- Plant Resistant Stimulants
- BioControl Agents
- Plant Growth Promoting Agents
Agricultural Inoculants Market size was valued at USD 983.6 Million in 2022 and is anticipated to grow at a CAGR of 7.3 % over 2023-2029. Agricultural inoculants also known as soil or microbial inoculants encompass a diverse range of biological formulations that introduce beneficial microorganisms, such as bacteria and fungi, to soil or plant systems. These microorganisms establish symbiotic relationships with plants, aiding in nutrient uptake, disease suppression, and overall plant growth. The rising demand for organic foods is a significant driver propelling the growth of the agricultural inoculants market. As consumers increasingly prioritize healthier and environmentally friendly food options, the demand for organic produce has surged. Agricultural inoculants play a pivotal role in meeting the strict standards of organic farming by promoting soil health, enhancing nutrient availability, and reducing the reliance on synthetic chemicals. Their eco-friendly nature aligns perfectly with the principles of organic farming, and as the organic food industry continues to expand, the need for effective and sustainable solutions like agricultural inoculants is expected to grow.
Moreover, environmental concerns are a driving force behind the revenue growth of the agricultural inoculants market. As the negative environmental impacts of conventional agricultural products including synthetic fertilizers and pesticides become increasingly evident, there is a growing need for sustainable alternatives that minimize soil degradation, chemical runoff, and ecosystem disruption. Agricultural inoculants offer a solution by promoting natural processes within the soil, improving nutrient cycling, and enhancing overall soil health. However, farmers may not be fully aware of the benefits and proper application of agricultural inoculants, which can hinder the growth of the market. Meanwhile, continued research and development in biotechnology offer opportunities to identify and develop novel microbial strains with enhanced capabilities, such as improved nutrient uptake, disease resistance, and stress tolerance. Key market players are adopting innovative strategies to develop novel solutions to cater to the agriculture sector. For instance, in July 2023, Lallemand Plant Care launched a new liquid inoculant, LALRISE START SC, in Canada.
Agricultural Inoculants Market Key Developments:
Fastest Growing Market
Increase in the global population increasing the food requirements worldwide. Thus, there is demand for production of the healthy crop with the increased output is generated. According to the United Nations Department of Economic and Social Affairs estimates that world population expected to reach 8.1 Bn by the year 2026. Aforementioned factors expected to boost the global agricultural inoculants market over the forecast period. Furthermore, advancements in agricultural microbial inoculants, rise in environmental concerns and adaptation of the eco-friendly forming are expected to bolster the market share over the forecast period. However, disadvantages such as shelf life and lack of awareness are expected to hamper the market growth during the forecast period.
Increasing global emphasis on sustainable farming practices and partnerships and collaborations are some of the key opportunities for companies to enhance their revenue over the forecast years.
The development of multifunctional inoculants is one of the major trends in the agricultural inoculants market.
The Agricultural Inoculants Market key players ABM (Advanced Biological Marketing Inc.) (U.S.), Bayer AG (Germany), BASF SE (Germany), Novozymes (Denmark), I. du Pont de Nemours and Company (U.S.), BIO-CAT (U.S.), XiteBio Technologies (U.S.), Verdesian Life Sciences (U.S.)