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“Expansion of livestock industry, adoption of organic farming practices among farmers to drive the inoculants market”.
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. The growth of the livestock industry, rise in prices of feed grains, and adoption of organic farming practices by farmers due to the increasing health concerns among consumers are projected to drive the growth of the market. Emerging countries in South America and Asia Pacific are projected to create lucrative opportunities for inoculant manufacturers in the coming years.
By crop type, the cereal & grains segment is projected to dominate the inoculants market during the forecast period.
Based on crop type, the cereals & grains segment is estimated to account for the largest share in the inoculants market in 2019. Cereals and grains include wheat, corn, barley, and rice. The US is a major wheat-producing country. According to the USDA, wheat ranks third major crop produced among the US field crops, following corns and soybeans. Apart from this, Brazil is the largest producer of corn and is ranked among the top producers at a global level as well. According to the US Department of Agriculture’s World Agricultural Supply and Demand Estimates, the country’s corn exports was 35 million MT in 2018-2019, which makes it the second-largest corn exporter at a global level, after the US.
The fungal segment is projected to record the fastest growth during the forecast period.
Fungal inoculants help plants to absorb phosphorus and other nutrients for use. Mycorrhizal fungi live in plant roots and are well-known for their ability to provide phosphorus to plants. The demand for fungal microbes is projected to increase in the coming years, with the rise in organic farming practices at a global level.
By type, the silage inoculants segment is projected to dominate the inoculants market during the forecast period.
Based on type, the silage inoculants segment is estimated to account for the largest share in the inoculants market in 2019. The silage inoculants segment accounts for the largest share in the inoculants market. Sales of silage inoculants are on a rise due to the expansion of the livestock industry in the 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.
Break-up of Primaries
- By Manufacturer (Designation): Managers & Executives-45%, Junior-level Employees -33%, and Managing Directors-22%
- By Designation : CXOs–45%,Managers - 33%, and Executives-22%
- By Country: North America – 20%, Europe – 55%, Asia Pacific– 20%, RoW – 5%
This report segments the inoculants market based on type, crop type, microbe and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the inoculants industry, the high-growth regions, countries, government initiatives, market disruption, drivers, restraints, opportunities, and challenges.
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