The Asia Pacific Agricultural Inoculants Market was worth USD 137.36 million in 2021 and estimated to be growing at a CAGR of 5.51%, to reach USD 190.86 million by 2026. With the growing demand for organic food and organic farming, and strict environmental regulations regarding the use of chemical fertilizers and pesticides, the necessity for agricultural inoculants is increasing which boosts the growth of this market in the above-mentioned forecast period.
Sometimes the plants do not get adequate nutrients be it due to infertility of the soil or poor retention or improper maintenance. Micro and Macro nutrients play important role in the growth and development of plant as they are a key component in many life stages of a plant. Agricultural Inoculants ensure that these essential nutrients are supplied to the plant thereby ensuring the health of plant and increasing crop yield.
Asia Pacific Agricultural Inoculants Market Drivers:
Major driving forces of the market are high demand and cost of basic agrochemicals like pesticides and fertilizers, increasing popularity for organic foods and organic farms, and the everlasting need for increased food productivity to satisfy the needs of growing population. Asian countries being the largest consumers of rice have the increased demand for improving food production. But the lack of awareness among consumers and low adoption rate due to lack of proper channels is hindering the growth of this market. Furthermore, high growth potential in developing regions and technological advancement in synthesis of inoculants provide the future growth potential for this market.
Asia Pacific Agricultural Inoculants Market – By Type:
Plant Growth Promoting Micro-organisms
Asia Pacific Agricultural Inoculants Market – By Source:
Asia Pacific Agricultural Inoculants Market – By Application:
Asia Pacific Agricultural Inoculants Market – By Crop Type:
Based on the geographical analysis the market is categorized into regions of China, Japan, South Korea, Taiwan, India, Southeast Asia, Australia. Product wise the most popular product is PGPMs – Plant Growth Promoting Micro-organisms having highest share. China is dominating the market with largest share owing to its huge population. India is the fastest growing region.
Some of the key companies leading this market include BASF SE, E.I. Du Pont de Nemours and Company, Bayer CropScience, Novozymes A/S, Brettyoung, Verdesian Life Sciences, Dow Chemical Company, Syngenta Ag, Precision Laboratories, Xitebio Technologies.
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