Redding, California, March 01, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Biofertilizers Market by Microorganism Type (Nitrogen-fixing Microbes {Rhizobia Bacteria}, Phosphate Solubilizing Microbes), Crop Type (Cereals & Grains, Oilseeds & Pulses), Mode of Application (Seed Treatment, Fertigation), and Form- Global Forecast to 2029,’ the biofertilizers market is projected to reach $3.2 billion by 2029, at a CAGR of 11.5% during the forecast period 2022–2029.
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Biofertilizers contain various microbes that can enhance plant nutrient uptake by colonizing the rhizosphere and making the nutrients easily accessible to plant root hairs. Biofertilizers are cost-effective and environment-friendly, making them effective alternatives to synthetic fertilizers.
The major factors driving the biofertilizers market include the growth in organic farming & the rising demand for organic food, the growing concerns regarding environmental safety, the increasing government initiatives to promote the use of biofertilizers, and the rising investments from leading market players.
Furthermore, the growing adoption of fertilizers in emerging economies is expected to provide significant opportunities for the growth of this market. However, the high demand for synthetic fertilizers and the high production cost of biofertilizers hinder the growth of this market.
The global biofertilizers market is segmented by microorganism type (nitrogen-fixing microbes, phosphate solubilizing & mobilizing microbes, potassium solubilizing & mobilizing microbes, other microorganism types), crop type (cereals & grains, oilseeds & pulses, fruits & vegetables, other crop types), mode of application (fertigation, foliar application, seed treatment, other modes of application), and fromulation (dry biofertilizers, liquid biofertilizers). The study also evaluates industry competitors and analyzes the regional and country-level markets.
The Impact of COVID-19 on the Biofertilizers Market
The COVID-19 pandemic was recognized as a severe public health emergency globally, with its quick spread across more than 150 countries. Numerous countries worldwide imposed lockdowns to combat & control the spread of the infection. The lockdown restrictions impacted travel, transport, manufacturing, educational institutions, and all non-essential trade, significantly affecting many industries globally, including a part of the agriculture industry.
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In the agriculture sector, the fertilizers market registered a strong slowdown in sales during the first quarter of 2020 due to disrupted logistics & transportation. The fertilizers market also witnessed interruptions in the value chain, from raw material supply to manufacturing, packaging, and distribution. The effects of the COVID-19 pandemic on the biofertilizers market were noticed in early 2020 in China, one of the world's largest producers and consumers of biofertilizers. The closure of production plants in China and restrictions on the export and import of biofertilizers and raw materials, particularly animal waste, to and from China's restricted areas negatively affected the supply chain. These factors impacted the production, sales, and operations of this industry. The pandemic also impacted the biofertilizer markets in the U.S., India, Australia, and Brazil. In India, many fertilizer plants shut down completely or operated at reduced capacities due to social distancing restrictions, leading to substantial losses in domestic biofertilizer production.
The fertilizers industry in Southeast Asia faced challenges because of the COVID-19 pandemic, impacting fertilizer distribution within and across markets in the Asia-Pacific region. Malaysia had imposed a lockdown, but the fertilizer production facilities were given clearance to continue operations as they were considered essential for the supply of food. In Vietnam, fertilizer production units operated at normal levels without disrupting the distribution chain. In Thailand, the production and supply chain distribution of fertilizers and crop micronutrients remained unaffected despite various virus containment measures. Hence, the complete halting of the transportation and logistics industry and reduced production in some countries due to the lockdowns adversely affected the global biofertilizers market.
Based on microorganism type, the nitrogen-fixing microbes is projected to register the highest CAGR during the forecast period. The fast growth of this segment is attributed to the hazards associated with the use of chemical fertilizers, the rising number of initiatives by government agencies along with increasing awareness about the need for sustainability in modern agriculture, the rising adoption of advanced farming with drip irrigation and sprinklers, and the growing health concerns. In addition, nitrogen-fixing microbes are a more economical, ecological, and profitable solution to provide nitrogen to plants contributing to their increased adoption.
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Based on crop type, in 2022, the cereals & grains segment accounted for the largest share of the global biofertilizers market. The large market share of this segment is mainly attributed to the increasing demand for organic and naturally grown cereals & grains, the rising need and focus on minimizing the effect of chemical fertilizer on cereal & grain products, and huge areas of land under organic cereal & grain cultivation.
Based on mode of application, in 2022, the seed treatment accounted for the largest share of the global biofertilizers market. However, the foliar spray segment is projected to register the highest CAGR during the forecast period. The fast growth of this segment is attributed to the foliar application method provides uniform application and distribution of nutrients, preventing the wastage of biofertilizers. It is one of the most economical and reliable biofertilizer application methods as it requires smaller quantities of biofertilizers.
Based on formulation, in 2022, the dry biofertilizers segment accounted for the largest share of the global biofertilizers market. The large market share of this segment is mainly attributed to the rising adoption of dry biofertilizers for lawn & garden applications, their long-lasting effects and high efficiency in all climatic conditions, and the wide & easy availability of raw materials. However, liquid biofertilizers segment is projected to register the highest CAGR during the forecast period.
Based on geography, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is mainly driven by the huge areas under organic cultivation, rapid population & income growth, increasing mechanization and irrigation facilities, and the presence of several organic operators. Furthermore, supportive government policies and initiatives by organizations to promote and expand the organics industry contribute to the growth of the biofertilizers market in this region.
Key Players
The key players operating in the global biofertilizers market are AgriLife (India), American Vanguard Corporation (U.S.), Chr. Hansen Holding A/S (Denmark), IPL Biologicals Limited (India), Koppert B.V. (Netherlands), Lallemand Inc. (U.S.), Mapleton Agri Biotec Pt Ltd (Australia), National Fertilizers Limited (India), Novozymes A/S (Denmark), Rizobacter Argentina SA (Argentina), Symborg Corporate, SL (Spain), UPL Limited (India), and Vegalab SA (Switzerland).
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Scope of the Report:
Biofertilizers Market, by Microorganism Type
- Nitrogen-fixing Microbes
- Rhizobia Bacteria
- Azospirillum
- Other Nitrogen-fixing Microbes
- Phosphate Solubilizing & Mobilizing Microbes
- Pseudomonas
- Bacillus
- Other Phosphate Solubilizing & Mobilizing Microbes
- Potassium Solubilizing & Mobilizing Microbes
- Other Microorganism Types
Biofertilizers Market, by Crop Type
- Cereals & Grains
- Maize/Corn
- Wheat
- Rice
- Other Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Other Crop Types
Biofertilizers Market, by Mode of Application
- Fertigation
- Foliar Application
- Seed Treatment
- Other Modes of Application
Biofertilizers Market, by Formulation
- Dry Biofertilizers
- Liquid Biofertilizers
Biofertilizers Market, by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Spain
- Italy
- Germany
- U.K.
- Rest of Europe
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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