The inoculants market is estimated to reach USD 924 million in 2020 and is projected to account for USD 1,207 million by 2025, recording a CAGR of 6.9% during the forecast period. In South America, countries such as Brazil and Argentina are projected to offer high growth prospects in the coming years, as they are ranked among the largest producers of soybean at a global level, driving the demand for inoculants in the region.
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The South American inoculants market is projected to be the fastest-growing market during the forecast period. Countries such as Brazil and Argentina constitute the largest country markets in the Latin American region. Both these countries are the major contributors in the production of soybean. Agricultural inoculants are widely used for soybean crops. Hence the consumption of inoculants is projected to increase in the next five years. It is one of the largest regions that have organic agricultural land area, due to which the demand for agricultural inoculants remains high.
This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the inoculants market. It consists of the profiles of leading companies, such as Corteva (US), BASF (Germany), Bayer (Germany), Novozymes (Denmark), Verdesian Life Sciences (US), Advanced Biological Marketing Inc. (US), BrettYoung (US), Precision Laboratories, LLC (US), Queensland Agricultural Seeds Pty (Australia), and XiteBio Technologies Inc. (Canada). Apart from this, other key players include Chr. Hansen (Denmark), Lallemand Inc. (Canada), Kemin Industries, Inc (US), Provita Supplements GmbH (Germany), Cargill (US), Archer Daniels Midland Company (US), BIOMIN Holding GmbH (Austria), Terramax (US), BIO-CAT Microbials (US), and MBFi (South Africa).
Based on type, the silage inoculants segment is estimated to account for the largest share in the market in 2019. The silage inoculants segment accounts for the largest share in the market. Sales of silage inoculants are on rise due to the expansion of the livestock industry in emerging countries across regions. Urbanization has increased the sales of animal-based products, such as milk, eggs, and meat. With the rise in prices of feed grains, agricultural inoculants serve as a suitable alternative.
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Based on crop type, the cereals & grains segment is estimated to account for the largest share in the market in 2019. Cereals and grains include wheat, corn, barley, and rice crops. The US is a major wheat-producing country. According to the USDA, wheat ranks as the third majorly produced crop among the US field crops, following corn and soybean. Apart from this, Brazil is the largest producer of corn and is also ranked among the top producers at a global level. According to the US Department of Agriculture’s World Agricultural Supply and Demand Estimates, the country’s corn exports was 35 million MT during 2018-2019, due to which it is the second-largest corn exporter at a global level, after the US.
Dec 16, 2021
Inoculants Market – Analysis, Trends and Forecasts
The inoculants market is estimated to reach USD 924 million in 2020 and is projected to account for USD 1,207 million by 2025, recording a CAGR of 6.9% during the forecast period. In South America, countries such as Brazil and Argentina are projected to...
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