Factors such as high growth prospects for organically produced foods and low residue load are driving the market for agricultural biologicals. Agricultural biologicals market is projected to reach USD 12.86 billion by 2022, at a CAGR of 13.77% from 2017.
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On the basis of type, the biopesticides segment is projected to grow at the fastest rate from 2017 to 2022. Phasing out the prevalence of highly toxic pesticides proved to be a major driver for the biopesticides market, and has resulted in the development of new prospects for the introduction of less toxic biopesticide products.
By source, the microbials segment is projected to be the fastest-growing from 2017 to 2022. The high cost of developing new chemical pesticides, increase in insect and weed resistance to chemical treatments, and high regulatory pressure to limit chemical usage with respect to ecosystem damage have contributed to an increase in the growth of microbials segment in the agricultural biologicals market.
Based on mode of application, the seed treatment segment is projected to be growing strongly as compared to soil and foliar applications. Biological seed treatment products have been gaining interest among agronomists and agriculturalists with respect to inclusion of a diverse range of products with active ingredients such as plant extracts, nitrogen-fixing microbes, phytohormones, and fermentation products.
On the basis of application, the cereals & grains segment is projected to grow at the fastest rate from 2017 to 2022. The growth is attributed to increased usage of agricultural biologicals such as biofertilizers and biopesticides in the cultivation of rice and corn, which are broad-acre crops.
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North America is projected to be the fastest-growing region in the agricultural biologicals market from 2017 to 2022. This growth can be attributed to the rapid adoption of modern agricultural technologies due to the ban on certain chemical formulations and to develop a sustainable approach to mitigate the environmental risks of pesticide use. The key countries that contribute to the significant demand for these formulations in Europe include France, Germany, Spain, and Italy.
The market for biologicals is affected due to the production of counterfeit products, which affects its effectivity. Wide-scale implementation of advanced and cost-effective technologies of medium- and small-scale companies with the help of large players through collaborations can significantly develop the market demand. Investing in the untapped agricultural biologicals market such as in African countries through expansions and investments is also an opportunity for market players.
However, changes in environmental conditions and low efficacy of agricultural biologicals hamper the market growth.
