Agricultural Inoculants Market Information: by Type (Silage Inoculants, Hay Inoculants), by Crop-Type (Cereals & Pulses, Legumes & Oilseeds, others) and Region Forecast till 2023
Pune, India -- (SBWIRE) -- 10/19/2017 -- Market Overview
Rising sale of agricultural inoculants is driven majorly by developing economy and advancements in technology. Rising health awareness has spurred up the market demand for organic food commodities. To enhance the organic production, the market demand for agricultural inoculants is experiencing a surge. Shift in food consumption trend has a major impact on this market, which has increased the global demand for agricultural inoculants. The production of agricultural inoculants is high in North America and is projected to increase at a positive growth rate in various countries of Europe and Asia Pacific over the given forecast period.
The global agricultural inoculants market share is expected to grow at a higher growth rate supported by positive influence of organic farming. Technological strides are resulting in improved product quality, which is also adding fuel to the growth of this market. Keen focus on R & D resulting in increased yield of quality crops is further projected to increase the sale of the product.
All these factors will contribute to the estimated CAGR of 8.3% of agricultural inoculants market during the forecast period 2017-2023.
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On the basis of type, silage inoculants dominates the market based on high consumer end demand for cereals and pulses in organic and natural form. However, the focus on R & D is projected to fuel the market demand for hay inoculants during the given forecast period. Furthermore, based on the crop-type, cereals & pulses dominates the market owing to high production capacity due high consumers' demand for organic cereals and pulses.
The market is estimated to grow at a high CAGR owning to rising cost of agrochemicals and relatively lower cost of microbial inoculants, and high yield obtained from them.
The key players in the agricultural inoculants market are
- Archer Daniels Midland (U.S.)
- DU Pont (Pioneer) (U.S.)
- Ag-bag System (U.S.)
- BIOMIN Animal Nutrition GmbH (Austria)
- Life Products, Inc. (U.S.)
- Lallemand Animal Nutrition (Canada)
- DBC Ag Products (U.S.)
- Priority IAC, Inc. (U.S.)
- Volac International Limited (Ecosyl) (U.K.)
- DeLaval (Sweden)
Agricultural inoculants manufacturers across various regions are following the strategy of product innovations and increased focus on R & D to penetrate the global market and to meet the growing demand for the product. Enhancement of the product quality and increasing production of organic legumes and oilseeds will further attract the consumers towards the organic agricultural commodities offerings. In North America, the U.S. dominates agricultural inoculants market and exports the product to various other countries, which include Canada, the U.K., China, Australia, and others.
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The global agricultural inoculants market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America holds a major market share followed by Europe. High demand for agricultural inoculants from the developed countries of these regions is contributing to the positive growth of the agricultural inoculants market. The U.S., China, the U.K., Germany, and France are the major importers of agricultural inoculants. Developed trading channels and high demand for healthy food are also driving the growth of the market in these countries.
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