Increasing trend of organic farming practices owing to high demand for organic products among the rising population is driving the growth of the market. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Agricultural Inoculants Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR % during the forecast period.
Growing food demand due to the rising global population followed by limited availability of cultivable land is majorly driving the growth of the market. Also, government authorities, NGOs, and farmer organizations in developing countries are promoting organic farming by providing financial support, market information, and trends in organic food market. However, unclear legislation of agricultural inoculants may hamper the growth of the market.
In developing regions, programs have been launched to strengthen economic development by training farmers, providing extension services in rural agricultural areas, training in underserved communities with marketable job skills, offer small businesses and micro-enterprises with greater market access, and working closely with city governments to implement green technologies. For instance, the partnership between CropLife and the U.S. government aid farmers to carry out production effectively while preserving the environment, safeguarding their health and safety and making a difference in farmers’ lives. All such factors create lucrative opportunities for market growth.
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Major Key Players:
Key players who provide agricultural solutions segment include crop protection products that guard against fungal diseases. Furthermore, the companies are emphasizing more on new product launch to acquire the new customer base. BASF is one of the key player in agricultural inoculants market. It engages in the provision of chemicals offering wide range of chemicals and intermediates solutions.
The key players profiled in the global Agricultural Inoculants Market are DuPont Inc. (U.S.), Novozymes (Denmark), MBFi (South Africa), BASF (Germany), Monsanto Co. (U.S.), Soil Technologies Corporation (U.S.), and Horticultural Alliance Inc. (U.S.) among many others.
Latest Industry Updates:
Jan 2017 The BioAg Alliance, Monsanto’s and Novozymes’ collaboration to improve crop harvests through products containing naturally-occurring microbes, today announced results from its 2016 field trial program and shared an updated research pipeline. Yield increases among top microbial strains averaged over 3 bushels per acre for corn and over 2 bushels per acre for soy.
Nov 2017 Rootella™ Mycorrhizal Inoculants Listed for Use in Organic Farming. Rootella™ inoculants, based on naturally-occurring mycorrhizal fungi, improve plant nutrient uptake. 90% of all vascular plant species thrive in nature with the help of mycorrhizae.
Sep 2017 Companies are increasingly producing fungal inoculants and marketing these as biofertilizers to improve plant growth and soil health. However, there is little or no evidence of their effectiveness and possible ecological risks
May 2017 Researchers at the International Institute of Tropical Agriculture (IIITA), Ibadan, have advised legume farmers, especially soya beans, to use inoculants to boost nitrogen fixation by the crop and save money spent on nitrogen containing fertilisers.
The global agriculture inoculants market has been divided into type, source, application, and region.
On The Basis Of Type: Cereals & Grains, Oil Seed & Pulses, Fruits & Vegetables, and others
On The Basis Of Source: Bacterial, Fungal, and others
On The Basis Of Application: Seed &Soil Inoculation, and others
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
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In 2017, North America was dominating the agricultural inoculants market and is projected to grow with significant growth rate during the forecast period. In North America, Mexico is expected to grow at the highest rate followed by Canada over the forecast period. Moreover, Latin America is projected to witness the highest growth rate during the forecast period 2017-2023 in which Argentina is expected to grow at the highest growth rate. In Latin America, Brazil is dominating the market with more than two-third market share in 2017.
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