(I-BusinessNews.Com, November 07, 2019 ) The agricultural microbials market was valued at USD 2.74 billion in 2016, and is projected to reach USD 6.01 billion by 2022, at a CAGR of 14.21% during the forecast period. The market is primarily driven by biopesticides, due to the wide-scale consumption of crop protection solutions across the globe and the growth in the cultivation of industrial crops such as corn, soybean, wheat, and rice.
How the seed treatment solutions are creating growth opportunities for manufacturers in the agricultural microbials market?
The seed treatment market is projected to grow at an exponential rate due to factors such as the increasing demand for sustainable agricultural practices, integrated pest management, favorable government regulations, increasing demand for high-value crops, and rise in the number of investments from key players in this market. The market for seed treatment was valued at USD 6.76 billion in 2017; it is projected to grow at a CAGR of 10.82% from 2017 to 2022. Seed protection is the major function targeted by larger companies in the seed treatment market. The application of micronutrients and biofertilizers through seed treatment is being adopted increasingly across the globe.
Microbial inoculants such as bacteria, fungi, and algae are applied as seed treatments. There has been an increase in the use of agricultural microbials as an alternative to chemical pesticides and synthetic fertilizers to enhance agricultural production. Seed treatment provides an efficient mechanism for the placement of microbial inoculum in the soil environment, where they are appropriately positioned to colonize the seedling & roots and protect them against soil-borne diseases and pests. By establishing a symbiotic relationship between roots and soil, microbes provide essential benefits to crops in terms of efficiency and productivity. Such innovations are presenting opportunities for the market.
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Why the growth of the unorganized markets in developing countries are posing significant challenges for the growth of the agricultural microbials market?
The market for agricultural microbials is unorganized, which results in the unavailability of products throughout the year in several regions, particularly developing countries. The market for counterfeit products has surged due to this information asymmetry and demand-supply mismatch. This is hindering the growth of the agricultural microbials market since the counterfeit products are of poor quality and render below-average performance, which results in farmers being apprehensive about the efficiency of microbial pesticides when compared to conventional chemical pesticides. The biopesticides sold in emerging markets are sometimes contaminated and have a poor microorganism count, which leads to poor and uneven performance. This leads to a decline in the overall demand for agricultural microbials.
The prices of these products are not uniform around the world. Thus, in the absence of floor prices and ceiling prices, farmers may end up paying more. There is limited awareness about brands as the market is highly fragmented at the regional level. Thus, from awareness about the product to the brand, farmers have little to no knowledge or misconceptions about microbial products, which affect the market negatively.
Advances in microbial technology for pest control, favorable and faster processes for the registration of agricultural microbials in North America, stringent regulations regarding the use of chemical pesticides, and the ban of several traditional pesticides in Europe are expected to play a significant role in the market growth of agricultural microbials. However, the absence of systematic rules and protocols for the approval of agricultural microbials and overlap of regulations for these products with crop protection pesticides result in delayed product approvals in key markets such as South America and Europe. The proposals for improved regulatory governance of agricultural microbials, especially crop protection, if amended, could remove the entry barriers faced by the small and medium-sized enterprises, and thus, spur market growth.
Vegetable production across the globe has witnessed a positive trend in terms of cultivation area in recent years, due to the increasing demand from the food & beverage industry, which has set standard agricultural practices to qualify for better price grades. This makes it an important market driver among crop growers, even in developing markets, to implement a sustainable agricultural approach. The increasing number of microbial solutions offered for vegetables (such as potatoes, okra, and brassicas) and fruits (such as berries and citrus fruits) by key players are also boosting the market for agricultural microbials on a global scale.
Due to the low application costs and precision of application achieved by seed treatment, it is projected to grow at the highest rate during the forecast period. The exponential growth of the seed treatment segment can be attributed to the increasing number of products developed for seed treatment by major manufacturers such as BASF (Germany) and Bayer (Germany) recently.
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Europe is projected to be the fastest-growing region in the agricultural microbials market from 2017 to 2022. Europe had the second-largest area under organic cultivation and accounted for around 25% of the world’s organic land as of 2015. Owing to the increasing number of bans on chemical products in European countries and the organic farming culture prevailing in this region, the region will see a high acceptance of agricultural microbials.
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