Pune, India, July 13, 2023 (GLOBE NEWSWIRE) — The global biofertilizers market size stood at USD 2.02 billion in 2022 and is expected to reach from USD 2.26 billion in 2023 to USD 5.02 billion by 2030, exhibiting a CAGR of 12.05% over the study period. The escalation is driven by an increase in product adoption owing to the rising water and soil pollution due to the excessive use of chemical fertilizers.
Fortune Business Insights™ provides this information in its research report, titled “Biofertilizers Market, 2023-2030”.
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Biofertilizers are living microorganisms that enhance the fertility of soil through their biological activities. They are commonly used in agriculture to replace or supplement chemical fertilizers. Biofertilizers are capable of fixing atmospheric nitrogen, solubilizing phosphorus, and mobilizing other essential nutrients from the soil, making them available to plants in a form that can be easily absorbed.
List of Key Players Mentioned in the Biofertilizers Market Report:
- Lallemand Inc. (Canada)
- National Fertilizers Limited (India)
- IPL Biologicals (International Panaacea Limited) (India)
- Bioceres S.A. (Argentina)
- BioWorks Inc. (U.S.)
- SOM PHYTOPHARMA (INDIA) LIMITED (India)
- American Vanguard Corporation (U.S.)
- Gujarat State Fertilizers & Chemical Ltd. (India)
- Symborg (Spain)
- Novozymes (Denmark)
Biofertilizers are eco-friendly, cost-effective, and sustainable alternatives to chemical fertilizers, which can cause environmental pollution and soil degradation over time. They also promote soil health and biodiversity by increasing microbial activity in the soil. However, it is important to note that biofertilizers may not provide the same immediate nutrient availability as chemical fertilizers and may require longer periods of time to see a noticeable effect on plant growth. Additionally, the effectiveness of biofertilizers can vary depending on soil conditions and crop species, and they may need to be combined with other management practices to achieve optimal results.
Report Scope & Segmentation:
| Report Attribute | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 12.05% |
| 2030 Value Projection | USD 5.02 billion |
| Market Size in 2023 | USD 2.26 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 199 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Biofertilizers Market Growth Drivers | Increasing Emphasis on Organic Agriculture to Drive the Market Growth |
| Rising Governmental Support to Boost the Growth of the Market |
Segments:
Nitrogen Fixing Segment to Gain Traction Driven by Ability to Generate Higher Yield
On the basis of type, the market is fragmented into phosphate solubilizers, nitrogen fixing, and others. The nitrogen fixing segment is expected to depict a substantial surge over the forecast period. The surge is due to the growing product adoption for the increasing usage of the product for high-demand crops such as oilseeds, rice, wheat, and others.
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Rhizobium to Emerge as Dominating Segment Owing to High Efficacy in Crop Production
Based on microorganism, the market for biofertilizers is segmented into rhizobium, azotobacter, azospirillum, bacillus, pseudomonas, VAM, and others. The rhizobium segment is anticipated to register considerable growth throughout the projected period. The rise is driven by an increase in product adoption in agriculture owing to escalating importance in providing major source of nitrogen in soil.
Seed Treatment to Depict Considerable Surge Impelled by Various Benefits
By application, the market is subdivided into soil treatment, seed treatment, and others. The seed treatment segment is set to register substantial expansion over the projected period. The surge is impelled by the extensive utilization of the product in avoiding bacterial or viral attacks.
Cereals Segment to Register Appreciable Growth Owing to Rising Organic Cereal Demand
Based on crop type, the market for biofertilizers is categorized into pulses & oilseeds, cereals, fruits & vegetables, and others. The cereals segment is poised to exhibit lucrative growth over the study period. The rise is driven by the surging demand for organic cereals in developing and developed economies owing to potential health benefits.
Considering the regional landscape, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive account of the vital trends propelling the overall market scenario over the upcoming years. It further provides an analysis of the major aspects impelling the global business landscape. These insights have been furnished after wide data collation from reliable sources.
Drivers and Restraints:
Escalating Emphasis on Organic Agriculture to Propel Market Growth
One of the major factors propelling the biofertilizers market growth is the increasing adoption of organic agriculture. This is attributed to the fact that the issue of soil contamination is driven by the use of synthetic fertilizers.
However, the industry expansion is likely to be hampered by the high cost of production of biological fertilizers.
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Regional Insights:
North America to be the Leading Region Driven by the Increasing Number of Organic Farms
The North America biofertilizers market share is expected to register an appreciable surge over the projected period. The surge can be attributed to the escalating number of organic farms in leading economies such as Canada, Mexico, and the U.S.
The Europe market is slated to record substantial expansion throughout the estimated period. The rise is due to the increasing imposition of strict regulations regarding the usage of chemical fertilizers.
Competitive Landscape:
Key Companies Enter into Partnership Agreements to Strengthen Industry Foothold
Major players in the market are adopting a range of strategic initiatives for the consolidation of industry position. Some of the other steps comprise merger agreements, acquisitions, and the rollout of new products. Additional initiatives include an increase in research activities.
Key Industry Development:
June 2021 – Symborg launched Qlimax as part of steps to expand its product portfolio. The solution doubles the microbial flora concentration in the soil, stimulating its development.
Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Biofertilizers Industry SWOT Analysis
- Supply Chain & Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Biofertilizers Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Nitrogen Fixing
- Phosphate Solubilizers
- Others
- By Microorganism (Value)
- Rhizobium
- Azotobacter
- Azospirillum
- Pseudomonas
- Bacillus
- VAM
- Others
- By Application (Value)
- Seed Treatment
- Soil Treatment
- Others
- By Crop Type (Value)
- Cereals
- Pulses & Oilseeds
- Fruits & Vegetables
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
TOC Continued…!
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Read Related Insights:
Nitrogenous Fertilizer Market Size, Share and Regional Forecast, 2019 – 2026
Phosphatic Fertilizers Market Size, Share & Analysis and Regional Forecast, 2019-2026
Agricultural Biologicals Market Size, Share and Regional Forecast, 2022–2029
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