Agricultural Biologicals Market Overview
Agricultural Biologicals Market Size was valued at USD 8.0 billion in 2022. The Agricultural Biologicals market industry is projected to grow from USD 8.9 Billion in 2023 to USD 17.9 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.2% during the forecast period (2023–2030).
The increasing demand for organic and sustainable agriculture is one of the major drivers of the agricultural biologicals market. Organic farming practices do not allow the use of synthetic pesticides and herbicides, so farmers are increasingly turning to agricultural biologicals to control pests and diseases. The growing concerns about the environmental impact of synthetic pesticides is another major driver of the market. Synthetic pesticides can pollute water bodies and harm wildlife, so there is a growing demand for more environmentally friendly alternatives. The development of new biocontrol technologies is also contributing to the growth of the market. New biocontrol technologies, such as microbial pesticides and bioherbicides, are being developed that are more effective and environmentally friendly than traditional pesticides.
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The agricultural biologicals market is segmented by product type, crop type, and region. The product type segment is further divided into biopesticides, biofertilizers, and bio stimulants. The biopesticides segment is the largest segment, accounting for most of the market share. This is due to the growing demand for biopesticides as a more sustainable alternative to synthetic pesticides. The crop type segment is further divided into cereals and grains, fruits and vegetables, and others. The cereals and grains segment is the largest segment, accounting for the majority of the agricultural biologicals market share. This is due to the high demand for biopesticides in these crops.
The regional segment includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest market for agricultural biologicals, followed by North America and Europe. The growth of the Asia Pacific market is driven by the growing demand for organic and sustainable agriculture in the region.
The agricultural biologicals market is a highly competitive market, with several major players operating in the market. Some of the key players include BASF SE, Syngenta AG, Bayer AG, UPL, and Certis USA, Inc. These companies are constantly innovating and developing new products and technologies to meet the growing demand for agricultural biologicals.
The agricultural biologicals market is expected to continue to grow in the coming years, driven by the factors mentioned above. The market is expected to witness significant growth in Asia Pacific, due to the growing demand for organic and sustainable agriculture in the region.
Here are some of the key trends in the agricultural biologicals market:
- Increasing demand for organic and sustainable agriculture
- Growing concerns about the environmental impact of synthetic pesticides
- Development of new biocontrol technologies
- Increasing government support for agricultural biologicals
- Growing awareness about the benefits of agricultural biologicals among farmers
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