Global agricultural microbials market to reach $4,556.37 million by 2019

According to the report “Global Agricultural Microbials Market”, the global agricultural microbials market is estimated to worth $2,182.78 million in 2014, and is projected to reach $4,556.37 million by 2019, at a CAGR of 15.3%. In 2013, North America was the largest market; this market is projected to grow to $1,759.84 million by 2019, at a CAGR of 15.1%, as studied from 2014. Europe is the second-largest market and is projected to grow at a CAGR of 15.4% during the period under review.

The market for agricultural microbials has a significant impact on agricultural production. Agricultural microbials are broadly categorized as bacteria, fungi, and others (virus and protozoa), on the basis of types. These microbials are gaining better response compared to other pest control agents. The agricultural microbials market is also segmented on the basis of its applications in different crop types such as cereals & grains, oilseeds & pulses, fruits & vegetables, and others (turf, forage, and ornamental crops).

The fruits & vegetables segment was found to form the largest market for agricultural microbials in 2013. These microbials are generally used to control household pests and maintain turf & ornamental, but its usage has become essential for all key crops such as cereals grains, tubers, and vegetables.

The driving factors for this market are the increasing world population & food requirements, rise in cost for fertilizers & pesticides, rise in organic & environmental-friendly farming practices, easier residue management, and promotion of microbial products by government agencies. In the face of environmental considerations, the demand for natural bio-pesticides and bio-fertilizers has increased in all parts of the world. Microbial solutions, in agriculture act as a safe investment for farmers as they ensure improvement in plant vigor and protect seed from pests & diseases.

The key players in this market have developed a range of innovative products to target specific crops needs. Thus, the agricultural microbials market is gaining more global presence and acceptance among customers. Key participants in the agricultural microbials market include BASF SE, (Germany), Bayer CropScience AG (Germany), Monsanto (U.S.), Sumitomo Chemical Co., Ltd. (Japan), Syngenta AG (Switzerland), Dow Chemicals (U.S.), Arysta LifeScience Limited (Japan), and Novozymes (Denmark). These players are implementing different strategies to achieve growth and development in the agricultural microbials market. New product launches and acquisitions have been the key moves undertaken by market players for global expansion.