A new market report by MarketsandMarkets™ has indicated that the agricultural biologicals market is to be valued at $18.9bn in 2025.
According to a new market research report published by MarketsandMarkets, the agricultural biologicals market size was estimated at $8.8bn in 2019 which is projected to grow at a CAGR of 13.6% to reach a value of $18.9bn by 2025.
The increase in sustainable agriculture, low residue levels, and supportive regulations are the key factors driving the growth of the agricultural biologicals market. Expansions, new product launches, and agreements were the dominant strategies adopted by key players to capitalise on the strong market potential.
The product portfolio of major companies operating in the agricultural biologicals market is more focused on biocontrols due to the high demand for bioinsecticides and biofungicides for integrated pest management in developed countries.
How microbes and foliar spray have pushed the market
The major market share of the microbials segment is attributed to the high usage of microbes in the production of biopesticides and biofertilizers, as they provide essential benefits to crops in terms of efficiency and productivity. Microbes are easy to find and cultivate on a large-scale.
The agricultural biologicals market, by mode of application, was dominated by the foliar spray segment. Foliar application helps increase nutrient supply during the early growth stages when the root system is not well-developed. Also, the volume required for foliar application is low as compared to soil application. Farmers use the foliar mode of application to apply fertilizers on crops such as apple, grapes, pomegranate, and okra.
The North American region accounted for the largest share in the market. This market is projected to grow at the highest CAGR during the forecast period. The largest share of the North American region is attributed to its high-end R&D infrastructure and the high number of patents received for biopesticides and biostimulants by companies based in the region.