The global agricultural biologicals market is poised for significant expansion, projected to grow at a CAGR of 13.7% from an estimated value of USD 14.7 billion in 2023 to USD 27.9 billion by 2028. Key drivers such as increasing awareness of organic food products, environmental safety concerns, and favorable regulations are propelling this growth. Let's delve into the top trends shaping the agricultural biologicals market.
Domination of Biocontrols Segment:
Biocontrol products, known for enhancing crop quality and yield while being environmentally friendly, are set to dominate the agricultural biologicals market. Their eco-friendly nature, coupled with rising awareness regarding pesticide residue levels in food, drives their adoption as alternatives to chemical pesticides.
Rapid Growth of Bionematicides Segment:
The bionematicides segment is forecasted to witness the highest growth rate in the agricultural biologicals market. With global agricultural crop losses attributed to root-knot nematodes, the bionematicides market holds immense potential for growth, particularly due to its current under-commercialization status.
Surge in Bioinsecticides Segment:
The bioinsecticides segment is anticipated to be the second-fastest growing segment. Increasing instances of insect infestations, exacerbated by climatic stress, underscore the importance of bioinsecticides in mitigating production losses. Their sustainability and cost-effectiveness compared to conventional chemicals further drive market growth.
Regional Insights:
In 2022, North America emerged as the leading contributor to the agricultural biologicals market, owing to factors such as the growth of the organic industry, rising costs of chemical fertilizers, and increased awareness of soil nutrient preservation. Extensive research and development efforts in the region, coupled with significant patents awarded for biocontrol and biostimulants, further bolster market growth.
Key Players:
Leading players in the agricultural biologicals market include BASF SE (Germany), Syngenta AG (Switzerland), Pro Farm Inc. (US), Isagro S.p.A. (Italy), UPL (India), Evogene Ltd (Israel), Bayer AG (Germany), and Vegalab S.A. (US). These companies drive innovation and contribute to the sector's development, fueling its growth trajectory.
