Inoculants Market 2022-2028: Growing Concern About The Harmful Effects Of Chemical Fertilizers To Spur Demand For Inoculants
The Global Inoculants Market size is expected to reach USD 1469.6 Million by 2028 at a CAGR of 6.8%, according to a new report by Reports and Data. Inoculants, which is also known as microbial inoculants, aid in enhancing the nutritional status of host plant, along with reducing the requirement for fertilizer inputs. Containing several beneficial microbes such as fungi, bacteria, algae, and protozoa, inoculants are able to carry out growth in plants, along with suppressing diseases or pests. Being a blend of several microorganisms, inoculant aids in improving the soil’s health and fertility. The microbes present in the inoculants are immensely helpful for the plants’ development and stimulate other insects or organisms, which are responsible for the overall plant’s growth.
Growing environmental concerns about the fertilizer and pesticides use and the rising adoption of organic and sustainable farming practices are a few prominent factors propelling the sector’s growth. Among consumers worldwide, an enormous demand for natural or organically produced goods are observed, which further promotes the microbial inoculant’s use in several organic farming practices due to its more natural and much safer approach towards encouraging the soil as well as plant health. Additionally, the rising awareness regarding crop health, soaring demand for increased productivity, and the fast adoption of modern farming practices are further supporting the industry development.
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The COVID-19 Impact:
During the outbreak of COVID-19, the agricultural inoculant industry has faced a downturn in many ways. The spread of the virus has derailed many areas such as the availability of raw material and disruption of supply chain. The lockdown borders are hampering the overall supply chain. This challenge in breaking the supply chain has hampered the purchasing of raw materials, supplying materials, as well as sales of inoculants.
Some of the Leading Market Players Are Listed Below:
- BASF (Germany),
- Corteva (US),
- Bayer (Germany),
- Novozymes (Denmark),
- Advanced Biological Marketing Inc. (US),
- Verdesian Life Sciences (US),
- Precision Laboratories, LLC (US),
- BrettYoung (US)
Global Inoculants Market Segmentation:
Type Outlook (Revenue, USD Million, 2018 – 2028)
- Agricultural inoculants
- Plant-growth-promoting microorganisms
- Biocontrol agents
Crop Type Outlook (Revenue, USD Million, 2018 – 2028)
- Cereals & grains
- Oilseeds & pulses
- Fruits & vegetables
- Other crop types (turf & ornamentals, plantation crops, and fiber crops)
Microbes Outlook (Revenue, USD Million, 2018 – 2028)
- Other bacterial (Azospirillum, Bacillus, and Pseudomonas putida)
Exponential rise in population, urbanization trends and associated demand for food is likely to drive agriculture market outlook. With increasing disposable income of the populace, demand for high-quality food products is also rising. The governments across the globe are undertaking favorable initiatives to increase their respective agriculture sector output.
According to the WHO and Population Council, nearly 80% of the global population resides in urban cities. The prevailing scarcity of land in urban cities has prompted farmers and growers to adopt new solutions for developing fresh produces. For instance, the vertical farming technique enables consumers to grow crops indoor in layers, in a multi-story building, stacked on racks, or in a warehouse.
The key stakeholders in the farming industry have been focussing on leveraging the prowess of advanced technologies such as big data and IoT. These technologies have proved to be of immense help to obtain precise insights of farming situations which would further aid in better forecasts about agricultural outcomes.
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The Inoculants market vendors have implemented various types of organic as well as inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions, to strengthen their offerings in the market.
The report sheds light on the comprehensive competitive landscape of the global Inoculants market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
Further, the report segments the Inoculants market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Regional Analysis covers:
- North America
- Rest of EU
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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