World Agrochemical Network reports: According to a new report by MarketsandMarkets™, the agricultural inoculants market is expected to reach US$1.1 billion by 2022. The market size of this segment will reach USD 1.7 billion by 2027, growing at a CAGR of 8.1%.
The addition of agricultural inoculants is expected to enhance fermentation rates, as well as reduce fermentation losses and improve animal production performance. Silage inoculants help in improving the nutritional value and palatability of the feed. Addition of inoculants and enzymes to silage helps in lowering pH and promotes digestion in animals (especially cattle). Growing demand for quality dairy products has prompted the government to support silage practices in the country, and the demand for this segment has increased significantly in recent years due to the silage inoculants’ characteristics of improving the physiological properties of silage.
Agricultural inoculants segment is expected to grow at a higher CAGR
Environmental issues related to fertilizers have led to an increase in demand for agricultural inoculants, which will drive the inoculants market. Inoculants promote plant growth through a wide range of beneficial bacteria with negligible impact on the environment. Organic and environment-friendly farming has increased the demand for inoculants. Major companies such as BASF (Germany), Bayer (Germany), and Novozymes (Denmark) provide agricultural inoculants for crops.
Bacterial inoculants are expected to grow at the highest CAGR
Bacterial inoculants can be used as an alternative method to enhance crop yield to reduce the use of chemical fertilizers. Bacterial inoculants are favored by manufacturers of agricultural inoculants for their crop yield enhancing properties, which can promote organic farming as an alternative to chemicals and chemical fertilizers. The global demand for organic food has created opportunities for manufacturers of this product. Certain properties of bacteria, such as biological nitrogen fixation, are known to promote plant growth, which could drive this market segment.
Oilseeds and pulses segment is the fastest growing crop segment
Oilseeds and pulses are a staple food for millions of people in developing countries and are gaining importance as cash crops. Soybean production is expected to reach 441 tons (486.11 t) in 2030. When alfalfa or clover is in short supply due to cold or drought, soybeans are considered a viable alternative forage. Forage soybeans are drought tolerant and able to thrive in environments unsuitable for other forages. Increasing demand for oilseeds and legumes (such as soybeans, rapeseed, peas, and other legume crops) is driving the segment.
South America is the fastest growing region for inoculants market
South America inoculants market is expected to grow at the highest CAGR from 2022 to 2027. Growing demand for meat and dairy products and better livestock management is expected to drive the South American silage inoculants market. In Brazil and Argentina, in particular, the agricultural inoculants market will further expand due to the expansion of arable land availability and farmland, as well as the rapidly growing demand for organic food in the region.
Source: World Agrochemical Network
Post time: Mar-08-2023