Agricultural inoculants market to reach $437.1 mn by 2020

According to the report "Agricultural Inoculants Market - Global Forecasts to 2020 ", the agricultural inoculants market is estimated to be valued at USD 275.9 Million in 2015 and is projected to reach USD 437.1 Million by 2020, growing at a CAGR of 9.6% from 2015 to 2020.

North America accounted for the largest share in agricultural inoculants market in 2014. Growth in the North America region is due to high rate of adoption of new technologies to increase the efficiency of crop production and minimize the cost of operations. The Latin American region is projected to be the fastest-growing market due to commercialized cultivation of corn and soybean crops. Agricultural inoculants are widely used for soybean crops and hence the consumption of inoculants is expected to increase in the next five years.

This market is segmented on the basis of its types, source, mode of applications, and crop type. With increasing demand of organic food, organic and environment-friendly farming, and the environmental concerns related to the use of chemical fertilizers and pesticides, the demand of agricultural inoculants is expected to increase which will enhance the growth of this market.

Based on types of inoculants, the agricultural inoculant market is projected to be led by the plant growth promoting microorganisms segment, followed by bio-control agents. Inoculants are used on a large scale to improve the plant uptake of nutrients, increase the efficiency of crop production, and meet the increasing demand of organic agricultural products.

Based on applications of agricultural inoculants, seed inoculation accounted for the largest market share. In seed inoculation, seeds are coated with microorganisms that help in nitrogen fixation and hence are majorly used for legumes and soybean production. Seed inoculation is the most common method of inoculation as it is easy and is generally effective under most conditions.

Lack of awareness and availability and physical constraints such as limited shelf life of agricultural inoculants pose as restraints for the agricultural inoculants market. Poor infrastructure, high transportation costs, and lack of storage facilities pose a challenge for the agricultural inoculants market.

The leading players that dominated the agricultural inoculants market include BASF SE (Germany), E.I. Du Pont de Nemours and Company (U.S.), Bayer CropScience (Germany), Novozymes A/S (Denmark), and Verdesian Life Sciences, LLC (U.S.).