New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agricultural Biologics Global Market Report 2023" - https://www.reportlinker.com/p06310843/?utm_source=GNW
, Valent Bioscience, T Stanes & Co Limited, Arysta LifeScience, and Camson Bio Technologies.
The global agricultural biologics market grew from $10.52 billion in 2022 to $12.11 billion in 2023 at a compound annual growth rate (CAGR) of 15.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The agricultural biologics market is expected to grow to $21.07 billion in 2027 at a CAGR of 14.8%.
The agricultural biologicals market consists of sales of agricultural biologicals from sources such as plant extracts and minerals.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The agricultural biologicals are used to safeguard plants against pests, improve yield and prevent diseases.Agricultural biologicals refer to microorganisms or biochemical derived from naturally occurring microorganisms, plant extracts, insects, or other organic matter.
It is combined with synthetic crop protection products as an integrated management solution. Agricultural biologics aims to provide a holistic approach for growers to maximize crop yields, improve quality, and minimize pest resistance.
North America was the largest region in the agricultural biologicals market in 2022.Asia-Pacific is expected to be the fastest-growing region in the market.
The regions covered in the agricultural biologicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of agricultural biologicals are biopesticides, biofertilizers, and biostimulants.Biopesticides are biological pesticides that are derived from biological materials such as plants, animals, bacteria, and certain minerals.
These are derived from microbials, macrobials, biochemicals, other sources and applied by foliar spray, soil treatment, seed treatment, and post-harvest mode of application. The various applications include cereals and grains, oilseed and pulses, fruits and vegetables, turf and ornamentals, and other applications.
The increasing incidences of pest outbreaks contributed to the growth of the agricultural biological market.Pest outbreaks refer to an increasing sporadic and large population of pests that are economically harmful to crops and human beings.
Due to pest outbreaks, the threats to crops cause 10–40% losses to major food crops such as corn, wheat, and rice cost to the global economy.The pests cause damage to crops and significantly impair growers’ productivity and destroy cropland.
For instance, in August 2020, an article published by BBC, a UK based broadcasting company included a locust invasion that swept over farms in rural Kenya, Ethiopia, Uganda, Somalia, Eritrea, India, Pakistan, Iran, Yemen, Oman, and Saudi Arabia which estimated a loss of $2.5 billion in crop damage. Hence, increasing pest outbreaks drove the agriculture biological market.
Strategic collaboration and partnerships are the key trends gaining popularity in the agriculture biological market.Strategic collaboration is increasingly being done among market players to develop and commercialize agricultural biological products for the betterment of growers and each other businesses.
For instance, In October 2021, UPL, an Indian manufacturer, and distributor of bio-solutions announced the collaboration with Chr.Hansen, a Denmark-based bioscience company helps farmers worldwide to fight pest diseases and improve crop quality and yields.
Furthermore, in August 2021, Marrone Bio Innovations Inc., a US-based provider of sustainable protection and plant health solutions announced the collaboration with Terramera, a Canada-based agri-tech company to exchange their technological and biological expertise to increase the performance of MBI’s crop protection products and accelerate product development.
In October 2020, Syngenta Group, a Switzerland-based agrichemical company acquired Valagro for an undisclosed amount.With this acquisition, Syngenta Crop will provide farmers with the more complimentary product and technology choices and underpins its determination to make agriculture more resilient and sustainable.
Valagro is a US-based biological company and a producer of innovative agricultural biologicals.
The countries covered in the agricultural biologicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The agricultural biologicals market research report is one of a series of new reports that provides agricultural biologicals market statistics, including agricultural biologicals industry global market size, regional shares, competitors with an agricultural biologicals market share, detailed agricultural biologicals market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural biologicals industry. This agricultural biological market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06310843/?utm_source=GNW
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