The Inoculants Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Inoculants Global Market Report 2024, 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.
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.
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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
Top Major Players
Corteva Inc.
BASF SE
Bayer AG
Novozymes A/S
Verdesian Life Sciences LLC
Major companies operating in the inoculants market are developing innovative solutions such as mycorrhizal inoculant technology to maximize nutrient quality. Mycorrhizal inoculant technology is the application of beneficial fungi, called mycorrhizal fungi, to plant roots to enhance their growth and health. For instance, in August 2021, Mycorrhizal Applications, US-based provider of commercial mycorrhizal fungi soil inoculants, launched MycoApply EndoThrive. It’s a next-generation liquid formulation containing multiple species of arbuscular mycorrhizal fungi (AMF) on a non-aqueous liquid carrier. This innovative product represents a significant advancement in mycorrhizal inoculant technology, offering a range of benefits for professional growers. It can be conveniently tank-mixed with liquid fertilizers for simultaneous application, further simplifying the application process.
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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