New York City, NY, 03 March, 2020/ 24 Market Reports: It is estimated for the agricultural biologicals market to reach USD 18.6 billion by 2025 from that of USD 8.4 billion in 2019, witnessing the growth at a CAGR of 13.2% during the forecast period of 2019 to 2025. The increasing trend of sustainable agriculture in the global market, low residue levels and supportive regulations are the factors that are driving the growth of the market in the agricultural biologicals market during the forecast period.
Based on function, the biocontrol segment is estimated to grow at the fastest rate in the market. Biopesticides, bioinsecticides, bio fungicides and bionematicide are the categories for biocontrol. Major players in the market include biocontrol products in their product portfolio to cater to the increasing demand for biocontrol globally. The dominance of biocontrol products in agricultural biologicals market is attributed to the increased instances of pest infestations on major crops, such as wheat, rice, corn and sugarcane. Unlike their chemical counterparts, the biocontrol methods are cost-effective and are effective in micro quantities.
Availability of strains, ease of production and a higher rate of adoption among farmers are the factors that are driving the growth of the microbial segment, by-product in the agricultural biologicals market during the forecast period. The use of microbial does not need specific technical knowledge and high-end distribution logistics such as microbial. This is also a factor that is propelling the growth of microbial solutions than any other type of agricultural biologicals among growers.
Based on the mode of application, the foliar spray is expected to be the most adopted way of applying biologicals to the plants during the forecast period. The foliar spray directly affects the leaf, which helps in the easy absorption of nutrients and trace elements. Due to their cost, in the Asia Pacific region, most of the farmers prefer foliar spray over soil treatment.
The usage of biocontrol products to increase the yield is been rising the demand for organic fruits & vegetables. Along with the increase in crop yield, the improvement in the shape and size of fruits is been proved due to the usage of biostimulants. Fruits and vegetables are also subject to post-harvest losses. The shelf life of crops, such as tomatoes, apples, grapes and mangoes is also increased due to the usage of biostimulants.
In the year 2018, North America accounted for the largest share in the market and the trend is estimated to continue throughout the forecast period. The high-end R&D infrastructure and the high number of patents received for biopesticides and biostimulants by companies based in North America are driving the growth of the market in the region.
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