Market Size of Agricultural Inoculants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.50 % |
| Fastest Growing Market | South America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Agricultural Inoculants Market Analysis
The agricultural inoculants market size is estimated at USD 9.19 billion in 2023 and is expected to reach USD 15.17 billion by 2028, growing at a CAGR of 10.5% during the forecast period.
- Current agricultural practices depend heavily on chemical inputs, such as fertilizers, pesticides, and herbicides, which cause a deleterious effect on the nutritional value of farm products and the health of farm workers and consumers. Excessive and indiscriminate use of these chemicals has resulted in food contamination, weed and disease resistance, and adverse environmental outcomes, significantly impacting human health. Applying these chemical inputs promotes the accumulation of toxic compounds in soils.
- Several synthetic fertilizers contain acid radicals, such as hydrochloride and sulfuric radicals, increasing soil acidity and adversely affecting soil and plant health. Highly recalcitrant compounds can also be absorbed by some plants. Continuous consumption of such crops can lead to systematic disorders in humans.
- Therefore, the increasing awareness of health challenges due to the consumption of poor-quality crops has led to a quest for new and improved technologies to improve the quantity and quality of produce without jeopardizing human health.
- A reliable alternative to chemical inputs is microbial inoculants that can act as biofertilizers, bioherbicides, biopesticides, and biocontrol agents. They are beneficiary microorganisms applied to the soil or the plant to improve productivity and crop health. They are also widely used to control pests and improve the quality of the ground and crops.
- Moreover, government initiatives to promote the adoption of organic farming are anticipated to fuel the market growth during the study period. For instance, under the Green Deal's Farm to Fork strategy, the European Commission set a target of at least 25% of the EU's agricultural land under organic farming and a significant increase in organic aquaculture by 2030.
