Report : North America Agriculture Microbial Market Forecast to 2028 - COVID-19 Impact and Regional Analysis ByType (Bacteria, Fungi, Virus, and Others), Formulation (Liquid and Dry), Function (Crop Protection and Soil Amendments), Mode of Application (Foliar Spray, Soil Treatment, Seed Treatment, and Post-harvest), and Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, and Others)
At 14.4% CAGR, the North America Agriculture Microbial Market is speculated to be worth US$ 6,468.57 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America agriculture microbial market was valued at US$ 2,883.52 million in 2022 and is expected to reach US$ 6,468.57 million by 2028, registering an annual growth rate of 14.4% from 2022 to 2028. Rising concern for sustainable agriculture and rise in awareness regarding harmful effects of synthetic chemicals are the critical factors attributed to the market expansion.
According to the United Nations (UN), the world population is expected to reach 9.8 billion in 2050 and 11.2 billion in 2100. With the significantly increased population, the agriculture sector across the region has to double its food production by 2050 and reduce the reliance on inorganic fertilizers and pesticides. Thus, the growing population has surged the demand and added to concerns for food to feed the growing population. In recent years, food insecurity has been moderate, affecting just over 30% of the world's population. According to the US Food and Agriculture Organization, around 720 to 811 people had to bear hunger in the world in 2020. The prevalence of undernourishment jumped from 8.4% in 2019 to around 9.9% in 2020.The growing food scarcity and the increasing population have fueled the demand for sustainable and eco-friendly agricultural products. Agriculture microbial products are aiding numerous practices, such as soil improvement and crop protection. The uptake of these products offers various benefits, such as increased nutrient uptake, crop yield, and organic cultivation. Such benefits, coupled with the ever-growing population, have boosted their demand among consumers. Moreover, farmers are adopting efficient crop protection techniques due to increased urbanization and the shrinking of arable land. Thus, rising concerns for sustainable agriculture are fueling the demand for agriculture microbial products, which, in turn, is contributing to the market.
On the contrary, shorter shelf life and lower adoption among farmers hampers market North America agriculture microbial market.
- Based on type, the market is segmented into bacteria, fungi, virus, and others. The bacteria segment held 40.70% market share in 2022, amassing US$ 1,173.54 million. It is projected to garner US$ 2,692.47 million by 2028 to expand at 14.8% CAGR during 2022–2028.
- Based on formulation, the market is segmented into liquid and dry. The liquid segment held 65.37% market share in 2022, amassing US$ 1,884.91 million. It is projected to garner US$ 4,188.00 million by 2028 to expand at 14.2% CAGR during 2022–2028.
- Based on function, the market is segmented into crop protection and soil amendments. The crop protection segment held 83.33% market share in 2022, amassing US$ 2,402.91 million. It is projected to garner US$ 5,357.86 million by 2028 to expand at 14.3% CAGR during 2022–2028.
- Based on mode of application, the market is segmented into foliar spray, soil treatment, seed treatment, and post-harvest. The foliar spray segment held 50.80% market share in 2022, amassing US$ 1,464.73 million. It is projected to garner US$ 3,279.78 million by 2028 to expand at 14.4% CAGR during 2022–2028.
- Based on crop type, the market is segmented into cereals and grains, oilseeds and pulses, fruits and vegetables, and others. The fruits and vegetables segment held 42.68% market share in 2022, amassing US$ 1,230.78 million. It is projected to garner US$ 2,844.80 million by 2028 to expand at 15.0% CAGR during 2022–2028.
- Based on country, the North America agriculture microbial market has been categorized into US, Canada and Mexico. Our regional analysis states that US captured 68.66% market share in 2022. It was assessed at US$ 1,979.94 million in 2022 and is likely to hit US$ 4,410.37 million by 2028, exhibiting a CAGR of 14.3% during the forecast period.
Key players dominating the North America agriculture microbial market are BASF SE ; Bayer AG ; Certis USA LLC ; Bio Works ; Novozymes A/S ; Chr. Hansen Holding A/S ; Syngenta Group ; Nufarm ; Koppert B.V and Marrone Bio Innovations, Inc .
- In, 2021; Novozymes A/S launched 5 powerful biological solutions that address key challenges for North American growers and set up a new sales team to directly serve US customers.
- In ,2021; BASF and AgBiome launched a new biological fungicide to the market in Europe, and key countries in the Middle East and Africa. The products developed by AgBiome are marketed as Howler® in the United States.
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