Dublin, April 17, 2023 (GLOBE NEWSWIRE) -- The "Biofertilizers Market by Type (Nitrogen-Fixing, Phosphate Solubilizing & Mobilizing, Potassium Solubilizing & Mobilizing), Mode of Application (Soil Treatment, Seed Treatment), Form, Crop Type and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The biofertilizer market is expected to be valued at USD 2.8 billion in 2022 and USD 5.2 billion by 2028, with a CAGR of 10.9% over the forecast period. Biofertilizers are commonly used in organic farming practices. Biofertilizers have been found to be helpful in terms of crop protection and soil fertility. They increase water retention capacity, boost soil fertility, and improve soil structure and texture. They are primarily used to increase crop yield, fix atmospheric nitrogen, and transform inorganic compounds into organic compounds.
The nitrogen-fixing biofertilizers segment is expected to gain the largest market share in 2022.
Nitrogen-fixing biofertilizers are majorly used across the globe. These biofertilizers help the plant bodies to fix the atmospheric nitrogen. These are mostly used in leguminous crops such as peas, soybean, cowpea, etc. Microorganism such as rhizobium bacteria is highly beneficial in legume crops. Rhizobium converts dinitrogen gas into ammonia, which is then converted into organic substances such as amino acids for the better growth of crops. Apart from this, the growing adoption of advanced agricultural techniques such as drip irrigation and sprinklers is also one of the major factors which is driving the growth of the segment.
The fruits and vegetables segment is projected to account for the largest market share in 2022
The primary factors anticipated to promote the use of biofertilizers in the major producing and exporting regions for fruits and vegetables include increased fruit output, high-quality fruits, decreased input costs, and increased soil organic content. The increase in the production of fruits such as strawberries, apples, grapes, pomegranates, oranges, capsicum, bell pepper, tomato, chilli, etc. is further propelling the market.
The soil treatment segment is forecasted to occupy the largest market share in 2022.
In order to boost plant output and satisfy the rising demand for food production, the use of biofertilizers by soil treatment method has become an essential component of agricultural practise. The soil treatment method assists in raising crop output reduces the use of chemical fertilisers, improves soil fertility, produces better outcomes, and enhances soil quality by 20 to 30%. To improve the microbiome, certain bacteria, fungi, and other microorganisms are added to ploughed soil in the soil treatment method. These species include algae and protozoa.
North American market is projected to gain the largest market share during the forecast period.
North America is the largest market for biofertilizers. This is due to the higher production of fruits and vegetables in the region. In the North American region wheat, barley, corn maize, tomatoes, grapes, pome fruits and stone fruits are the majorly cultivated crops. These crops are also exported to different parts of the world in large quantities. This has led to an increase in the utilization of biofertilizers. The demand for organically grown crops has also fueled the growth of the biofertilizers market in the region.
Research Coverage:
This research report categorizes the biofertilizers market by type (nitrogen-fixing biofertilizers, phosphate solubilizing & mobilizing biofertilizers, potassium solubilizing & mobilizing biofertilizers and other types), by crop type (cereals & grains, pulses & oilseeds, fruits & vegetables, other crop types), by mode of application (soil treatment, seed treatment), by form (liquid and carrier-based), and region (North America, Europe, Asia Pacific, South America, and RoW). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the biofertilizers market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions; key strategies; partnerships, agreements; new product launches, mergers and acquisitions, and recent developments associated with the biofertilizers market. Competitive analysis of upcoming startups in the biofertilizers market ecosystem is covered in this report.
Market Dynamics
Drivers
- Growth in Organic Food Industry
- Increase in Awareness of the Need for Sustainability in Modern Agriculture Methods
- Hazards of Using Chemical Fertilizers and Increase in Environmental Concerns
- Increase in Usage of Biofertilizers in Ranch and Private Farms
- Adoption of Precision Farming and Protected Agriculture
- Provision of Range of Phytohormones, Macronutrients, and Micronutrients
Restraints
- Environmental and Technological Constraints
- Poor Infrastructure and High Initial Investment
- Absence of Well-Constructed Marketing Routes and Surrounding Infrastructure
Opportunities
- New Target Markets: Asia-Pacific & Africa
- Increase in Production and Yield of Crops
- Increase in Utilization of Liquid Biofertilizers and Fertigation Method
Challenges
- Lack of Awareness and Low Adoption Rate of Biofertilizers
- Unfavorable Regulatory Standards
- Supply of Counterfeit and Less-Effective Products
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 295 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $2.8 Billion |
| Forecasted Market Value (USD) by 2028 | $5.2 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Biofertilizers Market, by Type
8 Biofertilizers Market, by Crop Type
9 Biofertilizers Market, by Mode of Application
10 Biofertilizers Market, by Form
11 Biofertilizers Market, by Microorganism
12 Biofertilizers Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent and Related Markets
16 Appendix
Companies Mentioned
- Agrilife
- Agrinos
- Aumgene Biosciences
- Biomax Naturals
- Chr. Hansen Holding A/S
- Criyagen
- Ipl Biologicals Limited
- Jaipur Bio Fertilizers
- Kan Biosys
- Kiwa Bio-Tech Product Group Cooperation
- Lallemand Inc.
- Lkb Biofertilizer
- Manidharma Biotech Pvt Ltd.
- Mapleton Agri Biotech Pt Ltd.
- Novozymes
- Nutramax Laboratories, Inc.
- Rizobacter Argentina SA
- Seipasa
- Symborg
- Syngenta
- T. Stanes and Company Limited
- Upl
- Valent Biosciences
- Varsha Bioscience and Technology India Pvt Ltd.
- Vegalab SA
For more information about this report visit https://www.researchandmarkets.com/r/txpjjm
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