May 21, 2024
Agricultural Biological Market

Agricultural Biological Market poised to Propelled by increasing productivity and yields

Agricultural biologicals are sustainable agricultural products used as alternatives to chemical pesticides, fertilizers and growth regulators. This includes biopesticides, biofertilizers and biostimulants that help increase productivity and crop yields in an environment friendly manner. They play a vital role in integrated pest management and sustainable agriculture by improving soil health.

The global Agricultural Biological Market is estimated to be valued at US$ 14245.71 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One key trend driving growth in Agricultural Biologicals Market Size is the increasing demand for organic and chemical-free food. With the rising health and environment concerns, consumers are shifting towards organic products. This has encouraged farmers to adopt biological solutions that reduces dependency on chemicals and enhances soil fertility in a natural way. Agricultural biologicals including biofertilizers and biopesticides offer similar crop protection with added benefits of being environment friendly and resulting in higher yields. Their usage is expected to grow significantly in the coming years as sustainable agriculture gains prominence.

SWOT Analysis

Strength: Agricultural biological products help increase crop yields in a sustainable manner with minimal environmental impact. They protect crops and boost their immunity without relying on chemicals.

Weakness: Agricultural biological products typically have a higher upfront cost than traditional chemical pesticides and fertilizers. They also require more expertise and precision in application.

Opportunity: With growing consumer demand for organic and chemical-free food, there is a big opportunity for agricultural biological products to gain more market share. Regulations around the world are also pushing farms to reduce chemical usage.

Threats: Resistance development in pests and diseases poses a challenge for the consistent efficacy of certain biological products. Weather changes can lower their effectiveness in some seasons. Traditional agricultural inputs have a well-established supply chain and consumer acceptance.

Key Takeaways

The global Agricultural Biological Market is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 14245.71 Mn by 2024 growing at a CAGR of 4.1% during the forecast period.

Regional analysis: Asia Pacific region currently dominates the global market and is expected to continue its leadership through 2031. Countries like India, China, Indonesia are increasingly adopting sustainable and organic farming practices which is driving higher demand for agricultural biological products in the region. North America and Europe are other major markets growing rapidly due to stringent regulations curbing chemical usage.

Key players: Key players operating in the Agricultural Biological Market are Amezeus (HFS Group), Ather Energy, Bikeep, cycle works, EV Motors India Pvt. Ltd, Robert Bosch GmbH, RTL Group, Spelsberg, swiftmile, and Zoov. These companies are investing in R&D to develop innovative and localized product offerings. Strategic collaborations with distributors are helping them scale up market presence globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it