Agriculture Microbial Market Size Worth $18.0 Bn to Grow at 14.8% CAGR During 2022-2028 | Industry Trends, Share, Growth, SWOT Analysis, Forecast by The Insight Partners

NEW YORK, Aug. 30, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Agriculture Microbial Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Formulation, Function, Mode of Application, Crop Type, and Geography," the market is projected to reach US$ 18.0 Billion by 2028 from US$ 6.9 Billion in 2021. It is expected to grow at a CAGR of 14.8% from 2022 to 2028.  Agricultural microbial refers to the microorganisms used in agriculture to enhance crop productivity and yield quality. Bacteria, fungi, and viruses are a few microbes. They can boost the growth of the plant by improving access to supplements. Many microbes help decompose organic matter and recycle agricultural waste material. Also, they offer phosphorus, nitrogen, and other nutrients and provide benefits, including heat and drought tolerance and resistance to insects and plant diseases.

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Agriculture Microbial Market - Strategic Insights

Agriculture Microbial Market: Competitive Landscape and Key Developments

BASF SE; Bayer AG; Certis USA LLC; BioWorks; Novozymes A/S; Chr. Hansen Holding A/S.; Syngenta Group; Nufarm; Marrone Bio Innovations, Inc.; and Koppert B.V. are among the players operating in the agriculture microbial market. These companies are emphasizing on new product launches and geographical expansions to meet the growing consumer demand worldwide. They have a widespread global presence, which provides them to serve a large set of customers from across the world and subsequently increases their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios.

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The agriculture microbial market growth is attributed to the growing awareness about the benefits of organic farming and increasing efforts of government bodies through various campaigns to create awareness about product efficiency and the importance of agriculture sustainability. Paramparagat Krishi Vikas Yojana (PKVY), Mission Organic Value Chain Development for North Eastern Region (MOVCDNER), National Mission on Oilseeds and Oil Palm (NMOOP), Capital Investment Subsidy Scheme (CISS) under Soil Health Management Scheme, and National Food Security Mission (NFSM) are among the initiatives undertaken by the Government of India to promote organic farming. Additionally, Thailand's Ministry of Agriculture and Cooperatives and private food and hospitality enterprises, such as Lemon Farm, have teamed up with Asian Development Bank (ADB) and the Thai Organic Agriculture Foundation to develop a peer-to-peer system for farmers to test and certify each other's produce. Such government initiatives would propel the adoption of agriculture microbials to improve agriculture sustainability, provide crop protection, and meet the growing demand for food, which is expected to drive the market growth in the coming years.   

Based on type, the agriculture microbial market is segmented into bacteria, fungi, virus, and others. The bacteria segment held the largest market share in 2020 and is projected to register the highest CAGR during the forecast period. Different types of bacteria strains are used in agriculture microbial. Pseudomonas and Bacillus species are predominant plant growth-promoting bacteria used most commonly among various bacteria strains across the world. Key market players conduct research and development activities to study the benefits of bacterial strain and its use in agriculture products. Bacteria, known as Plant Growth-Promoting Rhizobacteria (PGPR), also helps perform various growth-promoting functions.

The agriculture microbial market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). North America held the largest share in the market in 2020, and Asia Pacific is expected to register the highest CAGR during the forecast period. Asia Pacific is experiencing the increased adoption of organic farming owing to growing awareness regarding the use of synthetic chemicals. According to the Asian Development Bank (ADB), in Asia Pacific in 2019, 5.9 million hectares of land was under organic agriculture, approx. 8.2% of the world's total land. Additionally, the adoption of natural alternatives is driven by emerging resistance in insects. The prolonged use of synthetic chemicals develops resistance to the chemicals, due to which growers adopt agricultural microbial.

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Bacteria, fungi, and virus are among the common microbials used in agricultural to improve crop protection and crop yield. Bayer AG, Syngenta, BASF SE, and other prominent players are engaged in research and development activities to study and develop microbial strains. For instance, Bayer AG is engaged in studying and experimenting various microbial strains to improve the crop protection and crop yield in the field. Every year, researchers at Bayer AG screen more than 10,000 microbes in vitro to study and develop useful strains for agriculture use.

Key players in the agriculture microbial market are investing significantly in the development of functional products. For instance, in April 2020, Sumitomo Chemical Co., Ltd. announced the investment of US$ 30 million in Conagen, a US biotechnology company. The investment was done to develop innovative functional biological products.

Based on type, the agriculture microbial market is segmented into bacteria, fungi, virus, and others. The bacteria segment held the largest share of the market in 2020.  Bacteria is the most widely used type of microbial in various agricultural products, such as biopesticides, bio-stimulants, and biofertilizers, due to its lower cost and easier use than other biological control agents. Key players in the market conduct research and development activities to study the benefits of bacterial strain and its use in agriculture products. Bacteria, also known as Plant Growth-Promoting Rhizobacteria (PGPR), helps perform various growth-promoting functions.

Based on formulation, the agriculture microbial market is segmented into dry and liquid. The dry segment is expected to register a higher CAGR during the forecast period. The market growth for the segment is attributed to the benefits of microbial in liquid form, such as easy transportation and storage, and long shelf life of the product. In addition, microbial in dry form helps eliminate the onset of molds and aflatoxins and offers higher product quality and productivity.

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Based on function, the agriculture microbial market is segmented into crop protection and soil amendments. The soil amendments segment is expected to register a higher CAGR during the forecast period. The cultivation of exhaustive crops and intensive agricultural practices have deteriorated soil fertility and quality in agroecosystems. Fertility loss and soil structure are among the leading causes of soil degradation, thus posing a significant threat to crop production and food security. Therefore, increasing demand to maintain the soil nutrition has surged the need for soil amendments, thereby driving the market growth.

Based on mode of application, the agriculture microbial market is segmented into foliar spray, soil treatment, seed treatment, and post-harvest. The seed treatment segment is expected to register the highest CAGR during the forecast period. The use of agriculture microbial in seed treatment is expected to grow substantially during the forecast period. The demand is attributed to its benefit of an effective mechanism for replicating microbial into the soil where they can be positioned to colonize seedling roots and protect against soil-borne diseases and pests.

Based on crop type, the agriculture microbial market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, and others. The fruits and vegetables segment is expected to register the highest CAGR during the forecast period. The market growth for the segment is attributed to the high remuneration factors associated with the crop and increased demand to provide essential nutrients effectively. Further, the increased demand for organic fruits and vegetables propels the need for agriculture microbials.

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Impact of COVID-19 Pandemic on Agriculture Microbial Market

Before COVID-19 pandemic, the agriculture microbial market was mainly driven by the rising adoption of organic farming and growing demand for sustainable agriculture. However, many industries faced unprecedented challenges due to the pandemic in 2020. The agriculture industry declined due to the shutdown of several manufacturing units and disruption in supply chain. However, in 2021, various economies restarted their operations as the governments announced relaxation in the previously imposed restrictions, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. Currently, the market situation is far better than earlier. Many nations are fully vaccinated, and agriculture microbial product manufacturers are focusing on increasing their production to boost their revenues.

The shortage of labor in the manufacturing units and the break of on-premises sales through distributors and retailers due to the subsequent lockdowns and the closure of stores restrained the agriculture microbial market. Despite witnessing a major hit due to the COVID-19 pandemic, several companies reported that the industry witnessed increasing demand for sustainable agriculture products by the end of 2020. However, owing to the growing shortage of agriculture products, various governments eased the restrictions on agriculture commodities to meet the demand for food.

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