LONDON--(BUSINESS WIRE)--The global agricultural biologicals market is expected to grow by USD 6.56 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The global organic food products market is growing at a significant rate, with a CAGR of more than 15%. The key factors behind the increase in the demand for organic food are an increasing number of health-conscious individuals, increasing environmental concerns, and governmental support toward promoting the use of organic products. Biological products such as microbiological products and biofertilizers have attracted a lot of attention and are being promoted on a large scale. Various types of organic and biological inputs have been launched and are being sold to farmers. The use of agricultural biologicals in organic farming produces food of high nutritional value, enhances the biological cycle in farming systems, maintains and increases the fertility of the soil. It also helps to avoid pollution resulting from agriculture, and minimizes the use of non-renewable resources. Thus, the growth of organic food products market will drive the growth of the market in focus.
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As per Technavio, the increasing prices of chemical fertilizers and pesticides will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Agricultural Biologicals Market: Increasing Prices of Chemical Fertilizers and Pesticides
The increasing prices of chemical fertilizers and pesticides are among the key drivers for the global agricultural biologicals market. The rise in demand for food has led to extensive use of chemicals in agricultural practices, which ensures an increase in crop yield. However, the increased use of chemicals may have negative impact on the crops. Chemical fertilizers contribute to leaching and pollute water basins, destroy microorganisms and friendly insects, and reduce soil fertility. The price of chemical fertilizers and pesticides is also high, compared to that of agricultural biologicals. Thus, many farmers across the world are shifting toward agricultural biologicals such as biofertilizers.
“The increasing governmental support for the use of bio-based products in agriculture will have a significant impact on the growth of the agricultural biologicals market value during the forecast period,” says a senior analyst at Technavio.
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Agricultural Biologicals Market: Segmentation Analysis
This market research report segments the agricultural biologicals market by product (biopesticides, biostimulants, and biofertilizers), application (cereals and grains, fruits and vegetables, oilseeds and pulses, and other crops), and geography (Europe, North America, APAC, South America, and MEA).
The European region led the agricultural biologicals market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to the growing demand for organic food products.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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