Market Overview
Agricultural inoculants are biological and are known for producing living microorganisms that help the plant grow. The microorganisms consumed as inoculants can be algae, viruses, fungi, and bacteria. At the beginning of the COVID-19 global pandemic, the world noticed a rapid upsurge in the number of cases. The effect of covid 19 has lowered the quantity of supply chain, raw material availability, and supply & demand imbalance.
The temporary lockdown during COVID-19 also impacts the industry. The lockdown period during the covid hampers the whole supply chain. Due to the covid 19, several states have resulted in a lockdown that indirectly hampers the transportation of raw materials. The necessity worldwide for the notions of agriculture sustainability and mitigation of environmental impacts on the market supply chain. The covid-19 pandemic affects market growth, which decreases demand for certain activities. In addition, there are lots of restrictions that are imposed by the government that create hindrances.
The elevated preference in the world for organic foodstuff has been estimated to create favorable traction. Promoting Organic Farming by Government Authorities also drives the market growth rate. The government has released advanced organic farming schemes that help to alter the agricultural inoculants application industry in the upcoming forecast period. The increasing adoption of Organic Farming Practices also makes a contributional step for emerging Economies. At the same time, the market has some stringent regulations and restraints that restrict the market growth.
As per the Agricultural Inoculants Market research report, the market is projected to have a 10.13% CAGR with USD 1,546.9 Million by 2030.
Market segmentation:
The Agricultural Inoculants Market is divided into mode application and crop type. Based on the type, the market has been segmented into Biocontrol Agents, Plant Resistant stimulants and Plant Growth Promoting Microorganisms. Based on the microbial type, the market is segmented into bacteria, and fungi which are further classified into Rhizobacteria, Nitrogen Fixing, Phosphate Solubilizing, Trichoderma, Mycorrhiza etc. Based on the crop type, this market is classified into Oilseeds & Pulses, Cereals & Grains, Fruits & Vegetables and others. Based on the application, the market is segmented into seed and soil.
Regional Analysis
Based on the region, the market is classified into North America, Asia Pacific countries, Europe, Latin America, and the Middle East and America. Among these, North America reported the principal market segment of 35.94% in 2021. The industry expert in North America grows with the implementation of new farming technologies. In addition, Asia-Pacific is an attractive region known for the manufacturers of agricultural inoculants. The growing awareness about bio-based products and their agricultural benefits also helps the agricultural inoculants market size grow. The Highest demand for organic and sustainable farming options in Europe also increases the research and development of products that ultimately increase the market's progress.
Recent Developments
- In September 2022, Syngenta Seedcare and Bioceres Crop Solutions will collaborate to bring innovative biological seed treatments to market.
- The nutrition Technologies lands $20m to expand insect-protein operation across Asia to produce proteins for animal feed and fertilizers.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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