The Latin America Agricultural Inoculants Market was worth USD 43.59 million in 2021 and estimated to be growing at a CAGR of 6.93%, to reach USD 60.94 million by 2026. With the increasing popularity for organic food and organic farming, and strict rules regarding the use of chemical fertilizers and pesticides, the necessity for agricultural inoculants is increasing which enhances the growth of this market in the above-mentioned forecast period.
Micro and Macro nutrients are the essential components in all the life stages of the plant. Absence or lack of these micro nutrients cause the plant to be unhealthy and decrease the 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.
Latin America Agricultural Inoculants Market Drivers:
Factors accountable for driving the market high demand and cost of basic agrochemicals like pesticides and fertilizers, increasing demand for organic foods and organic farms, and the never-ending need for increased food productivity to achieve the needs of growing population. On the other hand the lack of awareness among growers, a notable reduction cultivable and low adoption rate due to lack of proper channels is slowing the growth of this market. Moreover, high growth potential in developing regions and technological advancement in making of inoculants offer the future growth potential for this market.
Latin America Agricultural Inoculants Market – By Type:
Plant Growth Promoting Micro-organisms
Latin America Agricultural Inoculants Market – By Source:
Latin America Agricultural Inoculants Market – By Application:
Latin America Agricultural Inoculants Market – By Crop Type:
Based on the regional analysis the market is segregated into regions of Mexico, Brazil and Argentina. Product wise the most widespread product is PGPMs – Plant Growth Promoting Micro-organisms having highest share. Brazil is dominating the market with largest share and Mexico is the fastest growing region.
Some of the key players 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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