The biologicals market reached $7.84 billion in 2023 with a projection of reaching $15.90 billion in 2028, and a compound annual growth rate (CAGR) of 15.20% in the period of 2023-2028.
Some of the main reasons for the growth of the agricultural biologicals market are:
- The increase in environmental awareness among farmers, who prefer to use environmentally friendly products.
- Higher incidence of pest and disease outbreaks in crops.
- The need to improve crop yields.
- The emergence of resistance to active substances.
- Restrictions imposed by different countries regarding the use of synthetic substances.
Competition between different players is not limited to promoting products and improving quality, but also to establishing strategic moves. Examples of the main strategies include the launch of new products, the formation of partnerships and the acquisition of other companies.
Leading companies are increasing investments aimed at developing differentiated products, collaborating with new suppliers and acquiring other companies, in order to expand their market share and strengthen their R&D&I.
Source: Mordor Intelligence
In 2022, 96.4 million hectares worldwide were under organic management, which represents 4.5 million organic producers, an increase of 26.6% compared to the previous year (FiBL and IFOAM – Organics International, 2022).
In Europe, the biologicals market is estimated to reach $9.35 billion in 2024, and it is expected to reach $14.12 billion in 2029, with a compound annual growth rate of 8.59% during the period.
Source: Mordor Intelligence
Source: FiBL survey 2024
TRICHODEX® (Grupo Fertiberia) has a Research, Development and Innovation (R&D&I) Department that has further explored new environmentally friendly technologies, working and collaborating with world-renowned universities and research centres. It offers a catalogue in which 80% of the solutions are registered as organic.
In the R&D&I Department, the greatest effort goes toward the technical development of products created with microorganisms, elicitors and metabolites that enhance the microbiome of plants. It is an approach that seeks to boost the productive capacity of crops and reduce different types of stress.
Sources:
- Mordor Intelligence Research & Advisory. (2023, August). Agricultural Biologicals Market Size & Share Analysis – Growth Trends & Forecasts (2024 – 2029). Mordor Intelligence. Retrieved 5 April 2024, from https://www.mordorintelligence.com/industry-reports/agricultural-biologicalsmarket
- The World of Organic Agriculture Statistics and Emerging Trends 2023 https://www.fibl.org/fileadmin/documents/shop/1254-organic-world-2023.pdf
To find out more about what biotechnology is, its types and applications, the AgroTech and BioTech projects that we carry out at Fertiberia, and the biotechnological products that we develop, visit our specific section with related information.
