The global market for agricultural microbial was estimated to be USD 2938.1 million in 2017. The market is projected to reach USD 8112.8 million by 2023 witnessing a CAGR of 18.6% during the forecast period 2018-2023, thus indicating high adoption rates of microbial products in agriculture in the coming years. The report Agricultural Microbial Market provides the key information of growth, segmentation, and trends of the agriculture microbial market.
The report delivers a detailed analysis on various parameters of the agricultural microbial market, which are broadly segmented by geography, by type, by function, by formulation, by application, and by mode of application. The geographic segmentation is done by region which includes, North America, Europe, Asia-Pacific, South America, and Africa and further country-wise analysis is also carried out. To analyze the level of competition, threats, substitutes and bargaining powers of buyers and suppliers in the industry, Porter’s five forces analysis is also conducted. Bacteria-based products occupy the largest market share of 44.7%, followed by virus with 37.4 %, fungi with 15.9%, and others with 2.0%. The bacteria-based products has a huge demand and is widely used, globally with CAGR 18.4%. It is segmented into Bacillus thuringiensis (Bt), Rhizobium, Bacillus subtillus, and others. Bt occupies the largest market share with majority of the products available in the market being Bt-based.
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The global agricultural microbial market of North America is estimate to be the largest with a market size of USD 950.34 million, in 2016, with a CAGR of 14.98%. Rise in organic and environment-friendly farming practices has increased the demand for agricultural microbial products, especially in the US.
Agricultural Microbial Market Dynamics
Increasing food demand and food safety, rise in costs of agrochemicals, popularity of organic farming, and easy regulations and legislations with respect to agricultural microbial are some of the factors driving the market. However, high target pest specificity and low adoption rate are the likely factors constraining the market.
Growing global demand for residue free crops, high nutritional value, and increasing demand for healthy food is encouraging the major companies to expand their research and further increase production.
The report profiles the major players like, Marrone Bioinnovations, Valent Biosciences, Bayer CropScience, and Certis USA, which have been the most active players, in terms of strategic development, in the global agricultural microbial market. The players in the market are investing heavily in this market in order to diversify their biological research divisions in the expanding market place.