The increasing need for crop protection products and product awareness will expand the biopesticides and biostimulants segments, says Frost & Sullivan
SAN ANTONIO, Sept. 22, 2022 /PRNewswire/ -- The growing adoption of sustainable farming practices is expediting the agricultural biologicals market growth, finds Frost & Sullivan's recent analysis, Global Agricultural Biologicals Market, Forecast to 2030. Significant push from policymakers, rising awareness among farmers, and increased investment in product development and innovations will expand the biopesticides and biostimulants segments of the agricultural biologicals sector. The market is expected to hit $25.25 billion by 2030 from $10.88 billion in 2021, registering an impressive expansion at a compound annual growth rate (CAGR) of 9.8%.
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"Economies' move to meet targets, such as reducing the use of chemical pesticides and fertilizers, expanding sustainable farming practices, such as organic farming, and pursuing carbon reduction goals, will drive the adoption of biologicals," said Smriti Sharma, Chemicals, Materials & Nutrition Program Manager at Frost & Sullivan. "Additionally, changing regulatory environments will drive the penetration of biologicals, especially biostimulants."
Sharma added: "The biologicals industry is highly fragmented; participants are trying to gain a higher market share through organic and inorganic growth strategies. Further, several small-to-medium-sized companies are active in the space, offering stiff competition to multinationals based on technology and product specialization."
The increasing demand for biologicals worldwide will present lucrative growth opportunities for market participants if they:
- Invest in the research and development (R&D) of novel, environment-friendly biologicals to cater to sustainability requirements.
- Create innovative go-to-market strategies and invest more to develop use cases highlighting the benefits and creating awareness of biologicals, especially biostimulants.
- Offer precision farming tools and equipment, especially smart spraying systems that could enable the precise and cost-effective application of biologicals.
Global Agricultural Biologicals Market, Forecast to 2030 is the latest addition to Frost & Sullivan's Chemicals, Materials & Nutrition research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Agricultural Biologicals Market, Forecast to 2030
SOURCE Frost & Sullivan