(MENAFN- PR Newswire) DUBLIN, Aug. 23, 2023 /PRNewswire/ -- The
"global agricultural biologicals market by function, product type (microbials, macrobials, semiochemicals, natural products), mode of application (foliar spray, soil & seed treatment), crop type (cereals & grains, fruits) & region - forecast to 2028" report has been added to
ResearchAndMarkets.com's offering.
Promising Growth Expected in the Agricultural Biologicals Market
A new market analysis predicts a significant growth trajectory for the global agricultural biologicals market, projecting a valuation of USD 27.9 billion by 2028.
This anticipated surge comes from a robust Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period, as compared to the USD 14.6 billion recorded in 2023.
The agricultural biologicals market encompasses biofertilizers, biopesticides, beneficial insects, and biostimulants, all of which are poised for notable expansion.
Key Growth Drivers and Factors
The agricultural biologicals market is poised for growth, primarily driven by the following factors:
Consumer Preference for Organic and Sustainable Food : Rising consumer awareness and preference for organic and sustainable food products are driving the demand for agricultural biologicals. As consumers increasingly seek environmentally friendly and healthier food options, the market for these biological solutions is experiencing a boost. Stricter Regulations on Chemical Pesticides : Governments' implementation of more stringent regulations on chemical pesticides is creating opportunities for the adoption of safer alternatives. This regulatory push toward environmentally friendly solutions is encouraging the agricultural biologicals market's growth. Challenges and Opportunities
While the market is on a growth trajectory, challenges and opportunities lie ahead:
Higher Production Costs and Limited Scalability : Agricultural biologicals can face challenges related to affordability and market competitiveness due to higher production costs and limited scalability. Government Initiatives and Safer Alternatives : Stricter regulations on chemical pesticides are providing an opportunity for the adoption of safer alternatives, boosting the agricultural biological market. Segment Insights
The market analysis highlights key segments driving growth:
Mode of Application : Foliar spray is expected to experience high demand due to its compatibility with other agricultural practices, enabling effective integration into existing spray programs. Crop Type : Cereals & Grains are projected to dominate the market for agricultural biologicals. These solutions offer effective and sustainable management of pests and diseases in crops vulnerable to such issues. Regional Contribution : South America, including countries like Brazil, Argentina, and others, is expected to significantly contribute to market growth. The region's foon organic farming, increasing adoption of biological inputs, and government incentives are driving the demand for agricultural biologicals.
Market Dynamics and Future Prospects
The market's growth is underpinned by drivers such as regulatory pressures, resistance development in pests and insects, and rising consumer preference for organic foods. Challenges such as technological constraints and the preference for agrochemicals exist. However, advancements in microbial research, the importance of sustainable food production, and growing foon organic farming present opportunities for further growth.
Company Profiles
Key Players
BASF SE Syngenta AG Bayer AG UPL Corteva Agriscience The Mosaic Company Pro Farm Group Inc. Gowan Company Vegalab Lallemand Inc. Valent Biosciences LLC Koppert Sustainable Agro Solutions, SAU. Trade Corporation International STK Bio-AG
Startups/SMEs/Other Players
Biolchim S.p.A. Rizobacter Bionema Certis Biologicals Biobest Group NV Verdesian Life Sciences AXEB Biotech SL Pivot Bio Andermatt Group AG Biotalys
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 349 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $14.6 Billion |
| Forecasted Market Value (USD) by 2028 | $27.9 Billion |
| Compound Annual Growth Rate | 13.8
% |
| Regions Covered | Global |
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