Market Trends of Agricultural Inoculants Industry
Adoption of Organic and Eco-friendly Farming Practices
- Agricultural practices are witnessing a trend shift from conventional to organic farming. This shift can be attributed to growing awareness about the adverse impact of traditional farming methods on human health and environmental safety.
- According to the Research Institute of Organic Agriculture (German: Forschungsinstitut für biologischen Landbau (FiBL)), the area under organic cultivation increased from 70.9 million ha in 2018 to 76.4 million ha in 2021, with 187 countries practicing organic agriculture. This increases the demand for organic solutions such as inoculants and investments in localized research by private and public sectors.
- Microbial inoculants offer a natural and sustainable alternative to synthetic inputs, as they can improve soil health, increase nutrient availability, and protect against diseases. Additionally, microbial inoculants help reduce the environmental impact of synthetic inputs and promote more sustainable farming practices.
- As a result, the demand for microbial inoculants is increasing among farmers looking for ways to reduce their environmental footprint and produce healthier, more sustainable crops. Moreover, rising acreage and growing consumer demand for organic products will positively influence the agricultural inoculants market during the forecast period.
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North America is the Largest Market
- North America is the largest market for agricultural inoculants, with the United States holding the majority of the share. The United States, with its highly evolved agricultural sector, has been adopting the natural and organic way of farming lately. The increasing cost of chemical inputs, their adverse effect on soil mass and the environment, and increasing awareness regarding balanced plant nutrition are the major factors driving the market in the country.
- Moreover, certain companies and research institutions emphasize introducing new products to gain a competitive advantage. For instance, developed by the Winnipeg bioresearch company XiteBio Technologies, XiteBio OptiPlus is a revolutionary proprietary liquid inoculant for soybeans powered by market-proven AGPT (Advanced Growth Promoting Technology).
- It combines the nitrogen-fixing bacteria Bradyrhizobium japonicum with patented phosphate-solubilizing plant growth-promoting rhizobacteria (PGPR), registered in Canada in February 2021, designed explicitly for soybeans. Such developments are anticipated to create demand for agricultural inoculants in the region and influence the global market during the study period.
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