Global Agricultural Inoculants Market is estimated to be valued at USD 790.42 Million by 2026, registering a CAGR of 9.5% during the forecast period. Agricultural inoculants are also referred to as bacterial inoculants and soil inoculants. They generally include beneficial microbes promoting the growth of plants. Agricultural inoculants act as a rich source of nutrients, suppress diseases, and promote the growth of plants and crops. Improved yield of crops owing to the adoption of inoculants is expected to fuel the market growth in the near future. Furthermore, increasing demand for organic agriculture commodities have enabled farmers to grow crops with organic practices. Agricultural inoculants have applications in various crop types, including cereals & grains, oilseeds & pulses, fruits & vegetables, and others.
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North America was the largest market for agricultural inoculants in 2019, and the region is expected to continue to dominate the global market during the review period. The US was the largest country-level market with a share of 78.43% in 2019. However, Canada is projected to witness a substantial growth rate during the study period. High investments by market players in the expansion of production facilities for agricultural inoculants followed by the adoption of new agricultural technologies are influencing the growth of the agricultural inoculants market in the region.
The global agricultural inoculants market is expected to register a notable growth rate during the forecast period. Increasing demand for organic products is driving the global market growth. Additionally, the promotion of organic farming by government authorities and organic trade associations is further boosting the sales of agricultural inoculants in the agriculture industry. Moreover, the wide availability of fertile land for farming and increasing adoption of organic farming practices in emerging economies are creating profitable opportunities for manufacturers. However, the low shelf life of products and limited product awareness among farmers in underdeveloped countries are restraining the growth of the global market.
Segmental Analysis
Global Agricultural Inoculants Market has been segmented on the basis of Type, Mode of Application, Crop Type, and Region.
By Type, the market has been divided into bacterial inoculants, fungal inoculants, and others. The bacterial inoculants segment is further divided into Rhizobacteria, Azotobacter, Lactobacillus, Pseudomonas, and others. The bacterial inoculants segment accounted for the largest market share in 2019. High use of microbial-based products to control pests and improve the quality of the soil and crop is expected to boost the growth of the bacterial inoculants market. However, the fungal inoculants segment is projected to be the fastest-growing segment during the forecast period.
Based on mode of application, the market has been segmented into seed inoculation, soil inoculation, and others. The seed inoculation segment accounted for the largest market share in 2019 since inoculation of seeds with microorganisms helps in enhancing seed quality and protecting the seed from pest and diseases. Moreover, the high importance of nitrogen fixation of root nodules, making it readily available to the plant, is expected to propel the growth of the seed inoculation segment in the global market during the forecast period.
Based on the crop type, the market has been segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The cereals & grains segment accounted for the largest market share in 2019, with wheat, oats, rice, barley, and corn contributing to the majority of agricultural inoculants sales. High consumption of cereal grains worldwide as a staple food is expected to propel the growth of the cereal & grains segment. However, the fruits & vegetables segment is projected to exhibit the highest growth rate during the review period.
Regional Analysis
Geographically, the global agricultural inoculants market has been segregated into North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, North America accounted for the dominant share of the global market in 2019, with the US being the major consumer of agricultural inoculants. Asia-Pacific agricultural inoculants market accounted for a significant share in 2019 and is expected to be the most lucrative regional market for agricultural inoculants manufacturers during the review period. China is a key contributor to the growth of the agricultural inoculants market in the region. Europe occupied a decent market share in 2019. Increasing consumer demand for organic and clean label products have increased organic farming practices in Europe, leading to the rising sales of agricultural inoculants across Europe in 2019. The Rest of the World is projected to register a CAGR of 9.4% during the forecast period.