Global Agricultural Biologics Market Flourishes with a CAGR of 15.2%
Agricultural Biologics Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, GREATER LONDON, UK, November 28, 2023 /EINPresswire.com/ -- The global agricultural biologics market exhibited robust growth, surging from $10.52 billion in 2022 to $12.11 billion in 2023, recording an impressive Compound Annual Growth Rate (CAGR) of 15.2%. The market is poised to continue its upward trajectory, with an anticipated size of $21.07 billion by 2027, sustaining a robust CAGR of 14.8%.
Key Driver: Escalating Pest Outbreaks
The escalating incidences of pest outbreaks emerged as a pivotal factor propelling the growth of the agricultural biologics market. Pest outbreaks, characterized by the sudden and large-scale proliferation of economically damaging pests affecting crops and human well-being, have become increasingly prevalent. These outbreaks pose a significant economic threat, causing losses ranging from 10% to 40% for major food crops like corn, wheat, and rice on a global scale. Notably, in August 2020, a locust invasion across multiple countries led to an estimated $2.5 billion in crop damage. As pests continue to jeopardize crops, the agriculture biologics market experiences heightened demand.
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Major Market Players Shaping the Landscape
Key players influencing the dynamics of the agricultural biologics market include Syngenta AG, The Dow Chemical Company, Bayer AG, BASF SE, Isagro Company, Marrone Bio Innovations, Koppert Biological Systems, Novozymes A/S, Gowan Company LLC, Vegalab SA, Lallemand Inc., Valent Bioscience, T Stanes & Co Limited, Arysta LifeScience, and Camson Bio Technologies.
Key Trend: Strategic Collaborations and Partnerships
A prominent trend gaining traction in the agricultural biologics market is the prevalence of strategic collaborations and partnerships. Market players are increasingly engaging in collaborative efforts to develop and commercialize agricultural biological products, benefiting growers and enhancing overall business prospects. For instance, UPL, an Indian manufacturer, collaborated with Chr. Hansen, a Denmark-based bioscience company, in October 2021. This collaboration aims to assist farmers globally in combating pests and diseases while improving crop quality and yields. Additionally, in August 2021, Marrone Bio Innovations Inc., a US-based provider of sustainable protection and plant health solutions, announced a collaboration with Terramera, a Canada-based agri-tech company. This partnership focuses on leveraging technological and biological expertise to enhance the performance of MBI's crop protection products and accelerate product development.
Regional Dynamics and Market Segmentation
In 2022, North America emerged as the largest region in the agricultural biologics market, with Asia-Pacific anticipated to witness the fastest growth during the forecast period. The regions covered in the agricultural biologics market analysis report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global agricultural biologics market is segmented –
1) By Type: Biopesticides, Biofertilizers, Biostimulants
2) By Source: Microbials, Macrobials, Biochemicals, Other Sources
3) By Mode of Application: Foliar Spray, Soil Treatment, Seed Treatment, Post-Harvest
4) By Application: Cereals And Grains, Oilseed And Pulses, Fruits And Vegetables, Turf And Ornamentals, Other Applications
For comprehensive insights into market dynamics and future trends, please refer to the complete report:
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Agricultural Biologics Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Agricultural Biologics Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on agricultural biologics market size, agricultural biologics market drivers and trends, agricultural biologics market major players, competitors' revenues, agricultural biologics market positioning, and agricultural biologics market growth across geographies. The agricultural biologics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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