Agricultural Biologicals Market To Reach USD 13500 million by 2029, witnessing a CAGR of 7.1%

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04 Aug, 2023, 06:01 ET

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BANGALORE, India, Aug. 4, 2023 /PRNewswire/ -- Agricultural Biologicals Market is segmented by type (Biopesticides, Biostimulants, Biofertilizers), by application (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Others) : Global Opportunity Analysis and Industry Forecast 2023–2029. It is published in Valuates Reports under the Agriculture & Forestry Category.

Agricultural Biologicals market was valued at USD 8285.7 million in 2022 and is anticipated to reach USD 13500 million by 2029, witnessing a CAGR of 7.1% during the forecast period 2023-2029.

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Major factors driving the growth of the Agricultural Biologicals Market

The prevalence of pest outbreaks in crops, rising consumer awareness of and demand for agricultural food of the highest quality, and the emergence of pest resistance to various plant protection products are some of the key drivers of the worldwide Agricultural Biologicals Market expansion.

Furthermore, the agricultural biologicals market is anticipated to be significantly influenced by the growing demand for foods produced through organic farming.

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TRENDS INFLUENCING THE GROWTH OF THE AGRICULTURAL BIOLOGICALS MARKET

Although it is ideal for pesticides to be fatal to the creatures they are intended to control as well as biodegradable and environmentally beneficial, this is not always the case. As a result, several innocuous creatures that are beneficial to the ecosystem have died or been eliminated. In integrated nutrient management, which uses plant nutrients to support agriculture by displacing artificial fertilizers, biofertilizers are crucial. Both biopesticides and biofertilizers play a key role in ensuring the security of food for the growing population and restoring the soil's fertility and require more research to increase their quality. This factor is expected to drive the growth of the Agricultural Biologicals Market.

It will be crucial to increase resource usage efficiency, environmental protection, and system resilience as the world moves towards sustainable food and agriculture. A popular strategy for minimizing chemical inputs and maximizing the advantages of ecosystem interactions is increasing natural biodiversity. The agricultural industry as a whole has embraced the urgency and direction that the sustainable agriculture idea suggests. Many government, private, and non-profit agricultural research initiatives now include sustainability as a key element, and agricultural policy is starting to include it. More and more farmers and ranchers are starting their own journeys towards sustainability by integrating new ideas into their own businesses. This factor is expected to drive the growth of the Agricultural Biologicals Market.

Increased demand for organic foods and drinks has been influenced by changing consumer attitudes and behavior, including ideas like personal empowerment, resiliency, connection, and a desire for systemic change. Given more options and more health worries, many customers go to organic products for healthier alternatives. Many international groups place a high premium on creating sustainable food systems in the long run. The sustainability of food systems may be impacted by various agricultural management practices since these practices may have an influence on human health, animal welfare, food security, and environmental sustainability. In this essay, we examine the evidence that there are connections between agricultural practices (conventional vs. organic) and public health. This factor is expected to drive the growth of the Agricultural Biologicals Market.

To guarantee that new biotechnology products are secure for the environment and the health of people and animals, the federal government maintains a coordinated, risk-based framework. n. The government agencies actively support the creation and use of bio-pesticides and bio-fertilizers, which are crucial tools for putting these policies into practice. Administrative changes were made to streamline the technical evaluation and product review processes in order to encourage the development of bio-pesticides and bio-fertilizers. These changes could hasten the registration of related products, while research funding opportunities were also made available for pertinent research topics in product development and commercialization. This factor is expected to drive the growth of the Agricultural Biologicals Market.

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AGRICULTURAL BIOLOGICALS MARKET SHARE ANALYSIS

Due to the growing attention that farmers and agriculturalists are giving to the development of pest resistance products for crops in order to boost the production of high-quality crops, biopesticides have the biggest market share for agricultural biologicals globally. The area suitable for organic farming is expanding, and there is a rising market for organic goods, which is driving up demand for pesticides globally.

With a USD share of the worldwide market, North America emerged as the top region. Due to stringent usage restrictions on numerous synthetic crop protection agents, which represent a serious risk to both human health and the environment, the need for biological crop production and crop protection solutions is fast increasing. Throughout the projection period, market expansion is projected to be supported by North America's accessibility to contemporary agricultural technology, machinery, and other resources.

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