Agricultural biologicals are products derived from natural sources such as microorganisms, plant extracts, or other biological matter, and can be used as a substitute for agricultural chemical products.
Northrook, IL -- (SBWIRE) -- 10/18/2019 -- The agricultural biologicals market was valued at USD 6.75 billion in 2017 and is projected to grow at a CAGR of 13.80% from 2017 to reach USD 14.65 billion by 2023. This market has been gaining prominence among farmers to improve the agricultural yield with natural methods and curb excessive usage of chemical-based pesticide application. Factors such as increased demand for sustainable agriculture & organically produced food and promotions by governments for the adoption of agricultural biologicals are projected to drive the agricultural biologicals market growth. On the other hand, factors such as efficacy issues of agricultural biological products and limitations in the shelf-life & other technological constraints are expected to restrain the growth of the market.
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Bionematicides market to grow at the highest rate during the forecast period
Bionematicides is the fastest-growing trend in this market. As nematodes are a long-lasting problem throughout the growing season, several chemical and biological measures are being explored to control the growing nematode menace. Biological controls such as using Paecilomyces lilacinus and Pasteuria nishizawae are utilized effectively to control nematodes in the US and Europe. Even though it is a niche market, there has been a significant interest among global players to develop and include bionematicides in their portfolio.
Biopesticides market to be the largest subcategory market among agricultural biologicals during the forecast period
As compared to biostimulants and biofertilizers, biopesticides accounted for the largest share in 2016. There is an increasing demand for more biological solutions as alternatives to chemical pesticides in both, organic farming and IPM systems. These biopesticides also prove to be cost-effective when added with a limited amount of chemical pesticides in integrated pest management (IPM) systems.
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In the biostimulants market, Europe was the largest market in 2017
Factors such as increased demand for organic products, awareness about agrochemical-based environmental hazards, and the need to preserve the soil quality exhibited significant growth in Western European countries such as Germany, France, Spain, and the UK as compared to other parts of the region.
The top trends in the agricultural biologicals market are segmented market-wise, with a detailed analysis of each market by studying the individual competitive landscapes. The regions covered in this report include North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The market is dominated by key players such as Bayer (Germany), Monsanto BioAg (US), Syngenta (Switzerland), BASF (Germany), DowDuPont (US), and Arysta LifeScience (US).
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