The global Agricultural inoculants market has witnessed constant demand during the last few years and is projected to reach USD 604.38 million at a CAGR of 9.75% by 2023. Agricultural inoculants contain beneficial microbes which help in plant growth. Agricultural inoculants are being increasingly used for their capacity as bio fertilizers and systemic acquired resistance (SAR) for various diseases and pathogens. Inclination towards organic and environment-friendly farming practices is triggering the growth of agricultural inoculants market. The emerging market opportunities for organics appear to be conducive to the adoption of organic agriculture among small-scale farmers in India and China. It is principally useful in the challenging environments, where resources are insufficient and cultivation is tough.
Growing food demand due to the rising global population followed by limited availability of cultivable land is majorly driving the growth of the market. Also, government authorities, NGOs and farmer organizations in developing countries are promoting organic farming by financial support, market information, and trends in organic food market which is adding fuel to the growth of the agricultural inoculants market. However, unclear legislation of agricultural inoculants may hamper the growth of the market.
North America is expected to dominate the agricultural inoculants market and is estimated to reach the market share of USD 120.72 million in the year 2017. Consumption of agricultural inoculants from Latin America is projected to witness a high growth rate of 10.84% during the given period owing to challenges in terms of resistance management in agricultural practices in few countries of this region.
On the basis of application, the seed inoculation dominates the market and is anticipated to grow at the fastest rate with the CAGR 9.96% over the forecast period. Seed inoculation is the most common method of inoculation as it is easy and generally effective under most conditions. Different countries such as the U.S., Canada, Brazil, and the U.K prefer seed treatments by seed inoculants products instead of genetically modified crops.
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Some of the leading players in the global Agricultural inoculants market are: DuPont Inc. (U.S.), Novozymes (Denmark), MBFi (South Africa), BASF (Germany), Monsanto Co. (U.S.), Soil Technologies Corporation (U.S.), Horticultural Alliance Inc. (U.S.)
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As per the MRFR analysis, the global market for Agricultural inoculants has been witnessing continuous growth during the forecast period owing to its high nutritional benefits assisting for plant growth. In terms of value and volume, North America is estimated to dominate the agricultural inoculants market holding the major share of 34.90%. Also, Asia Pacific is projected to grow at a rate of 10.50%