The global agricultural biologicals market is poised for remarkable growth, projected to reach USD 27.9 billion by 2028, surging from USD 14.6 billion in 2023. This surge reflects a compelling compound annual growth rate (CAGR) of 13.8% during the forecast period, underlining the increasing significance of sustainable farming practices and burgeoning government initiatives.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=100393324
The driving force behind this exponential growth is the expanding trend towards organic farming worldwide. Consumers’ growing preference for products free from synthetic inputs has fueled the demand for agricultural biologicals, positioning them as fundamental components of organic farming systems. The trajectory is further substantiated by a recent report by FiBL and IFOAM – Organics International, revealing a global increase in organic farmland and retail sales in 2023.
According to the report, organic farmland witnessed a substantial expansion of 1.3 million hectares, equating to a growth rate of 1.7%, reaching a total of 76.4 million hectares by the end of 2021. As organic farming gains momentum, the need for agricultural biologicals, encompassing biopesticides, beneficial microorganisms, and organic fertilizers, intensifies. These inputs play a pivotal role in meeting the stringent standards of organic production, underscoring the integral role of agricultural biological products in sustaining organic crop practices.
Within the product landscape, microbials emerge as a significant market player during the forecast period. The global demand for microbials in the agricultural biologicals market is on the rise, fueled by escalating concerns over the environmental impact of conventional agriculture. As sustainability takes center stage for consumers and regulatory bodies alike, there is a growing preference for microbial-based agricultural products.
Microbials, comprising beneficial bacteria, fungi, and other microorganisms, present a natural and eco-friendly alternative, reducing reliance on synthetic pesticides and fertilizers. Recognizing the critical role of soil health in achieving sustainable agriculture, farmers increasingly turn to microbials to enhance soil fertility and nutrient cycling, thereby promoting eco-friendly and efficient agricultural practices.
South America is poised to be a significant contributor to market growth during the forecast period. The region, with its vast agricultural lands, is witnessing a heightened awareness of the environmental impact of conventional agricultural practices. To address these concerns, there is a growing demand for agricultural biologicals as sustainable alternatives that reduce reliance on synthetic inputs. These biological products, derived from naturally occurring substances, contribute to improved soil health, biodiversity, and overall ecosystem sustainability.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=100393324
Key players driving innovation in the agricultural biologicals market include BASF SE (Germany), Syngenta AG (Switzerland), Bayer AG (Germany), UPL (India), Corteva Agriscience (US), among others. The comprehensive study encompasses an in-depth competitive analysis of these key players, featuring their company profiles, recent developments, and key market strategies.
As the agricultural biologicals market surges forward, propelled by the global shift towards sustainable and organic farming, it heralds a transformative era in agriculture, emphasizing the critical role of biological solutions in shaping the future of food production.
