The agricultural biologicals market is anticipated to reach USD 27.9 billion by 2028 from USD 14.6 billion in 2023, at a CAGR of 13.8% during the forecast period in terms of value.
The agricultural biologicals market is expected to achieve a value of USD 27.9 billion by 2028, marking substantial growth from its 2023 value of USD 14.6 billion. This growth reflects a robust compound annual growth rate (CAGR) of 13.8% during the forecast period.
The expansion of the agricultural biologicals market is primarily attributed to the increasing prevalence of organic farming practices and government-led initiatives supporting this sector.
Given the vast expanse of agricultural land in South America, there is a growing awareness and concern regarding the environmental impact associated with traditional farming methods. To address these concerns, there is a rising demand for agricultural biologicals.
These products offer more sustainable alternatives by reducing reliance on synthetic pesticides and fertilizers. Agricultural biologicals are derived from natural sources like beneficial microorganisms, plant extracts, and biopesticides.
They contribute to enhancing soil health, promoting biodiversity, and fostering overall ecosystem sustainability.
Furthermore, South American nations play a significant role as exporters of agricultural commodities. To comply with the stringent regulations of international markets, especially in Europe and North America, farmers are increasingly embracing agricultural biologicals as a sustainable and residue-free substitute for conventional agrochemicals.
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The expanding global trend towards organic farming, fueled by consumer preferences for products produced without synthetic inputs, is propelling the growth of the agricultural biologicals market. As organic agriculture continues to gain traction, the demand for agricultural biologicals as a fundamental component of organic farming systems is driving market expansion.
According to a recent report by FiBL and IFOAM – Organics International in 2023, there was a global increase in organic farmland and retail sales. The report reveals that organic farmland expanded by 1.3 million hectares, equivalent to a growth rate of 1.7%, reaching a total of 76.4 million hectares by the end of 2021.
With the expansion of organic farmland, the demand for agricultural biologicals, including biopesticides, beneficial microorganisms, and organic fertilizers, increases. These inputs are crucial for complying with organic standards and supporting organic farming practices.
As organic farming continues to grow, there is a greater need for agricultural biological products to meet the specific requirements of organic crop production.
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