The Europe agricultural inoculants market was valued at USD 53.86 billion in 2023 and is anticipated to reach USD 58.13 billion in 2024 from USD 106.95 billion by 2032, growing at a CAGR of 7.92%, from 2024 to 2032. With the increasing demand for organic food and organic farming and increasing environmental awareness regarding the use of chemical fertilizers and pesticides, the requirement for agricultural inoculants is increasing, which boosts the growth of this market in the above-mentioned forecast period.
Micro and Macronutrients are the essential components in all the life stages of the plant. The absence or lack of these micronutrients causes the plant to be unhealthy and decreases productivity. The retention capacity of the soil is worsening each day due to pollution and other environmental disturbances. To ensure the health of the plant, agricultural inoculants are applied to them. These are beneficiary microbes formulated to prevent plant diseases, help in their growth and increase food productivity.
Factors like the high demand and cost of basic agrochemicals like pesticides and fertilizers, the increasing popularity of organic foods and organic farms, and the limitless need for increased food productivity to achieve the needs of the growing population are driving the market forward. Yet the lack of awareness among farmers, a reduction in significant farm acreage and low adoption rate due to lack of proper channels is restricting the growth of this market. Moreover, high growth potential in developing regions and technological advancement in the manufacture of inoculants offer the future growth potential for this market.
Based on the regional analysis the market is segregated into regions of Germany, France, U.K., Italy and Spain. Product wise, the most widespread product is PGPMs – Plant Growth Promoting Micro-organisms having the highest share. Germany is dominating the market with the largest share and is the fastest-growing region.
Some of the key firms in 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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