The inoculants market is estimated to reach USD 924 million in 2020 and is projected to account for USD 1,207 million by 2025, recording a CAGR of 6.9% during the forecast period. The global inoculants market is projected to grow in the coming years attributed to the growing trends of adopting organic and environment-friendly farming practices due to ill effects of fertilizers and chemicals, rise in feed grains, increase in compound feed prices, and expansion of the livestock industry, particularly in the South American and Asia Pacific regions.
The key players in the inoculants market include Corteva (US), BASF (Germany), Bayer (Germany), Novozymes (Denmark), Verdesian Life Sciences (US), Advanced Biological Marketing Inc. (US), BrettYoung (US), Precision Laboratories, LLC (US), Queensland Agricultural Seeds Pty (Australia), and XiteBio Technologies Inc. (Canada). Apart from this, other key players include Chr. Hansen (Denmark), Lallemand Inc. (Canada), Kemin Industries, Inc (US), Provita Supplements GmbH (Germany), Cargill (US), Archer Daniels Midland Company (US), BIOMIN Holding GmbH (Austria), Terramax (US), BIO-CAT Microbials (US), and MBFi (South Africa).
The South American inoculants market is projected to be the fastest-growing market during the forecast period. Countries such as Brazil and Argentina constitute the largest country markets in the Latin American region. Both these countries are the major contributors in the production of soybean. Agricultural inoculants are widely used for soybean crops. Hence the consumption of inoculants is projected to increase in the next five years. It is one of the largest regions that have organic agricultural land area, due to which the demand for agricultural inoculants remains high.
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Oilseeds is one of the important cash crops in developing countries as they are grown in abundance. The most important crops in this category include soybean, canola, lentils, and beans. Oilseeds and pulses form a staple diet for people in developing countries. Soybean is widely grown and witnesses demand in Brazil, the US, Argentina, and China. The demand for soybean remains high, as it is a rich source of protein for vegetarian consumers. The demand for high-yielding and disease-resistant soybean seeds is also increasing, as it is a cash crop of premium value. In addition, the agricultural inoculants market is projected to grow due to the increase in oilseeds production globally. In terms of pulses, India is a leading producer of pulses. Other major producers of pulses include Canada, Brazil, the US, and China. The increased demand for oilseeds and pulses such as soybean, canola, peas, beans, and other legume crops are projected to drive the growth of the inoculants market.
Agricultural inoculants have properties that improve the quality of soil, enhance the growth of crops, and increase yield, which is a major factor that has contributed to the growth of the agricultural inoculants market. The increase in global awareness about sustainable agriculture, which witnesses high adoption due to its step-by-step reduction in the cost of farming and complying with the environmental safety norms—has resulted in an increase in the use of agricultural inoculants. Agricultural inoculants are also considered cost-effective alternatives for chemical fertilizers, as their application reduces the use of chemical fertilizers in farming. Hence, the overall production cost can be reduced without compromising on the economic yield. 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 the market growth. Inoculants promote the growth of plants through several beneficial bacteria and have a negligible impact on the environment. Increase in organic and environment friendly farming practices have led to an increase in demand for agricultural inoculants.