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Global agricultural inoculants market worth $399 mn by 2019
Dec. 3, 2014
Agricultural inoculants are formulations containing one or more beneficial microorganism strains, (or species) which help in plant growth and development, directly or indirectly. These microorganisms consume several elements from soil as food sources and excrete these into more available materials for plants. Agricultural inoculants are gaining popularity because of their multi-functional benefits to plants in sustainable agriculture.
The global Agricultural Inoculants Market was valued at around $232.22 million in 2013. This market is projected to grow at a CAGR of 9.5% from 2014 to reach $398.56 million by 2019, according to the report “Agricultural Inoculants Market by Type (PGPMs, Bio-Control Agents, & Plant Resistance Stimulants), Source (Bacterial & Fungal), Mode of Application, Crop Type, & Geography - Global Trends & Forecasts to 2019” published recently by MarketsandMarkets. North America dominated the global Agricultural Inoculants Market in 2013. The Latin American demand for these compounds is projected to emerge as the fastest growing at a CAGR growth rate of ~10% from 2014 to 2019. Agricultural Inoculants consumption and developments varies according to the regional popular crops such as soybean crop in the U.S., Brazil, and Argentina, pea and lentil crops in Canada, rice crop in India, China, Thailand, Philippines, and Vietnam.
The Agricultural Inoculants Market is highly fragmented with key market players driving the growth with agreements, expansions, acquisitions and new product launches. Numerous manufacturers, mainly small to medium size, exists worldwide and have been producing inoculant products similar in quality and quantity for decades. The market is competitive with leading players being involved in the research & development of new agricultural inoculants. The market caters to the applications such as plant growth promoting micro-organisms, bio-control agents, and plant resistance stimulants. Lack of awareness among the farmers and prevailing problems with manufacturers, marketing, and distribution issues are restricting the availability of inoculants at farm level and thus hindering the growth of the agricultural inoculants market.
Novozymes A/S (Denmark), BASF SE (Germany), DuPont (U.S.), and Advanced Biological Marketing, Inc. (U.S.) collectively account for around 70% of the total Agricultural Inoculants Market share. Other players such as Bayer CropScience (Australia), BrettYoung (Canada), XiteBio Technologies Inc. (Canada), Verdesian Life Sciences, LLC. (U.S.), Precision Laboratories, LLC (U.S.), and Queensland Agricultural Seeds Pty. Ltd. (Australia) also have a strong presence in the market.
Source: MarketsandMarkets (M&M)
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