The agricultural biologicals market is estimated to be valued at US$8,023 million in 2018 and is projected to expand at a CAGR of 12.85% to reach a market size of US$16,622.122 million in 2024. Theagricultural biological inputs are derived from nature and used in the agricultural processes to protect the crop against pest attacks, weeds, and various other crop diseases. It is also used to enhance the nutrient profile of the produce naturally without employing chemicals to support the growth of the crops.
The rising demand for organic products as a by-product of consuming healthier food items is a major demand driver of this market. The 2019 Organic Industry Survey conducted by the Organic Trades Association showed that the sales of organic food expanded by 5.9% to reach $47.9 billion. This rise can be attributed to the fact that people are resorting to naturally grown food items to avoid any negative impact of food on their health. Furthermore, the growing awareness among farmers with respect to the benefits and high yields associated with using biofertilizers, biopesticides, and biostimulants is expected to propel the expansion of this market in the forecast period. Growing disposable income is enabling people to substitute conventional food products with better alternatives even at a higher price. Rising support by the government to make agricultural production sustainable coupled with the initiatives to support this change is anticipated to expand the agricultural biological markets throughout the forecast period. However, a short product lifecycle and lack of widespread awareness about the presence of biological inputs is expected to be an impeding factor in the growth of this market.
Geographically, the American region is projected to hold a significant share in this market and is expected to grow rapidly in the forecast period owing to the major developments undertaken by big players in this region. For instance, Italpollina has launched a domain “www.biostimulant.com” for delivering comprehensive information about the use of biostimulants in a friendly and interactive manner. This is expected to grow the awareness of the agricultural biological market. The Middle East and African region are also expected to witness a growth in this market with the increasing launces of ag-biological products in this region. An example being, on February 26, 2019, Evogene Ltd. established a new subsidiary LaVie Bio Ltd (LaVie) to focus on improving the quality of food while ensuring that the production remains sustainable through the launch of the novel microbiome-based ag-biological products.
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Some of the major players covered as part of the report are Biochim, Marrone Bio Innovation, BASF, Valent BioSciences, Syngenta, Isagro, and Arysta LifeScience, among others.
The agricultural biologicals market has been analyzed through the following segments: