PitchBook-生物制品让自然回归农业（英）-2024.1-9页_268kb

This report provides a comprehensive analysis of the agricultural biologicals industry, which involves products derived from natural sources to enhance farming sustainability. Key findings include:

Overview: Despite an overall weak macroeconomic environment, demand for agricultural biologicals remains strong. The industry is projected to reach nearly $15 billion in revenue in 2023, with nearly $1 billion in VC investment. These products, such as biopesticides, biofertilizers, and biostimulants, leverage natural organisms to provide an alternative to conventional chemical inputs.

Categories: Biofertilizers use beneficial microbes to improve nutrient availability and soil health. Biopesticides target pests and diseases, offering a different mode of action. Biostimulants promote plant growth and stress tolerance.

Benefits and Challenges: Benefits include reduced chemical reliance, environmental sustainability, improved soil fertility, effective resistance management, and compatibility with organic farming. Challenges involve variable efficacy, high R&D costs, limited farmer awareness and education (e.g., 21-41% of farmers need to learn more), logistical issues with storage, complex regulations, pest/disease adaptation, and overcoming skepticism towards traditional practices.

Market: The global market is expected to grow rapidly, from $14.6 billion in 2023 to $27.9 billion by 2028, driven by sustainability concerns, growing populations, supportive regulations, technological advancements, climate change resilience, economic viability, and supply chain disruptions elsewhere. Bio inputs are generally seen less as a replacement for chemicals and more as a complementary "tool in a toolbox." The largest acquisitions in the space have been by major agrochemical companies (Bayer, BASF, Corteva, ChemChina).

VC Activity: VC investment in agricultural biologicals reached $983.5 million (excluding biotech) in 2023, a significant increase. Biofertilizers and biostimulants attracted the most investment, while inoculants and semiochemicals faced adoption barriers. Deal sizes increased overall, while valuations declined due to market volatility and exit challenges. Top VC-backed companies include Pivot Bio, Ynsect, AgBiome, Provivi, Vestaron, Invaio, and others.

Macro Drivers: Adoption is fueled by environmental concerns, the need to feed a growing population, government policies supporting sustainable agriculture, technological innovations, the need for climate resilience, farmer economic calculations, and geopolitical disruptions impacting supply chains for conventional inputs.

Exits: The sector is still relatively new, and VC-backed exits remain relatively rare. M&A is the most common exit path, alongside IPOs and reverse mergers.