Global Agricultural Inoculant Market is likely to enter the unexplored territory and holds a huge potential and ample scope for growth. The global agricultural inoculant market is majorly driven by the need for an increase in the yield per hectare owing to rising global population and their demand for food.
The growing demand for organically produced foods is increasing significantly and influencing the higher demand. The increasing level of investment in research to identify organic molecules and right formulation in order to improve the plant metabolism and plant performance in a short period of time and in a cheaper way. Agricultural inoculants find its application in the diverse spectrum, which includes agriculture and horticulture. The use of agricultural inoculants is gaining traction owing to its benefits in terms of better crop yield, improved horticultural practices, and enhanced nutrient use efficiency by refining nutrient uptake and minimizing losses to the environment.
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The market is experiencing emerging opportunities for the adoption of organic agriculture among small-scale farmers in India and China. Organic agriculture is a viable approach that can be suitable for smallholders. It is principally used in challenging environments, where resources are insufficient, and cultivation is tough. It also serves to reduce the potential risk by encouraging the use of agricultural inoculants where there is a scarcity of water and barren land. Furthermore, with agricultural inoculants, farming is possible in saline land and with saline water for irrigation. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 9.5% of agricultural inoculants market during the forecast period 2017-2023.
The major players in Agricultural Inoculants Market, I. du Pont de Nemours and Company (U.S.), Novozymes A/S (Denmark), Microbial Biological Fertilizers International (South Africa), BASF SE (Germany), Monsanto Company (U.S.), Soil Technologies Corporation (U.S.), Horticultural Alliance, Inc. (U.S.), Continuous Focus (U.S.) and GreenMax AgroTech (India)
Agricultural inoculants are segmented based on crop type, which includes cereals & grains, oilseed & pulses, fruits & vegetables, and others. Among all, the growth of the cereals & grains segment is expected to drive cultivation of cereals & grains both in developed and developing economies. Increasing population in developing economies is creating massive demand for the cereals & grains segment.
Agricultural inoculants are segmented based on source, which includes bacterial, fungal, and others. Among all, Bacterial inoculants can contribute to increasing agronomic efficiency by reducing production costs and environmental pollution, once the use of chemical fertilizers can be reduced or eliminated if the inoculants are efficient.
Agricultural inoculants are segmented based on application, which includes seed inoculation, soil inoculation, and others.
Global Agricultural Inoculants Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the global agricultural inoculants market. This is attributed to the increasing consumption of agricultural inoculants due to the increasing population and demand for new and enhanced agricultural products. Additionally, the major key players are actively involved in the research & developments to develop products conforming to North American regulations for agricultural inoculants.
Furthermore, in Asia Pacific region, China accounts for the major market share owing to increasing demand for grains & cereals due to the rapidly increasing population.
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