Market Leaders: BASF SE Launched an Agricultural Inoculant, new Nodulaid, Specifically Designed for Australian Farmers to Support Livestock Grazing in Inoculants Market
The global inoculants market size is estimated to be valued at USD 1.1 Billion in 2022. It is anticipated to reach USD 1.7 Billion by 2027, recording a CAGR of 8.1% in value. . The need to reduce pollution from agricultural waste has led to an increase in the use of composting methods of farming. The application of agricultural inoculants in farming is considered one such improved composting method of farming; hence, the use of agricultural inoculants has increased. Furthermore, the demand for agricultural inoculants in developed economies is increasing due to growing demand of organic inputs used for improving farm yield.
Key players operating in this market include Cargill, Incorporated (US), Archer Daniels Midland Company (US), DSM (Netherlands), Chr. Hansen Holding A/S (Denmark), Lallemand Inc. (Canada), Kemin Industries, Inc (US), Corteva Agriscience (US), BASF SE (Germany), Bayer AG (Germany), Novozymes A/S (Denmark), Verdesian Life Sciences (US), BIO-CAT (US), Microbial Biological Fertilizers International (South Africa), Agrauxine (US), and Provita Supplements GmbH (Germany). The key players are fixated on improving their market shares, while many new start-ups are emerging rapidly in the market.
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Corteva Agriscience operates through two main segments—seed and crop protection. It offers seed inoculants through its seed business segment. The company offers agricultural inoculants through its Pioneer brand. It is used to maximize forage performance and thus maximize feed performance. In September 2022, Corteva Agriscience announced the acquisition of Symborg, an expert in microbiological technologies. This would help the company to accelerate the development of a biologicals portfolio. Corteva Agriscience, being a divestiture from DowDuPont, owns a pre-established global presence complemented by its high brand image and intensive R&D activities in the agriculture industry. The firm develops and supplies high-quality products to farmers in over 90 countries.
BASF SE is a chemical manufacturing giant operating in the areas of chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. The company provides inoculants for soybeans, chickpeas, and peanuts under its brands, Vault and Nodulator. In March 2022, BASF SE announced a collaboration with AMVAC Chemical Corp to develop a Rhizo-Flo soybean inoculant solution for SIMPAS-applied solutions. The agricultural solutions segment of the firm attributed around 11% of the total sales of the company in 2021. The company’s dedicated R&D facilities, which continuously introduce new products have helped the company gain a competitive advantage in the market. The company’s total R&D expenditure in 2021 was USD 1067 million. BASF SE operates in more than 90 countries with around 232 production sites across regions such as Europe, the Americas, Asia, the Middle East, and Africa. This enables the company to large-scale production of different chemicals.
Related Reports:
Inoculants Market by Type (Agricultural Inoculants and Silage Inoculants), Microbe (Bacterial and Fungal), Crop Type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Forage Crops), Form (Liquid and Dry) and Region - Global Forecast to 2027
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