New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bacteria Based Agricultural Microbials Global Market Report 2023" - https://www.reportlinker.com/p06479929/?utm_source=GNW
Ltd., Corteva Agriscience, CHR. Hansen Holdings, UPL Limited, Valent Biosciences Corporation, Novozymes A/S, and Gujarat State Fertilizers & Chemicals Limited (GSFC).
The global bacteria-based agricultural microbials market is expected to grow from $3.32 billion in 2022 to $3.59 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bacteria-based agricultural microbials market is expected to reach $4.7 billion in 2027 at a CAGR of 7.0%.
The bacteria-based agricultural microbials market consists of sales of biofertilizers, biopesticides, and bio-stimulants.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Bacteria-based agricultural microbials refer to beneficiary microorganisms utilized in agriculture to improve crop growth, boost production, and safeguard crops against infections and pests. They are made up of particular bacterial and fungal groups that are beneficial for boosting plant growth and improving soil productivity.
North America was the largest region in the bacteria-based agricultural microbials market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the bacteria-based agricultural microbial report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of bacteria-based agricultural microbials are Bacillus thuringiensis, Rhizobium, Bacillus subtilis, and others.Bacillus thuringiensis (BT) refers to a soil-dwelling bacteria that naturally produces a toxin that is lethal to several herbivorous insects.
These are available in dry and liquid formulations. Several modes of application included are soil treatment, foliar spray, and seed treatment, which are used in cereals and grains, oilseeds and pulses, fruits and vegetables, turf and ornamentals, and others.
Increasing demand for organic food is expected to propel the growth of the bacteria-based agricultural microbials market going forward.Organic food refers to food produced without synthetic chemicals or genetically modified ingredients.
The increasing demand for organic food is primarily due to rising awareness about health concerns.Bacteria-based agricultural microbials uses microorganisms such as bacteria, fungus, and viruses to boost crop development, increase yield, and protect crops from infections and pests.
For instance, in June 2022, according to the Organic Trade Association, a US-based business association, organic sales increased by $1.4 billion (2%) between 2020 and 2021, surpassing $63 billion. Further, food sales, which account for more than 90% of organic sales, increased to $57.5 billion (about 2%), and non-food sales reached $6 billion (an increase of 7%). Therefore, increasing demand for organic food drives the growth of the bacteria-based agricultural microbial market.
Strategic partnerships have emerged as a key trend gaining popularity in the bacteria-based agricultural microbial market.Major players operating in the bacteria-based agricultural microbials market are concentrating their efforts on establishing new partnerships to strengthen their position in the market.
For instance, in January 2023, Indigo Ag, a US-based agricultural technology company, partnered with ISAOSA, a Mexico-based fertilizer distributor, to launch innovative microbial technology for increased nutrient use efficiency in Mexico.The microbial product Indigo 30, which is a member of Indigo’s biotrinsic range, increases corn crop yields.
The new formulation will make it possible for Indigo 30 to be combined directly with fertilizer for the first time, greatly extending the product’s window of use for farmers.Furthermore, in April 2020, Syngenta, a Switzerland-based agrochemical company partnered with Novozymes, a Denmark-based biotechnology company to launch TAEGRO, a unique microbial technology to help farmers combat crop diseases and avoid significant yield losses.
This partnership combines Novozymes’ in-depth expertise in sustainable biological solutions with Syngenta’s strength in the biocontrol sector on a worldwide scale and commitment to bringing new technologies to market.
In January 2023, Valent BioSciences LLC, a US-based biorational product company acquired FBSciences Holdings for an undisclosed amount.This acquisition represents an essential component in the overall business strategy and will offer a significant growth platform for the two firms’ extensive line of crop enhancement and crop protection products.
FBSciences Holdings is a US-based producer of crop-specific agricultural microbial products.
The countries covered in the bacteria-based agricultural microbial market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bacteria-based agricultural microbials market research report is one of a series of new reports that provides bacteria-based agricultural microbials market statistics, including bacteria-based agricultural microbial industry global market size, regional shares, competitors with a bacteria-based agricultural microbials market share, detailed bacteria based agricultural microbials market segments, market trends and opportunities, and any further data you may need to thrive in the bacteria based agricultural microbial industry. This bacteria-based agricultural microbials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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