The scope of our recent study on "Agriculture Microbial Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Bacteria, Fungi, Virus, and Others), Formulation (Dry and Liquid), Function (Crop Protection and Soil Amendments), Mode of Application (Foliar Spray, Soil Treatment, Seed Treatment, and Post-Harvest), and Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, and Others)" includes the description of factors fuelling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.
The agriculture microbial market is projected to reach US$ 18,003.75 million by 2028 from US$ 6,901.93 million in 2021. It is expected to grow at a CAGR of 14.8% from 2022 to 2028.
Agricultural microbial refers to the application of microorganisms in farming practices to increase crop productivity and improve the quality of yields. These microorganisms may include bacteria, fungi, and viruses that aid in enhancing plant growth by facilitating nutrient access. Additionally, agricultural microbes play a crucial role in decomposing organic matter and recycling agricultural waste products, while also providing essential nutrients such as phosphorus and nitrogen. Some of their benefits include increasing plant tolerance to harsh conditions such as heat and drought, as well as resisting plant diseases and pests.
Based on type, the agriculture microbial market is segmented into bacteria, fungi, virus, and others. The bacteria segment held the largest market share in 2020 and is projected to register the highest CAGR during the forecast period. Different types of bacteria strains are used in agriculture microbial. Pseudomonas and Bacillus species are predominant plant growth-promoting bacteria used most commonly among various bacteria strains across the world. Key market players conduct research and development activities to study the benefits of bacterial strain and its use in agriculture products. Bacteria, known as Plant Growth-Promoting Rhizobacteria (PGPR), also helps perform various growth-promoting functions.
The microbial agriculture market is divided into five major regions, namely North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). In 2020, North America dominated the market share, while Asia Pacific is expected to achieve the highest CAGR during the forecast period. The adoption of organic farming is increasing in the Asia Pacific region due to rising awareness of the harmful effects of synthetic chemicals. According to the Asian Development Bank (ADB), approximately 5.9 million hectares of land in the Asia Pacific were used for organic agriculture in 2019, accounting for around 8.2% of the world's total land. Furthermore, the emergence of insect resistance has led to the adoption of natural alternatives in the region. The continuous use of synthetic chemicals results in resistance, and agricultural microbial products are being employed by growers as a substitute.
Furthermore, developing countries in the Asia Pacific region have prioritized environmental protection and restoration, which is expected to drive the growth of the microbial agriculture market in the coming years.
Impact of COVID-19 Pandemic on Agriculture Microbial Market
The microbial agriculture market was primarily driven by the increasing adoption of organic farming and the growing demand for sustainable agriculture before the COVID-19 pandemic. However, the pandemic posed unprecedented challenges to many industries in 2020. The shutdown of several manufacturing units and disruptions in the supply chain led to a decline in the agriculture industry. Additionally, research and development activities were halted to prevent the spread of the disease, and the shortage of labour affected the manufacturing process of agricultural microbial products.
In 2021, several economies restarted their operations, and governments announced relaxations in previously imposed restrictions, which had a positive impact on the global marketplace. Furthermore, manufacturers could operate at full capacity, helping them to overcome the demand and supply gap. At present, the market situation has significantly improved, with many nations fully vaccinated and manufacturers of agriculture microbial products increasing their production to boost their revenues.
Based on type, the agriculture microbial market is segmented into bacteria, fungi, virus, and others. Based on formulation, the market is bifurcated into liquid and dry. By function, the agriculture microbial market is bifurcated into crop protection and soil amendments. Based on mode of application, the market is segmented into foliar spray, soil treatment, seed treatment, and post-harvest. Based on crop type, the agriculture microbial market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com