April 20, 2024
Agricultural Biological Market

Agricultural Biological Market Poised For Considerable Growth Owing to Increasing Demand For Organic Food

The agricultural biological market is primarily engaged in the production of biological products that are used in agriculture. Some of the key products in this market include biopesticides, biofertilizers and other biological inputs that help in improving crop health and soil fertility. With rising health and environmental concerns, there has been a significant shift towards sustainable and organic farming practices. Biological products are considered safer alternatives to chemical pesticides and fertilizers and help promote biodiversity and ecological balance.

The global agricultural biological market is estimated to be valued at US$ 14,245.71 million in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.

Key Takeaways

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. The key players are focusing on developing innovative biological solutions and expanding their presence globally.

There is a huge potential for biological products in the growing organic food industry. With stringent regulations on chemical inputs and rising health awareness, demand for certified organic food is increasing at a rapid pace providing opportunities for growth of agricultural biologicals.

Many companies are venturing into new markets in Asia Pacific and Latin America to tap the growth opportunities owing to increasing organic farmland and government support in these regions. Partnerships with local players help strengthen distribution and brand presence globally.

Market drivers

The major market driver is the increasing demand for organic and safe food. Consumers are increasingly preferring chemical residue free food items and there is a rising preference for sustainable farming practices. This increased demand has necessitated lower reliance on agrochemicals and adoption of natural products like biofertilizers and biopesticides thereby driving growth of the Agricultural Biological Market Size.

PEST Analysis

Political: Agricultural Biological Market is regulated by governmental bodies who set policies and guidelines regarding use of agricultural biologicals and GMOs. Any changes in such policies can impact this market.

Economic: The overall economic growth and rise in disposable incomes influence the demand in this market. Additionally, funding policies for agriculture and allied sectors also determine growth.

Social: Concerns around use of GMOs and their impact on environment and human health influence this market. Consumer preferences for organic and eco-friendly products impact demand.

Technological: Advancements in biotechnology, engineering, and data sciences are enabling development of innovative and sustainable agricultural biological solutions. Technologies like IoT and predictive analytics are also being leveraged.

The agricultural biological market in terms of value is mainly concentrated in regions with large agricultural outputs and cultivable lands like North America, Europe, Asia Pacific, and South America. The Asia Pacific region accounted for over 35% value share of the global market in 2024 owing to high agricultural production in countries like China and India.North America was the second largest regional market supported by developed agriculture and livestock sector in the US and Canada.

The Middle East and Africa region is projected to be the fastest growing region for the agricultural biological market between 2024 to 2031 due to initiatives by various governments to enhance productivity and ensure food security in countries like Saudi Arabia, South Africa and Egypt through sustainable agricultural practices and use of biologicals. The rising population and increasing imports of food crops will drive investments towards boosting localized agricultural production through biological solutions in this region over the forecast period.

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