New York, United States , March 27, 2023 (GLOBE NEWSWIRE) -- The Global Biofertilizers Market Size to Grow from USD 1.88 Billion in 2021 to USD 4.63 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 11.87% during the forecast period. The biofertilizers market is anticipated to grow significantly over the predicted period, driven by an increasing demand for sustainable and eco-friendly farming practises, as well as a growing awareness among farmers about the benefits of using biofertilizers instead of chemical fertilisers.
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Biofertilizers are microbe-containing substances that help plants and trees grow by increasing their supply of essential nutrients. It is made up of living organisms including mycorrhizal fungi, blue-green algae, and bacteria. Mycorrhizal fungi extract minerals from organic matter for the plant, whereas cyanobacteria are known to fix nitrogen. Nitrogen fixation is the conversion of di-nitrogen molecules into ammonia. Some bacteria, for example, convert nitrogen to ammonia. Nitrogen becomes available to plants as a result. The increased soil and water pollution caused by chemical fertiliser overuse is driving the adoption of organic and sustainable fertilisers. Furthermore, agricultural input producers' active participation in ramping up their production of agricultural biologicals, including biofertilizers, is expected to boost the market growth. The biofertilizer market is expected to grow continuously during the forecast period due to rising demand for fertilizers that are compatible with sustainable and organic farming and agriculture practices. The main factor is an increase in awareness about the harmful effects of chemical fertilizers on the environment is a prime factor boosting the global market. Governments in several dominant countries are implementing various plans, schemes, and other initiatives to encourage farmers to use bio-based fertilizers. However, biofertilizers have a higher production cost than conventional fertilizers because they require specialized machinery and equipment. Biofertilizers have a lower nutrient density than chemical fertilizers. As a result, more products are used to achieve the same result. These factors are expected to limit market growth during the forecasted years.
Browse key industry insights spread across 190 pages with 130 market data tables and figures & charts from the report on the "Global Biofertilizers Market Size, Share, and COVID-19 Impact Analysis, By Microorganism (Rhizobium, Azotobacter, Azospirillum, Blue-Green Algae, Phosphate Solubilizing Bacteria, Mycorrhiza, Other Microorganisms), By Application (Soil Treatment, Seed Treatment, Others), By Type (Nitrogen fixing Biofertilizers, Phosphate Solubilizing and Mobilizing Biofertilizers, Potash Solubilizing and Mobilizing Biofertilizers, Others), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, Others), By Form (Dry and Liquid), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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The rhizobium segment is dominating the market during the forecasted time period.
Based on the microorganism, the global biofertilizers market is segmented into rhizobium, azotobacter, azospirillum, blue-green algae, phosphate solubilizing bacteria, mycorrhiza, other microorganisms. Among these, the rhizobium segment is expected to dominate the market over the forecasted time period. Rhizobium is an excellent nitrogen-fixing agent that also promotes plant growth and helps with inorganic phosphate. Its use is also increasing due to its ability to ensure crop productivity success.
Seed treatment application dominate the market with the highest market share over the forecast period.
Based on the application, the global biofertilizers market is segmented into soil treatment, seed treatment, and others. With its widespread use in administering biofertilizers, seed treatment application dominated the market with the highest market share over the forecast period. This segment's large market share can be attributed to the numerous benefits of seed treatment in biofertilizers, such as increased seed germination and a lower incidence of foot and root rot.
Nitrogen-fixing biofertilizers dominating the market with largest market share over the projected period.
On the basis of type, the global biofertilizers market is differentiated into nitrogen fixing biofertilizers, phosphate solubilizing and mobilizing biofertilizers, potash solubilizing and mobilizing biofertilizers, and others. Among these, nitrogen-fixing biofertilizers dominated the market; as the agricultural sector expanded, farmers increasingly used nitrogen-fixing and phosphate-solubilizing biological fertilisers to grow high-demand crops such as rice, wheat, oilseeds, and others.
The cereals and grains segment held the largest market share.
Based on the crop type, the global biofertilizers market is classified into cereals, pulses & oilseeds, fruits & vegetables, and others. Among these, the cereals and grains segment held the largest market share compared to other crop types. Cereals and grains require a significant amount of biofertilizer for healthy development.
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The liquid category is expected to grow faster during the predicted period.
Based on the form, the global biofertilizers market is classified into dry and liquid form. Among these, the liquid category is anticipated to rise faster during the forecast period, because of increased usage in agriculture and farmers' growing acceptance of their longer shelf lives. Liquid biofertilizers can be used in organic farming and drip irrigation, as well as in modern agriculture, such as soilless farming systems such as fertigation and hydroponics.
North America holds the largest market share during the forecast period.
The North American market is expected to dominate the market due to rising demand for organic products, increased acceptance of biofertilizers among farmers, and widespread use of developed irrigation systems for fertigation, such as drip and sprinkler irrigation. Because of the growing number of organic farms in leading economies such as the United States, Canada, and Mexico, the biofertilizer market in North America is expanding significantly. Mexico's demand for biofertilizers is expected to rise as major agricultural products are exported to other countries.
Asia-Pacific is expected to grow during the projected period because of the prevalence of various manufacturers in the region. In APAC, increasing R&D on biofertilizers and various government schemes to promote organic farming and organic products, thereby boosting the market growth. The Asia Pacific region is a hub for the majority of the agrarian economies including India, Thailand, Japan, South Korea, Philippines, and others which are shifting their paradigm towards a more sustainable form of agriculture.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Biofertilizers Market include Lallemand Inc., Novozymes A/S, National Fertilizers Limited, IPL Biologicals, American Vanguard Corporation Gujarat State Fertilizers & Chemical Ltd., Symborg, Criyagen, UPL Limited, Kiwa Bio-Tech, Nutramax Laboratories Inc., Manidharma Biotech Pvt Ltd, Biomax Naturals, Rizobacter Argentina S.A., Bioceres S.A., BioWorks Inc., SOM PHYTOPHARMA (INDIA) LIMITED, Chambal Fertilizers, Chemicals Limited (CFCL) and others.
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Recent Developments
In August 2022, TERI and CFCL launched their first Mycorrhiza Product in the Mycorrhiza category of biofertilizers. The advanced mycorrhizal biofertilizer product has been named- “UTTAM SUPERRHIZA”. Uttam Superrhiza is a one-of-a-kind granular product powered by TERI's in vitro P.E.G (Performance Enhancing GreenBiologicals) Technology. This is a remarkable growth promoter technology that provides native biological inputs to supplement Mycorrhiza performance for synergistic effects and superior field performance.
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