The Agricultural Biologicals Market is forecasted to grow at a high rate owing to the shifting focus of consumers towards organic produce
The Global Agricultural Biologicals Market was valued at USD 8.4 Bn in 2020 and is expected to reach USD 18.3 Bn by 2027, with a growing CAGR of 11.8% during the forecast period.
The agricultural biologicals market has witnessed multi-fold growth opportunities across the globe. The major factor influencing the market growth is the increase in the demand for organic products. The shift in the consumer preference towards high-quality organic products is prominently attributing to the rising demand for biologicals. In addition, the rise in costs of fertilizers and pesticides along with the steep expansion of the global population demanding significant improvement in yield and productivity of crops, are all factors driving the significant growth of this industry.
Furthermore, the increasing concerns about the harmful effects of chemicals on the environment have shifted the focus towards the use of microbial seed treatment products and more efficient residue management. Aggressive usage of synthetic fertilizers as well as a multitude of other chemicals like insecticides and pesticides over time, has caused severe deterioration in the quality of soil across all the major agrarian economies. Therefore, many governments across the globe have imposed stringent regulations on the excessive use of chemical products in farming, considering the environmental hazards caused as a result of it. This has significantly enhanced the demand for biologicals to advance seed properties to increase crop yield. All these aforementioned factors have contributed towards seed treatment methods occupying a major market share as well as majorly driving the agricultural biologicals industry.
Global Agricultural Biologicals Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the Asia Pacific region is expected to experience the fastest growth during the forecast period. This region is the hub of several agro-based economies like India, Japan, Thailand, South Korea, Malaysia, and the Philippines, who have traditionally followed sustainable agricultural practices and therefore positively driving the market growth. The growth in the region is also backed by a shift in focus of consumer's preference towards organic food as well as reforms, policies, and other regulatory initiatives taken by the governments. For instance, developing countries like India have simplified the procedures and requirements for registration of biopesticides and strongly recommend using biopesticides throughout the country through the National Farmer Policy. Similarly, the Biopower Program, 1996, and Humiphos/ Biophos Program 2020 launched by the Pakistan Government also provided subsidies and financial assistance to farmers and agencies to deploy biofertilizers to farmers for the seed treatment process across the country. All such initiatives are creating a global opportunity for the growth of the agricultural biologicals industry in the region.
The Global Agricultural Biologicals Industry Segmentation:
Global Agricultural Biologicals Market by Product Type (Revenue, USD Million, 2021-2027)
Global Agricultural Biologicals Market by Mode of Application Outlook (Revenue, USD Million, 2021-2027)
Global Agricultural Biologicals Market by Crop Type Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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