Overview and Scope
Inoculants are live microorganisms that function as biological stimulants or biocontrol substances and are called versatile due to their varied effects and processes in plants, including beneficial effects on seed germination. It guarantees that the legume’s unique microbes are available to the plant after it germinates.
Sizing and Forecast
The inoculants market size has grown rapidly in recent years. It will grow from $1.16 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased agricultural practices, increased awareness and education, crop rotation trends, environmental concerns, market competition.
The inoculants market size is expected to see strong growth in the next few years. It will grow to $1.8 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to climate change impact, government sustainability initiatives, research and development investments, consumer demand for sustainable agriculture, precision agriculture. Major trends in the forecast period include technological innovations, technology adoption, crop-specific solutions, collaborations and partnership, sustainable practices.
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Segmentation & Regional Insights
The inoculants market covered in this report is segmented –
1) By Type: Agricultural Inoculants, Silage Inoculants
2) By Form: Dry, Liquid
3) By Microbe: Bacterial, Fungal, Other Microbes
4) By Crop Type: Cereals And Grains, Oilseeds And Pulses, Fruits And vegetables, Forage, Other Crop Types
North America was the largest region in the inoculants market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global inoculants market report during the forecast period. The regions covered in the inoculants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing need for genetically modified plants is expected to propel the growth of the inoculants market going forward. Genetically modified plants are biological plants that have been altered using recombinant DNA technology, a process that involves the insertion of specific DNA sequences into the plant’s genome to confer new traits or characteristics. Inoculants help genetically modified plants by improving their productivity and sustainability. Microbial inoculants are eco-friendly and sustainable plant nutrient transporters that can minimize chemical input impacts and intensify the quality and quantity of farm products. For instance, in January 2021, according to reports shared by the United States Department of Agriculture (USDA), a US-based federal agency, in 2021, Canada planted over 11.6 million hectares of genetically modified crops, primarily canola, soybeans, corn, sugar beets, and some alfalfa, an increase of 7% from 10.9 million in 2020. Additionally, in 2021, a whopping 95 % of the canola planted genetically modified. And 76 % of the soybeans planted in 2020 will be genetically modified. Therefore, the growing need for genetically modified plants is driving the growth of the inoculants market.
Key Industry Players
Major companies operating in the inoculants market report are Corteva Inc., BASF SE, Bayer AG, Novozymes A/S, Verdesian Life Sciences LLC, BrettYoung seeds Limited, Queensland Agricultural Seeds, XiteBio Technologies Inc., Precision Laboratories LLC, Cargill Incorporated, Koninklijke DSM N.V., Kemin Industries Inc., Microbial Biological Fertilizers International (MBFi), Advanced Biological Marketing Inc., Archer Daniels Midland Company, Horticultural Alliance Inc., Syngenta AG, AquaBella Organics LLC, Dow Inc., Premier Tech, Bioceres Crop Solutions, Lesaffre, Lallemond Inc., Mapleton Agri Biotec Pty. Ltd., New Edge Microbials Pty. Ltd., T.Stanes & Company Limited, Bactolife A/S, Rhizobia Inoculants Inc., Symbionix Inc., TerraMax Inc.
The inoculants market report table of contents includes:
1. Executive Summary
2. Inoculants Market Characteristics
3. Inoculants Market Trends And Strategies
4. Inoculants Market – Macro Economic Scenario
5. Global Inoculants Market Size and Growth
….
31. Global Inoculants Market Competitive Benchmarking
32. Global Inoculants Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Inoculants Market
34. Inoculants Market Future Outlook and Potential Analysis
35. Appendix
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