Global Agricultural Biologicals Market Size to grow by US$ 29.59 Bn in 2030.
Global Agricultural Biologicals Market Size is expected to be worth USD 9.46 billion in 2021 and is estimated to reach up to USD 29.59 billion by 2030, at a compound annual growth rate (CAGR) of 14.30% from 2022 to 2030.
The term "agricultural biologicals" refers to naturally occurring microorganisms obtained from plants that are effective in defending crops against a variety of plant diseases and other pests that can cause plant death. In addition to shielding plants against disease, these biological techniques can raise crop fertility and yield overall. The integrated pest management strategy relies heavily on these cutting-edge agricultural biological technologies. To achieve the necessary level of crop protection and prevent plant diseases, such products can be employed as complimentary products with chemical pest-resistant as well as other plant protection chemicals.
Growing instances of pest outbreaks in crops, increased consumer knowledge of and demand for agricultural food of the highest quality, and the emergence of pest resistance to various plant protection chemicals are some of the key drivers of market expansion. The misuse of crop protection chemicals is damaging the environment, which is increasing demand for biological products that may be used alone or in conjunction with synthetic pest resistant compounds. This need is expected to support market expansion during the forecast period.
The Covid-19 outbreak had seriously impacted the supply systems in the food and agricultural industries. However, due to the flexibility of producers, supply chain contributors, and retailers as well as the quick and comprehensive response of governments, minor economic consequences were seen in the industry. According to OECD (Organization for Economic Co-operation and Development), governments in 54 developed and emerging countries took close to 800 actions with the intention of preventing worsening disruptions, aiding affected producers and consumers, or accelerating the recovery of affected production activities. The agricultural biologicals market is anticipated to experience a short-term decline as a result of the epidemic. Due to the goal in guaranteeing stable supply chains, sustainable crop production, and food security, the pandemic is anticipated to increase investment in agricultural biologicals.
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Investment in R&D and targeting emerging economies as their next opportunity for expansion are two of the main methods used by business participants. The industry is still in the early stages of development, and merger and acquisition activity is moderate. Either expanding geographically or strengthening the product offering is the main justification for acquisitions. Future market competition is anticipated to be fierce due to the rising number of product approvals and investments in bio-ingredients.
The US Environmental Protection Agency (USEPA) often requires less rigorous data to register a biopesticide than a chemical pesticide because biopesticides typically pose fewer environmental dangers than chemical pesticides. As a result, compared to an average of more than three years for chemical pesticides, novel biopesticides are frequently registered in less than a year. In the European Union, biopesticides are subject to the same regulations as chemical pesticides. The EU receives timely and extensive assistance from the OECD, a 34-nation organization with its headquarters in Paris, France, in order to evaluate biopesticides for reducing dangers to humans and the environment.
Launching products that meet the criteria and standards specified by various regional and governmental regulatory organizations or agencies is the primary tactic used by firms competing in the global market (to commercialize the product). In order to create cutting-edge, superior solutions for use with a variety of crop kinds, they are aggressively engaging in R&D efforts in partnership with governmental organizations and agricultural research universities.
North America region dominates the market share of the global agricultural biologicals market owing to the regions need for biological products are rising as a result of the rising desire for organic agriculture. Through the development of updated test methodologies and clear guidance documents, the US Environmental Protection Agency (EPA), which is responsible for pesticide regulation in the US, has improved the efficiency of the registration of biopesticide products. As a result, more than 430 biopesticide ingredients are currently available in the nation. However, Asia Pacific region is expected to witness the highest growth rate due to the majority of agrarian economies, including India, Japan, Thailand, Malaysia, South Korea, and the Philippines, are concentrated in the Asia Pacific area.
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KEY INDUSTRY DEVELOPMENTS:
June 2019- A distribution deal was signed by Bayer and AlphaBio Management to commercialise Flipper, a cutting-edge biological pest control solution created by AlphaBio.
January 2019- Two of Marrone Bio Innovations Inc.'s products were approved for sale in Canada according to an announcement made by the company. The Pest Management Regulatory Authority licenced MBI-110 Biofungicide, which is sold as Stargus for specialty crops in the United States (PMRA). Canadian Food Inspection Agency has authorised Haven Sun Protectant (CFIA).
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