Research and Markets announced the addition of the "Agricultural Inoculants Market by Type, Source, Mode of Application, Crop Type, & Geography - Global Trends & Forecasts to 2019" report to its offering.
The agricultural inoculants market is at a prime focus in the agriculture industry for its multi-functional benefits and functional properties. It is also known as bio-inoculants. Agricultural inoculants are used as they improve the availability of nutrients for the host plant. They enhance the plant uptake of phosphorus and zinc. It acts as a physical barrier against pathogens and protects plants, decomposes organic residues, and stimulates the overall plant growth and development.
Agricultural inoculants are gaining more significance in the market with a rise in prices of chemical/mineral fertilizers and increase in organic and eco-friendly farming practices, globally. The recent increase in the price of mineral/chemical fertilizers and commercial response to the rising food prices has reinforced the need to develop alternative soil fertility management strategies.
The agricultural inoculants market is projected to grow at a CAGR of 9.5% between 2014 and 2019. The market was dominated by North America in 2013 and accounted for the largest share in the total agricultural inoculants market. On the other hand, Latin America is projected to be the fastest-growing market for the period considered for this study due to its extensive use in soybean farming. In terms of types, the Plant Growth Promoting Micro-organisms (PGPMs) segment is projected to be the largest market for agricultural inoculants from 2014 to 2019.
The agricultural inoculants market is characterized by intense competition due to the presence of a large number of both large- and small-scale firms. Numerous manufacturers, mainly small-to medium-sized, exist worldwide and have been producing inoculant products similar in quality and quantity for decades. Expansions, acquisitions, agreements and new product launches are the key strategies adopted by market players to ensure their growth in the market.