Agricultural Biological Market Size and Growth Rate:
Size of the agricultural biological market was valued at USD 4.76
Billion in 2014 and is expected to reach USD 14.94 Billion by 2023, at a CAGR
of 13.54% during the forecast period.
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Agricultural Biological Market Growth Drivers, Challenges,
and Opportunities:
The growth of stringent registration policies in the
agricultural sector and increased expenditure on R&D by biological product
manufacturers are the primary drivers in the global agricultural biological
market. Government has achieved certain regulations for supporting the use of
bio-based goods for agriculture. This is expected to drive the market growth
during the forecast period. The huge cost of chemical fertilizers and the
increasing awareness associated with the adverse health hazards of chemical
fertilizers are expected to further spike the growth of the global market
during the forecast period. The major drivers for the market are abbreviated
chemical hazards, increasing demand for organic foods, rapid growth in the use
of microbial seed treatment products, and easier residue management.
Lack of awareness towards bio-based agricultural products and
the low adoption rate of bio pesticides are the major restraints faced by the
agricultural biological market.
Geographical Analysis of Agricultural Biological Market:
Geographically, the global agricultural biological market can
be segmented into Europe, Asia Pacific, Middle East & Africa, North
America, and Latin America. During 2015, Europe was an important market for
agricultural biologicals. The European market is majorly driven by factors such
as increased yield and productivity, improved quality outcomes, increasing
demand for organic products, and the adoption of modern technology for
agriculture. Europe is demanded to lead the worldwide agricultural biological
market throughout the forecast period.
Spain and Italy hold a significant percentage of the market in the
region. The market in the Asia Pacific is likely to experience significant
growth during the forecast period, due to the needs of the growing population
and government initiatives to promote a better environment. The market in Latin
America is also expected to expand at a rapid pace during the forecast period.
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Key players of Agricultural Biological Market:
The agricultural biologicals is a competitive market with
several giant agrochemical & agricultural biological companies such as
Bayer Crop Science, BASF, and Monsanto among others, which concentrate on
expanding their market base in the concerned market. This is successfully
achieved with the assistance of numerous market strategies adopted by these
companies, which include new product developments, alliances, and acquisitions.
Apart from these companies, there are biological developers such as Valent
BioScience Corporation, and Marrone Bio Innovations, Inc.
Agricultural Biological Market Segmentation:
By Product Type:
·
Biopesticides
·
Biofertilizers
·
Biostimulants
By Application:
·
Cereals & grains
·
Fruits &
vegetables
·
Oilseeds & pulses
By Region:
·
North America
·
South America
·
Europe
·
Asia Pacific
·
Middle East and Africa
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