- Rise in focus of global farmers to improve the quality of soil is expected to help the biofertilizers market gain valuation of US$ 5.2 Bn by 2031
ALBANY, N.Y., March 28, 2022 (GLOBE NEWSWIRE) -- Analysts at Transparency Market Research (TMR) expect the global biofertilizers market to expand at a CAGR of 12.2% during the forecast period, from 2021 to 2031.
Biofertilizers are being increasingly used by farmers, owing to their ability to expand the nutrient-absorbing surface area outside the depletion zone of the root. Hence, increase in the product use is generating lucrative prospects in the global biofertilizers market. Moreover, rising efforts of manufacturers to spread awareness regarding the advantages of their products such as cost-effectiveness and ability to decrease toxicity levels in the environment is bolstering the biofertilizers market.
Due to increase in the use of chemical fertilizers, the quality of soil is being declining globally. Rise in understanding on the adverse effects of such chemically grown food on the human health has resulted into increasing efforts of government authorities to encourage farmers to use biofertilizers. For instance, several nations in which the agriculture sector works as key growth contributor in the economy are providing farmers different schemes, plans, and other advantages in order to promote the use of biofertilizers. Such initiatives are propelling the global biofertilizers market.
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Biofertilizers Market: Key Findings
- Biofertilizers are being adopted by many farmers from across the globe due to different advantages they offer. For instance, these fertilizers are gaining traction, owing to their ability to fix atmospheric nitrogen in root nodules of legume crops as well as in the soil. Surge in the use of these fertilizers due to their ability to boost the production of legumes, is resulting in increased sales growth of the global biofertilizers market.
- Leading companies operating in the global biofertilizers market are investing time and money on product innovations. Furthermore, several enterprises are using the strategies of joint ventures, mergers, and collaborations in order to maintain prominent position in the market for biofertilizers.
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Biofertilizers Market: Growth Boosters
- Surge in product use in the cultivation of fruits, vegetables, cereals, grains, pulses, and oil seeds is bolstering the global biofertilizers market
- Increase in demand for organic cereals across the globe is resulting in a surge in the use of biofertilizers, which, in turn, is fueling the sales prospects in the market
- Rise in inclination among people toward consuming organic products and natural vegetables is favoring the demand for biofertilizers
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Biofertilizers Market: Regional Analysis
- The biofertilizers market in North America is estimated to maintain its dominant position and register growth at a CAGR of over 11.8% during the forecast period. This growth can be ascribed to rise in use of biofertilizers in various applications such as cereals & grains, fruits & vegetables, and oil seeds & pulses. Moreover, the U.S. is a leading country in the North America biofertilizers market.
- China is likely to offer promising growth prospects, owing to a surge in use of biofertilizers by farmers in the country for cultivation of grains, cereals, vegetables, and fruits
Biofertilizers Market: Key Players
Some of the key players profiled in the report are:
- Gujarat State Fertilizers and Chemicals Ltd.
- Novozymes A/S
- Rashtriya Chemicals and Fertilizers Limited
- Agri Life
- Rizobacters Argentina S.A.
- Italpollina SpA
- Symborg S.L.
- T. Stanes & Company Limited
- Bio Protan
- Biomax
- Camson Biotechnologies Limited
- Mapleton Agri Biotech Pty Ltd.
- Bodisen Biotech Inc.
- Terra Max Inc
- National Fertilizer Limited
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Biofertilizers Market Segmentation
Product
- Nitrogen Fixing
- Phosphate Mobilizing
- Potassium Mobilizing
Application
- Cereals & Grains
- Fruits & Vegetables
- Oil Seeds & Pulses
- Others (including Nursery and Turf)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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