““Agricultural inoculants market projected to grow at a CAGR of 9.6%”
The agricultural inoculants market is projected to reach USD 437.1 million by 2020. The agricultural inoculants market is projected to grow at a CAGR of 9.6% from 2015 to 2020. The market is driven by factors such increasing demand of agrochemicals due to increased organic and environmental farming practices, environmental concerns related to the use of chemical fertilizers and pesticides, and the promotion by government agencies to use agricultural inoculants. The high growth potential in emerging markets and untapped regions and growing demand of organic fertilizers provide new growth opportunities for the players in the agricultural inoculants market.
“Plant growth-promoting microorganisms accounted for the largest market share”
The types of agricultural inoculants include plant growth-promoting microorganisms, bio-control agents, and plant-resistance stimulants. In 2014, plant growth-promoting microorganisms accounted for the largest market share, followed by bio-control agents. The increasing demand for chemical-free food has resulted in an increase in the demand of plant growth-promoting microorganisms; hence this segment is projected to grow at the highest CAGR in the agricultural inoculants market.
”Latin America is the fastest growing region in the market”
The increase in demand of organically grown food products by the population is fueling the market for agricultural inoculants in Latin America. Brazil and Argentina are the major contributors in the production of soybean. Agricultural inoculants are widely used for soybean crops and hence the consumption of inoculants is expected to increase in the next five years. Latin America is one of the largest regions having organic agricultural land area which makes the demand for agricultural inoculants high in the region.
Break-up of primaries:
By Company Type: Tier 1 – 20 %, Tier 2 – 45%, and Tier 3 – 35%
By Designation: C...