The global top trends in the agricultural biologicals market is projected to grow at a CAGR of 13.7% from an estimated value of USD 14.7 billion in 2023 to reach USD 27.9 billion by 2028. Awareness of organic food products and concerns toward environmental safety and favorable regulations are the key drivers affecting the agricultural biologicals market growth. The role of agricultural biological products has become an integral part of integrated pest management practices (IPM) in developed markets, wherein the biological products are used in combination with new synthetic crop chemistries. Strategic developments such as expansions, new product launches, and agreements have been adopted by the majority of key players to strengthen the market.
Top Trends in the Agricultural Biologicals Market Analysis
The biocontrols segment is projected to dominate the agricultural biologicals market by trends during the forecast period.
Biocontrol products are known to improve the quality and yield of agricultural produce by protecting crops. These are completely natural and hence do not harm the environment. Biocontrol products are eco-friendly alternatives to chemical pesticides. Increased awareness among end-users regarding the residue levels of pesticides in food and the increased pest resistance to conventional crop protection chemicals are some of the key factors supporting the growth of the top trends in the agricultural biologicals market.
The bionematicides segment is projected to be the fastest-growing segment in the agricultural biologicals market by trends during the forecast period.
Increase in the loss of agricultural crops due to root-knot nematodes, globally, every year. In the coming years, the market for bionematicides poses great scope, as currently the market of it is not majorly commercialized. The increasing concerns towards preventing the loss caused by soil-borne insects is fueling the growth of the bionematicides market.
The bioinsecticides segment is projected to be the second-fastest growing segment in the agricultural biologicals market by trends during the forecast period.
There has been an emergence of various insects, with increasing climatic stress, hampering the growth of the plants, thus resulting in production losses. The application of bioinsecticides can be more beneficial in terms of sustainability and cost-effectiveness as compared to conventional chemicals. Also, the need to prevent crop losses and to adopt sustainability is driving the market for bioinsecticides.
Top Trends in the Agricultural Biologicals Market Regional Insights:
In 2022, the North American region emerged as the leading contributor to the growth of the Agricultural Biologicals market, holding the largest market share.
The growth of the organic industry, escalating costs of chemical fertilizers, and growing awareness about soil nutrient preservation are significant factors driving the expansion of the Agricultural Biologicals market. The North American region, characterized by its extensive research and development efforts and numerous patents awarded for biocontrol and biostimulants by key companies, can be attributed to the market’s growth in this region.
Top Companies in Global Agricultural Biologicals Market
Top agricultural biologicals companies include BASF SE (Germany), Syngenta AG (Switzerland), Pro Farm Inc. (US), Isagro S.p.A. (Italy), UPL (India), Evogene Ltd (Israel), Bayer AG (Germany), and Vegalab S.A. (US).
