Dublin, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The "Agriculture Microbial Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Formulation, Function, Mode of Application, and Crop Type and Geography" report has been added to ResearchAndMarkets.com's offering.
The agriculture microbial market is projected to reach US$ 18,003.75 million by 2028 from US$ 6,901.93 million in 2021. It is expected to grow at a CAGR of 14.8% from 2022 to 2028.
The fruit and vegetables segment accounted for the largest market share in 2020 and is expected to register the highest CAGR during the forecast period.
The market growth for the segment is attributed to the high remuneration factors associated with the crop and increased demand to provide essential nutrients effectively. The demand for organic fruits and vegetables has increased owing to rising consumer awareness about the harmful effects of synthetic chemicals.
The demand for organic fruits and vegetables has increased owing to rising consumer awareness about the harmful effects of synthetic chemicals. Therefore, the increased demand for organic fruits and vegetables propels the need for agriculture microbials.
In 2020, North America held the largest share of the market, and Asia Pacific is estimated to register the highest CAGR during the forecast period.
The US Department of Agriculture (USDA), National Science Foundation (NSF), and other agriculture associations in North America are encouraging the research and development activities to provide long-term availability of microbial-based products and achieve microbial diversity.
Key players adopt strategic initiatives, including partnership and product launch, to provide agriculture microbial solutions for sustainable farming. Increased inclination toward organic farming coupled with support from agriculture organizations drives the growth of the agriculture microbial market.
Carhartt, Inc.; Aramark; Alisco Group; Alexandra; 3M; A. LAFONT SAS; Fristads Kansas Group; Hultafors Group; and Lakeland Industries, Inc. are among the key players operating in the agriculture microbial market.
These companies are focusing on new product launches and geographical expansions to meet the growing consumer demand across the world.
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6901.93 Million |
| Forecasted Market Value (USD) by 2028 | $18003.75 Million |
| Compound Annual Growth Rate | 14.8% |
| Regions Covered | Global |
Key Market Dynamics
Market Drivers
- Rising Concerns for Sustainable Agriculture
- Rise in Awareness Regarding Harmful Effects of Synthetic Chemicals
Market Restraints
- Shorter Shelf Life and Lower adoption among farmers.
Market Opportunities
- Increasing Research and Development Activities
Future Trends
- Rise in Adoption of Organic Farming
Company Profiles
- BASF SE
- Bayer AG
- Certis USA LLC
- BioWorks
- Novozymes A/S
- Chr- Hansen Holding A/S
- Syngenta Group
- Nufarm
- Marrone Bio Innovations, Inc.
- Koppert B- V
For more information about this report visit https://www.researchandmarkets.com/r/uo9btz
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