Global biologicals market grows at CAGR of 14.6% from 2014 to 2019

Date:01-22-2015

According to the report “Global Biologicals Market Research Report”, the global agricultural biologicals market is estimated to grow from $3,954.1million in 2013 to $8,951.8million by 2019, at a CAGR of 14.6% from 2013 to 2019.

Geographically, Europe (comprising the France, Italy, and Spain) commanded the largest share of 31.1% of the global agricultural biologicals market in 2013, followed by North America. The European region is expected to grow at the fastest CAGR of 15.2% during the forecast period, 2014 to 2019. The agricultural biologicals market in Europe is primarily driven by factors including increasing demand for organic products; reduced chemical hazards; easier residue management; and improved results in yield, quality, and productivity. However, barriers in adoption of biologicals and stricter government regulations are restricting the growth of the agricultural biologicals market in this region. The emerging economies such as India, China, and Japan are creating huge growth opportunities for the agricultural biologicals market in the Asia-Pacific region,which is estimated to grow at the second-fastest CAGR of 14.7% from 2014 to 2019. Factors such as large population base, rising awareness about organic farming and its advantages, and increasing efforts by government and private organizations to increase awareness are propelling the growth of the agricultural biologicals market in the Asia-Pacific region.

In this report, the global agricultural biologicals market has been broadly classified into three main types, namely biopesticides, biostimulants, and biofertilizers. The biopesticides market segment is estimated to grow at the fastest CAGR from 2014 to 2019, as compared to the other two types. Factors such as phasing out of the prevalence of highly toxic pesticides, improved awareness among farmers regarding the advantages of use of biopesticides, and the increased demand for organic farming are driving the growth of this market.

The global agricultural biologicals market is a competitive market with a number of market players with niche technologies. As of 2014, the global agricultural biologicals market is dominated by BASF SE (Germany), Bayer CropScience (Germany), Marrone Bio Innovations, Inc. (U.S.), and Novozymes A/S (Denmark), among others. New product launches, partnerships, agreements, collaborations, and joint ventures are the major strategies adopted by most market players to achieve growth in the agricultural biologicals market.