LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global microbial agricultural inoculants market to grow at a CAGR of close to 10% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global microbial agricultural inoculants market for 2017-2021. The report also lists seed inoculation and soil inoculation as the two main application segments for the market, of which the seed inoculation dominated the market with over 47% of the market share in 2016.
According to Poonam Saini, a lead analyst at Technavio for retail goods and services research, “The growing demand for food and the increasing number of agricultural challenges are paving the way for the adoption of high-performing inoculants. Various vendors in the market are also entering partnerships for the development of new inoculants.
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Technavio consumer and retail analysts highlight the following three market drivers that are contributing to the growth of the global microbial agricultural inoculants market:
- Growing demand for environment-friendly and organic farming practices
- Growing demand for food
- Advances in manufacturing technology
Growing demand for environment-friendly and organic farming practices
The agricultural sector has experienced substantial development over the past few years, and agricultural production has also increased because of the increased use of chemical pesticides in addition to fertilizers and seeds with advanced traits. However, these chemicals have adverse effects on the environment and human health and cause imbalances in soil biology, decreasing agricultural productivity in the long term. Thus, the demand for environment-friendly and organic farming practices is growing year-on-year. Farmers are trying to maintain the health of the soil by using organic manure or compost instead of synthetic fertilizers.
Manufacturers in the market are offering inoculants for organic production. For instance, ABM offers several products under the America’s Best Inoculant and Graph-Ex brands that are used for organic production.
Growing demand for food
The growth in the world population is resulting in an increased demand for food, which is further amplified by rising disposable incomes in developing countries. Food demand is expected to increase by more than 50% by 2050. However, the amount of arable land is on the decline, owing to increased urbanization and industrialization worldwide. Thus, farmers worldwide need to increase crop production by increasing the land under cultivation and by enhancing productivity on existing agricultural lands using crop protection methods such as the use of microbial agricultural inoculants. Thus, the growing demand for food is driving the global microbial agricultural inoculants market.
“Countries worldwide are running several programs to promote the use of inoculants in agricultural practices. These programs are often funded by international agencies such as the Food and Agriculture Organization,” says Poonam.
Advances in manufacturing technology
The technology used for manufacturing inoculants has changed over time. Over the last couple of years, the use of sterile carriers, which deliver the right microorganisms in precise concentrations, has increased. The various production technologies of inoculants include carrier-based inoculants; liquid formulations; and use of clay, biofilms, and bio-encapsulation. Inoculant manufacturers have also introduced liquid carriers and new organism strains. They are also using frozen products in inoculants to ensure longer shelf lives. Advanced inoculants possess extended biofertilizer and biopesticide properties. The players in the market are developing prevailing formulations with agricultural amendments. Such innovations are improving the efficiency of inoculants and will likely increase their popularity in the market.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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