The agricultural inoculants market is projected to grow at a CAGR of 9.6% from 2015 to reach a projected value of USD 437.1 Million by 2020. The growth of this market is driven by the increase in demand of organic fertilizers in the agricultural sector. The market is further driven by factors such as increase in organic and environment-friendly farming practices, promotion by the government agencies, and increase in demand of agricultural inoculants in emerging markets such as Asia-Pacific.
Pune, India -- (SBWIRE) -- 03/17/2016 -- The report "Agricultural Inoculants Market by Type (Plant Growth-promoting Microorganisms, Bio-control Agents, Plant Resistance Stimulants), Source (Bacterial, Fungal & Others), Mode of Application, Crop Type, and Region - Global Forecasts to 2020", The agricultural inoculants market is projected to reach USD 437.1 Million by 2020 and it is projected to grow at a CAGR of 9.6% from 2015 to 2020. Increase in organic and environment-friendly farming practices to cater the growing demand of organic agricultural products has resulted in the growth of the agricultural inoculants market.
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Plant growth-promoting microorganisms to dominate the agricultural inoculants market
The plant growth-promoting microorganisms segment is dominating the agricultural inoculant market and is projected to grow at the highest CAGR. The market is mainly driven due to their wide application. With the increase in health awareness among the population globally, the demand for organic agricultural products such as cereals & grains, fruits & vegetables, and oilseeds & pulses is increasing. This has led to the increase in demand of plant growth-promoting microorganisms for cultivation of cereals & grains, fruits & vegetables, and oilseeds & pulses. The increasing demand for chemical-free food has resulted in an increase in the demand of plant growth-promoting microorganisms.
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Seed inoculation is a commonly used mode of application
Under seed inoculation, seeds are coated with microorganisms that help in nitrogen fixation and hence are majorly used for legumes and soybean production. Agricultural inoculants are majorly used in seed treatment for the production of legumes and soybean crops. Seed inoculation is the most common method of inoculation as it is easy and generally effective under most conditions. Countries such as U.S. and Brazil are the major producers of soybean in the world. U.S., Canada, Brazil, and U.K prefer seed treatments with seed inoculant products instead of genetically modified crops in organic crop production.
Increase in demand of organic food and usage of organic fertilizers key to success in the Latin American region
Brazil and Argentina constituted the largest country markets in the Latin American region in 2014. The increase in demand of organically grown food products by the population is fueling the market for agricultural inoculants in this region. Brazil and Argentina are the major contributors in the production of soybean. Agricultural inoculants are widely used for the soybean crops and hence the consumption of inoculants is expected to increase in the next five years. Latin America is one of the largest regions having organic agricultural land area which makes the demand for agricultural inoculants high in this region. North America accounted for the largest market share, due to the high rate of adoption of new technologies to increase the efficiency of crop production and minimize the cost of operations.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such BASF SE (Germany), E.I. Du Pont de Nemours and Company (U.S.), Bayer CropScience (Germany), Novozymes A/S (Denmark), and Verdesian Life Sciences, LLC (U.S.).
In terms of insights, this research report has focused on various levels of analyses industry analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging & high-growth segments of the global agricultural inoculants market, high-growth regions, countries, and their respective regulatory policies, government initiatives, drivers, restraints, and opportunities.
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