CHICAGO, July 19, 2023 /PRNewswire/ -- The Agricultural Biologicals Market is projected to reach USD 27.9 billion by 2028 from USD 14.6 billion by 2023, at a CAGR of 13.8% from 2023 to 2028 according to a report published by MarketsandMarkets™. The market for agricultural biologicals is experiencing growth due to growing organic farming and government initiatives.
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Expanding Organic Farmland Drives Demand for Agricultural Biologicals
The expanding global trend towards organic farming, fueled by consumer preferences for products produced without synthetic inputs, is propelling the growth of the agricultural biologicals market. As organic agriculture continues to gain traction, the demand for agricultural biologicals as a fundamental component of organic farming systems is driving market expansion.
According to a recent report by FiBL and IFOAM – Organics International in 2023, there was a global increase in organic farmland and retail sales. The report reveals that organic farmland expanded by 1.3 million hectares, equivalent to a growth rate of 1.7%, reaching a total of 76.4 million hectares by the end of 2021. With the expansion of organic farmland, the demand for agricultural biologicals, including biopesticides, beneficial microorganisms, and organic fertilizers, increases. These inputs are crucial for complying with organic standards and supporting organic farming practices. As organic farming continues to grow, there is a greater need for agricultural biological products to meet the specific requirements of organic crop production.
By product type, microbials hold a significant market share during the forecast period
The demand for microbials in the agricultural biologicals market is increasing globally due to the growing concern over the environmental impact of conventional agriculture. This includes the use of chemical inputs, which has led to a greater emphasis on sustainable and environmentally friendly farming practices. Microbials provide a natural and eco-friendly alternative by reducing the reliance on synthetic pesticides and fertilizers. As sustainability becomes a priority for consumers and regulatory bodies, there is a rising demand for microbial-based agricultural products.
Microbials, including beneficial bacteria, fungi, and other microorganisms, offer the advantage of improving soil health and nutrient availability. They form symbiotic relationships with plant roots, facilitating nutrient uptake and enhancing plant growth. Farmers are increasingly recognizing the significance of soil health in achieving sustainable agriculture, leading to an increased demand for microbials as a means to promote soil fertility and nutrient cycling.
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South America to boost market growth during the forecast period
Due to the vast agricultural lands in South America, there is a growing awareness and concern regarding the environmental impact of conventional agricultural practices. To address these concerns, there is an increasing demand for agricultural biologicals as they provide more sustainable alternatives by reducing the reliance on synthetic pesticides and fertilizers. These biological products are derived from naturally occurring substances like beneficial microorganisms, plant extracts, and biopesticides, which contribute to improved soil health, biodiversity, and overall ecosystem sustainability. Additionally, South American countries are significant exporters of agricultural commodities, and to meet the stringent regulations of international markets, particularly in Europe and North America, farmers are adopting agricultural biologicals as a sustainable and residue-free alternative to conventional agrochemicals.
The key players in this region include BASF SE (Germany), Syngenta AG (Switzerland), Bayer AG (Germany), UPL (India), Corteva Agriscience (US) among others. The study includes an in-depth competitive analysis of these key players in the agricultural biologicals market with their company profiles, recent developments, and key market strategies.
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