In South America, countries such as Brazil and Argentina are projected to offer high growth prospects in the coming years, as they are ranked among the largest producers of soybean at a global level, driving the demand for inoculants in the region. Apart from this, the livestock industry is witnessing high growth in the Asia Pacific and South American regions due to the increase in demand for animal-based products, such as eggs, milk, and meat.
The inoculants market is estimated to reach USD 924 million in 2020 and is projected to account for USD 1,207 million by 2025, recording a CAGR of 6.9% during the forecast period.Environmental concerns related to the use of chemicals and fertilizers, expansion of the livestock industry in emerging countries of South America and Asia Pacific and rise infeed grain prices are some of the key factors that are projected to increase the sales of agricultural inoculants in the coming years.
Based ontype,the silage inoculantssegment accounts for the largest share in the inoculants market in 2019. Sales of silage inoculants are on a rise due to the expansion of the livestock industry in several emerging countries across Asia Pacific and South America. Urbanization has also increased the sales of animal-based products, such as milk, eggs, and meat.With the rise in prices of feed grains, agricultural inoculants serve as a suitable alternative.
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Based onmicrobe, the bacterial segmentaccounted for the largest share in the inoculants market in 2019. Bacterialmicrobesserve as an alternative to increase crop productivity and reduce the use of fertilizers. Bacterial characteristics such as biological nitrogen fixation is known to promote the plant growth.These microbes improvise the nutrient intake, reduce plant diseases and pests, and enhance the quality of the plant.
Based on crop type,the cereals & grainssegment accounts for the largest share in the inoculants market in 2019.Cereals and grains include wheat, corn, barley, and rice crops. Countries such as Brazil and the US are projected to be the key revenue generators for cereals, as they are ranked among the largest producers and exporters of corn at a global level.
North America was the largest market for inoculants in 2019, followed by Europe. The growth of the market in the region is backed by the US, which is among the largest producers of corn and soybean at a global level. Due to these factors, the demand for inoculants remain high in this region. Soybean, being leguminous, responds well to inoculants such as rhizobacteria. The high production of soybeans in the country has further increased the overall production of oilseeds and pulses in the North American region, which has led to a surge in the consumption of agricultural inoculants for these crops.Apart from this, Canada ranks among the key pulse producing countries.According to Pulse Canada, in 2016, Canadian pulse production hit a high record of 8.4 million tonnes. Due to the occurrence of hypoxia in Mexico, the usage of synthetic chemicals and pesticides in farms is strictly regulated.Hence, the agricultural inoculants market is projected to witness a high growth in this country.
Inoculantmanufacturers are focusing on expanding their consumer base in the market. Leading players operating in the inoculants market includeCorteva (US), BASF (Germany), Bayer (Germany), Novozymes (Denmark), Verdesian Life Sciences (US), Advanced Biological Marketing Inc. (US), BrettYoung (US), Precision Laboratories, LLC (US), Queensland Agricultural Seeds Pty (Australia), and XiteBio Technologies Inc. (Canada). Apart from this, other key players include Chr. Hansen (Denmark), Lallemand Inc. (Canada), Kemin Industries, Inc (US), Provita Supplements GmbH (Germany), Cargill (US), Archer Daniels Midland Company (US), BIOMIN Holding GmbH (Austria), Terramax (US), BIO-CAT Microbials (US), and MBFi (South Africa).
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