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Agricultural inoculants segment is projected to grow at higher CAGR in the inoculants market
Environmental concerns related to the use of chemical fertilizers have led to an increase in the use of agricultural inoculants, which is projected to drive their market growth. Inoculants promote the growth of plants through several beneficial bacteria and have a negligible impact on the environment. The increase in organic and environment-friendly farming practices has increased the demand for agricultural inoculants. Leading players such as BASF (Germany), Bayer (Germany), and Novozymes (Denmark) offer agricultural inoculants for a wide variety of crops.
Bacterial segment is forecasted to grow at highest CAGR in the inoculants market
Bacterial inoculants serve as an alternative to increase crop productivity reducing the use of fertilizers. Bacterial inoculants are preferred by agricultural inoculant manufacturers, owing to their property of increasing crop yield. It also serves as an alternative to chemicals and fertilizers and promotes organic farming. Demand for organic food products at a global level creates growth opportunities for bacterial inoculant manufacturers. Bacterial characteristics such as biological nitrogen fixation are known to promote plant growth, thus driving the growth of the segment.
The oilseeds & pulses segment is anticipated to grow at highest CAGR in the inoculants market
Oilseeds & pulses form a staple diet for millions in developing countries where they are grown abundantly. Also, regions that do not cultivate oilseeds and pulses traditionally have started to cultivate them because of their increasing importance as cash crops. Soybean production is expected to reach 441 tons (486.11 tons) by 2030, according to the OECD-FAO Agricultural Outlook 2021. Soybean is also considered a viable alternative forage when alfalfa or clover are in short supply due to winter-killing or drought conditions. Forage soybean is tolerant of drought and thrives when other forage legumes, such as alfalfa, are not available. The increased demand for oilseeds and pulses crops, such as soybean, canola, peas, beans, and other legume crops, is driving the growth of the segment.
The South American region is projected to grow at a highest CAGR in the inoculants market during the forecast period
The inoculants market in South America is projected to grow at the highest CAGR from 2022 to 2027. The requirement for better livestock management practices to cater to the increasing demand for meat and dairy products is projected to drive the market for silage inoculants in South America. The availability of arable land and expansion of farmlands, especially in Brazil and Argentina, are promising for growth in this market. Moreover, the demand for organic food products in the region is growing at a robust rate, further driving the agricultural inoculants market.
Key players in this market include Corteva Agriscience (US), BASF SE (Germany), Bayer AG (Germany), Novozymes A/S (Denmark), Cargill, Incorporated (US), Archer Daniels Midland Company (US), DSM (Netherlands), Chr. Hansen Holding A/S (Denmark), Lallemand Inc. (Canada), Kemin Industries, Inc (US), Verdesian Life Sciences (US), BIO-CAT (US), Microbial Biological Fertilizers International (South Africa), Agrauxine (US), and Provita Supplements GmbH (Germany).
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