Inoculants Market Size – USD 925 mn in 2020, Market Growth – at a CAGR of 6.8%, Market trends – Growing adoption of organic and sustainable farming practices
NEW YORK CITY, NEW YORK, USA, October 19, 2021 /EINPresswire.com/ — 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.
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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.
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.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/inoculants-market
Further key findings in the report
• Rapid expansion in the livestock industry, increasing feed grain’s prices, and fast adoption of sustainable and organic farming practices by global farmers because of the growing health concerns worldwide are accelerating the sector’s growth.
• The fungal sub-segment is foreseen to occupy the highest growth over the commenced period. Fungal inoculants aid plants in absorbing various nutrients and phosphorus. Mycorrhizal fungi are generally found in plant roots and are being popular for supplying phosphorus to plants.
• Asia Pacific region is dominating the industry owing to the soaring need for food products in emerging nations. Growing meat consumption and mushrooming industrialization of the animal farm production are promoting the industry for silage inoculant in APAC.
• Leading companies in the market include Corteva (US), BASF (Germany), Bayer (Germany), Novozymes (Denmark), BrettYoung (US), Precision Laboratories, LLC (US), Verdesian Life Sciences (US), Advanced Biological Marketing Inc. (US), Queensland Agricultural Seeds Pty (Australia), and XiteBio Technologies Inc. (Canada).
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For the purpose of this report, Reports and Data has segmented the global inoculants market on the basis of product type, microbe, crop type, and region:
Type Outlook (Revenue, USD Million, 2018 – 2028)
• Agricultural inoculants
• Plant-growth-promoting microorganisms
• Biocontrol agents
• Plant-resistant stimulants
• Silage inoculants
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)
• Trichoderma spp.
• Other fungal (Paecelomyces lilacinus, Aspergillus, and Penicillium spp)
• Other microbes (algal, viral, and protozoan)
Regional Outlook (Revenue, USD Million, 2018 – 2028)
• North America
o Rest of Europe
• Asia Pacific
• Central & South America
o Latin America
o Rest of South America
• Middle East & Africa
o South Africa
o North Africa
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