Redding, California, Sept. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Latin America Biofertilizers Market by Microorganism Type (Nitrogen-fixing Microbes, Phosphate Solubilizing Microbes), Crop Type (Cereals & Grains, Oilseeds & Pulses), Mode of Application (Seed Treatment, Fertigation), Form (Dry)— Forecast to 2030,’ the Latin America biofertilizers market is projected to reach $408.6 million by 2030, at a CAGR of 12% during the forecast period.
The major factors driving the growth of the Latin America biofertilizers market are the increased adoption of biofertilizers for organic farming, growing concerns regarding environmental safety, and increasing and favorable government policies and support initiatives to promote biofertilizers. However, the high cost of biofertilizers is expected to restrain the growth of this market to a notable extent.
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The Latin America biofertilizers market is segmented 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), crop type (cereals & grains [maize/corn, wheat, rice, other cereals & grains], oilseeds & pulses, fruits & vegetables, and other crop types), application (seed treatment, foliar spray, fertigation, other modes of application), form (dry and liquid biofertilizers), and geography (Brazil, Mexico, Argentina, Chile, and Rest of Latin America).
Based on microorganism type, the nitrogen-fixing microbes segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the rising number of government initiatives and increasing awareness about the need for sustainability in modern agriculture, hazards associated with chemical fertilizers, and growing health concerns.
Based on crop type, in 2023, the cereals & grains segment is expected to account for the largest share of the Latin America biofertilizers market. The large market share of this segment is attributed to the effect of chemical fertilizers on cereal & grain products, huge areas of land under organic cereal & grain cultivation, and the increasing demand for organic and naturally grown cereals & grains.
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Based on mode of application, the foliar spray segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the benefits of foliar spray application, such as uniform application and distribution of nutrients, preventing the wastage of biofertilizers, and economical and reliable biofertilizer application methods as it requires smaller quantities of biofertilizers.
Based on form, in 2023, the dry biofertilizers segment is expected to account for the largest share of the Latin America biofertilizers market. The large market share of this segment is mainly attributed to their long-lasting effects and high efficiency in all climatic conditions, rising adoption of dry biofertilizers for lawn & garden applications, and the wide & easy availability of raw materials.
The Latin America biofertilizers market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the Latin America biofertilizers market are American Vanguard Corporation (U.S.), Chr. Hansen Holding A/S (Denmark), IPL Biologicals Limited (India), Koppert B.V. (Netherlands), Lallemand Inc. (U.S.), Novozymes A/S (Denmark), Rizobacter Argentina SA (Argentina), Symborg Corporate, SL (Spain), UPL Limited (India), Vegalab SA (Switzerland), Corteva, Inc. (U.S.), and Grupo Vittia (Brazil).
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Scope of the Report:
Latin America Biofertilizers Market Assessment— 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
Latin America Biofertilizers Market Assessment— by Crop Type
- Cereals & Grains
- Maize/Corn
- Wheat
- Rice
- Other Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Other Crop Types
Latin America Biofertilizers Market Assessment— by Mode of Application
- Seed Treatment
- Foliar Application
- Fertigation
- Other Modes of Application
Latin America Biofertilizers Market Assessment— by Form
- Dry Biofertilizers
- Liquid Biofertilizers
Latin America Biofertilizers Market Assessment— by Geography
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Rest of Latin America (RoLATAM)
Quick Buy – Latin America Biofertilizers Market - Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/90050535
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