Selbyville, Delaware, As per the business intelligence report titled ‘Global Inoculants Market Size study with COVID-19 impact, by Type, by Microbes, by Crop type and Regional Forecasts 2020-2027’, available with Market Study Report LLC, Global Inoculants Market to reach USD 1377.95 Million by 2027 and reflected a valuation of USD 808 million in 2019 and is slated to register a robust CAGR of 6.9% during 2020-2027.
Factors such as widespread applications of the product for enhancing nutrition as well as overall hormone production in plants coupled with flourishing agricultural sector are augmenting the expansion of global inoculants market.
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For the uninitiated, microbial inoculants, also known as soil inoculants or bioinoculants, are primarily used for agricultural applications such as promoting plant health with the aid of endophytic microbes.
The report states that increasing population across the globe along with growing concerns regarding the usage of pesticides and fertilizers have impelled the adoption of inoculants, thereby stimulating the overall remuneration.
Additionally, escalating demand for affordable food products, and rapid development of food & beverage vertical amidst the Covid-19 pandemic are further bolstering the industry expansion. However, lack of awareness regarding silage and agriculture inoculants is a major restraining factor for the global inoculants business development.
Key participants in worldwide inoculants industry include XiteBio Technologies Inc., Queensland Agricultural Seeds Pty. Ltd., Precision Laboratories LLC, BrettYoung, Advanced Biological Marketing Inc., Verdesian Life Sciences LLC, Novozymes A/S, Bayer AG, BASF SE, and Corteva Inc. among others.
Based on type, the overall market is split into silage inoculants, and agriculture inoculants. With regards to microbes, the industry is fragmented into fungal, bacterial, and other sources. Moving on to crop type, global inoculants market is bifurcated into forage, fruits & vegetables, oilseeds & pulses, cereals & grains, and others.
From a geographical front, North America dominates the overall business in terms of revenue share, on account of shifting consumer preference towards environment-friendly and organic farming practices.
On the other hand, Asia-Pacific inoculants market is reckoned to grow with the highest compound annual growth rate during 2020-2027. Factors such as flourishing agricultural sector, rising adoption of pesticides and fertilizers, and growing environmental concerns are propelling the expansion of the regional market.
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