemical Pesticides to Drive Growth
Growers use chemical pesticides in order to protect their crops against insects and harmful weeds. However, prolonged use of chemicals could damage the quality of the soil. The growing concerns regarding the over-use of chemical pesticides are estimated to drive the global agricultural inoculants market in the forecast timeline. For example, according to the Food and Agriculture Organization (FAO) of the United Nations, in 2018, the total amount of pesticides utilized by growers worldwide was 4.1 million. However, limited awareness regarding the product as well as its low shelf life is anticipated to limit the growth of agricultural inoculants.
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Market in North America to Bolster owing to the Adoption of Advanced Crop Production Technologies
North America is projected to dominate the global agricultural inoculants market with USD 294.2 million share in 2019. High cultivation of crops that consume high amounts of inoculant, such as soybean, canola, and corn, in major countries including the U.S. and Canada is one of the major factors driving the growth in the region. In addition, faster adoption of the latest technology in the region to improve crop productivity is set to further strengthen the demand.
The market in South America is set to grow at the fastest CAGR in the forecast timeframe. Large application of inoculants in major countries including Brazil and Argentina is the key factor responsible for growth in the region. In addition, the presence of key players is forecast to further propel the demand. For instance, the expansion of Rizobacter, the third-largest inoculant company, is based in Argentina.
Key Players Planning to Invest in R&D Activities to Launch Innovative Products
Key players operating in the global agricultural inoculants market are embarking on product innovation. Most of them are investing extensively on research and development in order to offer better inoculants. For instance, in August 2020, Lallemand Plant Care Canada launched LALFIX PROYIELD LIQUID SOYBEAN, a new inoculant that combines two unique strains of nitrogen-fixing bacteria.
- In August 2020, Stoller Argentina S.A., a subsidiary of Stoller Group, launched a package with three integrated solutions, an inoculant, a fungicide and a biostimulant.
- In April 2019, Bayer introduced biological soybean inoculant in Brazil. The new inoculant, CTS 500 was made available for the 2019/2020 harvest.
A List of Key Manufacturers Operating In the Agricultural Inoculants Market Report:
- Bayer AG (Liverkusen, Germany)
- BASF SE (Ludwigshafen, Germany)
- Corteva (Delaware, United States)
- Isagro S.p.a. (Milan Italy)
- Lallemand Inc. (Ontario, Canada)
- Rizobacter (Pergamino, Argentina)
- Stoller Group (Texas, United States)
- Verdesian Life Sciences (North Carolina, United States)
- KALO (Kansas, United States)
- Advanced Biological Marketing Inc. (Ohio, United States)
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