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Agricultural biologicals market projected to reach $11.35 bn by 2022
Feb. 6, 2017
The agricultural biologicals market is projected to grow at a CAGR of 12.76% from 2016 to 2022, to reach a projected value of USD 11.35 Billion by 2022. The top 10 trends in agricultural biologicals industry include diversification in recent years as a part of Integrated Pest Management (IPM), wherein these naturally-occurring substances are used in combination with new synthetic crop chemistries.
The growth of the biopesticides market is estimated to be significant in most regions. Growth of the organics industry, rise in cost of chemical pesticides, and increase in awareness regarding hazards caused by chemical pesticides are the major driving factors of this market. On the other hand, lack of infrastructure, and low adoption rate of biopesticides are major hindrances for the growth of the market, globally. Increase in food demand and growth in per capita income have led to immense opportunities for the biopesticides market in emerging economies of the Asia-Pacific and Latin American regions.
The global market for biostimulants is projected to gain strong growth due to their indispensable properties such as activating plant physiology, stimulating soil microbial function, and adjusting nutrients and pH in the rhizosphere. Europe is expected to lead this market, followed by Asia-Pacific and North America, throughout the study period.
Growth of the biofertilizers market is significant in most regions of the world. Growth in the organics industry, rise in the cost of chemical fertilizers, and increasing awareness about the hazards of chemical fertilizers are the major driving factors of this market.
The biological seed treatment market is expected to grow at a higher rate in the crop protection industry. Rising demand for high potential seeds backed by higher demand for food has resulted in an increase in the growth of the biological seed treatment market. Biocontrol seed treatments are a small segment, but expected to grow at a faster pace than any other segment due to government encouragement for reducing the usage of agrochemicals.
The major restraining factor that affect the top 10 trends in the agricultural biologicals industry is the growth of counterfeit plant-protection products, due to factors such as inadequate attention to the implementation of regulations governing pesticides and fertilizers by national authorities. Moreover, the adoption of new agricultural practices by farmers depends on factors such as practical viability, economic sustainability, administrative harmony, political obligation, and eco-friendliness.
BASF SE (Germany), Koppert B.V. (Netherlands), and The Dow Chemical Company (U.S.) are some of the prominent players in agricultural biologicals industry, focuses on expanding its product manufacturing capacity in order to cater to the huge customer base to develop new products. Its core competencies are diverse product portfolios that include biopesticides and biostimulants.
Source: MarketsandMarkets (M&M)
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