Pune, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that the Biofertilizers Market valued at USD 3 billion in 2022, is projected to achieve a market size of USD 6.81 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.8% during the forecast period from 2023 to 2030.
Market Overview
Biofertilizers are microbial inoculants containing living microorganisms that facilitate nutrient availability and uptake by plants. These microorganisms, predominantly bacteria, fungi, and algae, form symbiotic relationships with plant roots, promoting nutrient absorption, disease resistance, and overall plant health. Unlike chemical fertilizers, biofertilizers contribute to soil fertility without causing environmental harm.
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Market Analysis
The global shift towards sustainable agricultural practices has been a significant driver for the biofertilizers market. Farmers and agricultural enterprises are recognizing the importance of reducing dependence on synthetic chemicals to minimize environmental impact. Many governments worldwide are actively promoting the use of biofertilizers through subsidies, awareness programs, and policy incentives. These initiatives aim to encourage farmers to adopt environmentally friendly farming practices. With an increasing focus on environmental conservation and consumer demand for organic produce, farmers are becoming more aware of the benefits of biofertilizers. The potential to improve soil health, reduce chemical inputs, and enhance crop quality has driven their adoption. Ongoing research in microbiology and agricultural science has led to the development of advanced biofertilizer formulations. These innovations have improved the efficacy and applicability of biofertilizers across different crops and agro-climatic conditions.
Biofertilizers Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 3 billion |
| Market Size by 2030 | USD 6.81 billion |
| CAGR | CAGR of 10.8% by 2023-2030 |
| Market Opportunity |
|
| Market Segments |
|
| Major Market Players | Indian Farmers Fertiliser Cooperative Ltd, CBF China Biofertilizers, Kiwa Bio-Tech Products Group Corp, T. Stanes and Company Ltd, Koppert Biological Systems Inc., Symborg S.L., Lallemand Inc., Wilson Chemical Solutions, Fertilizers USA LLC, Antibiotice S.A., Novozymes A/S, Sigma Agri-Science, LLC, Biomax, Marcos N.P.K.and other key players. |
Key Takeaway from Biofertilizers Market Study
- The Nitrogen Fixing segment stands out as a crucial player in the market. Nitrogen is an essential element for plant growth, and its fixation by certain microorganisms, such as nitrogen-fixing bacteria, plays a pivotal role in the nutrient cycle. Biofertilizers within this segment contain strains of bacteria capable of converting atmospheric nitrogen into a form that plants can readily absorb.
- Another dominant segment within the biofertilizers market is dedicated to Row Crops. Row crops, including staples like corn, soybeans, and wheat, constitute a substantial portion of global agricultural output. The use of biofertilizers tailored specifically for these crops has gained traction due to their ability to enhance nutrient uptake, improve soil structure, and promote overall crop health.
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Recent Developments
- Bionema, a leading biotechnology company, has recently unveiled a new range of biofertilizers in the United Kingdom. This launch marks a significant step towards eco-friendly and organic farming practices, addressing the growing concerns about the environmental impact of conventional fertilizers.
- Absolute, a dynamic player in the agriculture industry, has announced the establishment of Inera CropScience. These solutions encompass biopesticides, biofertilizers, and other environmentally friendly alternatives to traditional agrochemicals.
Market Dynamics Analysis
The biofertilizers market is currently undergoing dynamic changes driven by a confluence of factors that both propel and hinder its growth. On the driver's side, the increasing global awareness and acceptance of sustainable agricultural practices have led to a surge in demand for biofertilizers. Farmers are progressively embracing environmentally friendly alternatives to conventional chemical fertilizers, viewing biofertilizers as a means to enhance soil fertility without causing harm to the ecosystem. Furthermore, government initiatives promoting organic farming and the growing need to address soil health issues contribute significantly to the upward trajectory of the market. However, amidst these positive forces, there exist notable restraints. The efficacy of biofertilizers can be influenced by several factors such as soil type, temperature, and moisture content, which poses a challenge to their consistent performance across diverse agricultural landscapes.
Key Regional Developments
In North America, the biofertilizers market is experiencing robust growth owing to the growing adoption of organic farming practices and the rising awareness about the detrimental impact of chemical fertilizers on soil health. Europe is a significant player in the global market, with countries like Germany, France, and the United Kingdom leading the way. The stringent regulations on chemical fertilizer use and the strong emphasis on organic farming practices are driving the demand for biofertilizers in the region. The Asia-Pacific region is emerging as a major market for biofertilizers, fueled by the expanding population, increasing food demand, and the need for enhanced agricultural productivity.
Impact of Recession
The impact of the recession on the biofertilizers market varies across regions. In economically resilient regions, where sustainable agriculture is a priority and government support remains robust, the market may experience relatively minor disruptions. However, in regions heavily dependent on traditional agricultural practices or facing severe economic strains, the adoption of biofertilizers may witness a temporary deceleration. Governments play a pivotal role in shaping the trajectory of the market during a recession. Robust policy frameworks that incentivize sustainable agricultural practices, provide subsidies, and promote research and development in the biofertilizer sector can mitigate the negative impact of economic downturns.
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TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Biofertilizers Market Segmentation, by Product
8.1 Nitrogen Fixing
8.2 Phosphate Solubilizing
8.3 Others
9. Biofertilizers Market Segmentation, by Crop Type
9.1 Row Crops
9.2 Horticultural Crops
9.3 Cash Crops
10. Biofertilizers Market Segmentation, by Application
10.1 Seed Treatment
10.2 Soil Treatment
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.5 USA
11.2.6 Canada
11.2.7 Mexico
11.3 Europe
11.3.1 Eastern Europe
11.3.1.5 Poland
11.3.1.6 Romania
11.3.1.7 Turkey
11.3.1.8 Rest of Eastern Europe
11.3.2 Western Europe
11.3.2.4 Germany
11.3.2.5 France
11.3.2.6 UK
11.3.2.7 Italy
11.3.2.8 Spain
11.3.2.9 Netherlands
11.3.2.10 Switzerland
11.3.2.11 Austria
11.3.2.12 Rest of Western Europe
11.4 Asia-Pacific
11.4.5 China
11.4.6 India
11.4.7 Japan
11.4.8 South Korea
11.4.9 Vietnam
11.4.10 Singapore
11.4.11 Australia
11.4.12 Rest of Asia-Pacific
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.5 UAE
11.5.1.6 Egypt
11.5.1.7 Saudi Arabia
11.5.1.8 Qatar
11.5.1.9 Rest of Middle East
11.5.2 Africa
11.5.2.5 Nigeria
11.5.2.6 South Africa
11.5.2.7 Rest of Africa
11.6 Latin America
11.6.5 Brazil
11.6.6 Argentina
11.6.7 Colombia
11.6.8 Rest of Latin America
12 Company Profile
12.1 Koppert Biological Systems Inc.
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product/Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Indian Farmers Fertiliser Cooperative Ltd
12.3 CBF China Biofertilizers
12.4 Symborg Inc.
12.5 T. Stanes and Company Limited,
12.6 Novozymes A/S
12.7 Fertilizers USA LLC.
12.8 Kiwa Bio-Tech Products Group Corp
12.9 Biomax
12.10 Mapleton Agri Biotec
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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