New Market Report: Agricultural Inoculants Market - Global Trends & Forecasts to 2019

From: Fast Market Research, Inc.
Published: Thu Dec 25 2014

Agricultural Inoculants Market by Type (PGPMs, Bio-Control Agents, & Plant Resistance Stimulants), Source (Bacterial & Fungal), Mode of Application, Crop Type, & Geography - Global Trends & Forecasts to 2019

The agricultural inoculants market has grown exponentially in the last few years and this trend is projected to continue. The market was valued at $232.22 million in 2013; and projected to grow at a CAGR of 9.5% from 2014 to 2019, the market is projected to reach $398.56 million by 2019. The market is being driven by rise in the cost and demand for fertilizers globally and increasing awareness about the organic farming practices among the farmers. Farmers' unawareness towards the benefits of agricultural inoculants and their low rate of adoption of improved farming practices are major challenges faced by the agricultural inoculants market. Potential opportunities exist in the Latin American regions due to the highest consumption of inoculants in soybean farming in the region.

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North America accounted for the largest share of the agricultural inoculants market in 2013. However, in the next five years, the market in Latin America is projected to grow at the highest CAGR of ~10.0% between 2014 and 2019. The region is projected to be the emerging revenue-generating pocket for the market players.

In this report, the agricultural inoculants market has broadly been segmented on the basis of type, source, modes of application, crop type, and region. The abrupt rise in the fertilizer prices and rise in the organic farming practices are key factors driving the growth of the market in developing regions. The agricultural

inoculants market is marked with intense competition due to the presence of a large number of both large- and small-scale firms. Numerous manufacturers, mainly small- to medium-sized, exist worldwide and have been producing inoculant products similar in quality and quantity for decades. Expansions, acquisitions, agreements, and new product developments are the key strategies adopted by market players in order to ensure their growth in the market. The market is dominated by players such as BASF SE (Germany), Novozymes A/S (Denmark), Advanced Biological Marketing, Inc. (U.S.) and DuPont (U.S.) in terms of developments between 2010 and October 2014.

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