The inoculants market is estimated at USD 808 million in 2019 and is projected to reach USD 1,207 million by 2025, at a CAGR of 6.9% during the forecast period. The global inoculants market is projected to grow in the coming years attributed to the growing trends of adopting organic and environment-friendly farming practices due to ill effects of fertilizers and chemicals, rise in feed grains, increase in compound feed prices, and expansion of the livestock industry, particularly in the South American and Asia Pacific regions.
The agricultural inoculants segment is projected to record the fastest growth during the forecast period.
Agricultural inoculants have properties that improve the quality of soil, enhance the growth of crops, and increase yield, which is a major factor that has contributed to the growth of the agricultural inoculants market. The increase in global awareness about sustainable agriculture, which witnesses high adoption due to its step-by-step reduction in the cost of farming and complying with the environmental safety norms-has resulted in an increase in the use of agricultural inoculants. Agricultural inoculants are also considered cost-effective alternatives for chemical fertilizers, as their application reduces the use of chemical fertilizers in farming. Hence, the overall production cost can be reduced without compromising on the economic yield. Environmental concerns related to the use of chemical fertilizers have led to an increase in the use of agricultural inoculants, which is projected to drive the market growth. Inoculants promote the growth of plants through several beneficial bacteria and have a negligible impact on the environment. Increase in organic and environment friendly farming practices have led to an increase in demand for agricultural inoculants.
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The key players in the inoculants market are:
• Corteva (US)
• BASF (Germany)
• Bayer (Germany)
• Novozymes (Denmark)
• Verdesian Life Sciences (US)
• Advanced Biological Marketing Inc. (US)
• BrettYoung (US)
• Precision Laboratories, LLC (US)
Cargill (US) is among the leading players in the inoculants market. The company provides forage inoculants through its Promote brand. The Promote portfolio offers feed additives for the swine, poultry, dairy, and beef animal nutrition industries. Its products are developed on the basis of Cargill Animal Nutrition’s global network of R&D centers, which is backed by over 500 researchers in 17 state-of-the-art facilities. Promote Forage-Mate product line is offered through Cargill, Provimi, and Citura. Cargill provides forage inoculants under its brand, Promote Forage-Mate, for alfalfa, corn, grass, small grain, and sorghum. Promote’s non-additive feed additive solutions are backed by Cargill Animal Nutrition’s innovative network of researchers and application scientists. It manufacturers forage inoculants in its Specialty Blending Facility, a state-of-the-art site, which was built in 2016. The company has 500 research professionals and has over 5 innovation centers, 13 technical application centres, and 19 global labs, which gives it a competitive edge over other players.
BASF (Germany) provides inoculants for soybeans, chickpeas, and peanuts under its brands, Vault and Nodulator. The products are formulated with rhizobia, and help in offering maximum nitrogen fixation and increasing yield potential of the crops. The growing demand for agricultural inoculants has encouraged the company to focus on effective strategies, such as expansions and new product launches, to attain a leading position in the market. In 2017, the company expanded its manufacturing facility to increase the production of its inoculant brand, Nodulator Duo, a granular inoculant for pea and lentil production in Canada. It made an investment of CAD 10 million (USD 8.0 million). In 2019, the company launched an agricultural inoculant, New Nodulaid, specifically designed for the Australian farmers.
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South America is projected to be the fastest-growing market during the forecast period.
The South American inoculants market is projected to be the fastest-growing market during the forecast period. Countries such as Brazil and Argentina constitute the largest country markets in the Latin American region. Both these countries are the major contributors in the production of soybean. Agricultural inoculants are widely used for soybean crops. Hence the consumption of inoculants is projected to increase in the next five years. It is one of the largest regions that have organic agricultural land area, due to which the demand for agricultural inoculants remains high.