The global agricultural biologicals market is poised for significant expansion, with a projected CAGR of 13.7% from USD 14.7 billion in 2023 to USD 27.9 billion by 2028. Driving this growth are heightened awareness of organic food products, environmental concerns, and favorable regulations. Agricultural biological products have become integral to integrated pest management practices in developed markets, prompting strategic developments such as expansions, new product launches, and agreements among key players to fortify the market.
Top Trends Analysis:
Dominance of Biocontrols Segment: Biocontrol products, renowned for enhancing crop quality and yield while preserving the environment, are expected to lead the agricultural biologicals market. Rising consumer awareness of pesticide residues in food and increased pest resistance to conventional chemicals drive the demand for eco-friendly alternatives like biocontrols.
Rapid Growth of Bionematicides Segment: The bionematicides segment is forecasted to be the fastest-growing, addressing the escalating loss of agricultural crops due to root-knot nematodes globally. With the current market for bionematicides largely underdeveloped, there is significant potential for growth, fueled by concerns over soil-borne insect damage.
Surge in Bioinsecticides Segment: Emerging insects, coupled with climate stress, pose challenges to plant growth and productivity, leading to production losses. Bioinsecticides offer sustainable and cost-effective solutions compared to conventional chemicals, driving their adoption to mitigate crop losses and promote sustainability.
Regional Insights:
In 2022, North America emerged as the primary contributor to agricultural biologicals market growth, boasting the largest market share. Factors such as the burgeoning organic industry, rising costs of chemical fertilizers, and increasing awareness of soil nutrient preservation drive expansion in this region. Extensive research and development efforts, alongside numerous patents for biocontrol and biostimulants, further bolster market growth in North America.
Key Players:
Key players shaping the agricultural biologicals market 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). These industry leaders are pivotal in driving innovation and meeting the growing demand for sustainable agricultural solutions.
