According to The Business Research Company’s Agricultural Microbial, The agricultural microbial market size has grown rapidly in recent years. It will grow from $5.85 billion in 2023 to $6.75 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to growing demand for sustainable agriculture, regulatory support, increased farm productivity, concerns over pesticide residues.
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The agricultural microbial market size is expected to see rapid growth in the next few years. It will grow to $11.87 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to continued emphasis on sustainability, climate change adaptation, organic farming growth, global food security, integrated pest management (ipm), emerging markets. Major trends in the forecast period include advancements in biotechnology, research and development, collaboration and partnerships, microbial consortia, microbiome research, digital agriculture.Rising awareness about organic farming is expected to propel the growth of the agricultural microbial market going forward. Organic farming is a type of farming that does not use chemical pesticides, fertilizers, or other additives in farming. Organic farming makes use of a varied community of microorganisms to protect plants from illness and maintain soil health and productivity. For instance, according to the United States food and agriculture organization, in 2021, organic agriculture will be adopted and practiced in 187 countries, and almost 72.3 million hectares of agricultural land will be maintained organically by almost 3.1 million farmers. Therefore, raising awareness about organic farming drives the agricultural microbials market.
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The agricultural microbial market covered in this report is segmented –
1) By Type: Bacteria, Fungi, Virus, Other Types
2) By Formulation: Dry Formulation, Liquid Formulation
3) By Function: Crop Protection, Soil Amendment
4) By Mode Of Application: Soil Treatment, Foliar Spray, Seed Treatment
5) By Application: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Turf And OrnamentalsIncreasing investments have emerged as a key trend gaining popularity in the agricultural microbial market.
Major companies operating in the agricultural microbial sector are focused on investments to develop new technologies and products. For instance, in February 2021, ADM, a US-based nutrition, agricultural origination, and processing company, announced a significant equity investment in Acies Bio, a biotechnology firm established in Slovenia that specializes in research and development as well as manufacturing services for developing and expanding synthetic biology and precision fermentation technologies for use in food, agriculture, and industry. This investment will enable ADM to move forward with precision microbial fermentation activities more quickly by leveraging Acies Bio’s considerable microbial expertise and contract manufacturing services.
The agricultural microbial market report table of contents includes:
- Executive Summary
- Agricultural Microbial Market Characteristics
- Agricultural Microbial Market Trends And Strategies
- Agricultural Microbial Market – Macro Economic Scenario
- Global Agricultural Microbial Market Size and Growth
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- Global Agricultural Microbial Market Competitive Benchmarking
- Global Agricultural Microbial Market Competitive Dashboard
- Key Mergers And Acquisitions In The Agricultural Microbial Market
- Agricultural Microbial Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- BASF SE
- Syngenta AG
- Koppert BV
- Novozymes A/S
- Bayer CropScience
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