Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) -- The global biofertilizers market size is projected to grow from USD 1.79 billion in 2021 to reach 3.98 billion by 2028, exhibiting a CAGR of 12.03% during the forecast period. Rising demand for organic products and increasing concerns regarding the negative impact of chemical fertilizers are expected to boost the market growth. Fortune Business Insights™ provides this information in its report titled "Biofertilizers Market, 2021-2028." The market size stood at USD 1.60 billion in 2020.
Biofertilizers are organic fertilizers that boost the crop's quality and have minimal effect on the environment. Robust demand for organic products from the agricultural sector is anticipated to increase sales. Biofertilizers provide excellent protection against pesticides and boost the crop's quality. The rising concerns regarding the negative impacts of fertilizer on the environment are expected to boost its adoption. Evolving consumer preferences and rising demand for healthy and high-quality crops are anticipated to fuel the market growth. Further, the adoption of organic fertilizers increases the nutrients in the soil and boosts fertility. In addition, concerns regarding the health concerns of chemical fertilizers may lead to the adoption of organic fertilizers. These factors are predicted to fuel the market growth.
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Impact of COVID-19
Raw Material Shortage and Supply Chain Disruptions to Lower Sales
This market is expected to be negatively affected during the COVID-19 pandemic due to restrictions imposed on manufacturing. The sudden spike in COVID-19 infections has provoked governments to impose stringent lockdown restrictions. As a result, several industries have been shut down due to the restrictions imposed on manufacturing and transport. Raw material shortage and disruptions in supply chains have negatively affected demand. However, the adoption of reduced capacities and part-time shifts enable companies to recover losses and boost their revenues. This factor may fuel market progress during the pandemic.
List of Key Players Profiled in the Market Report
- Novozymes A/S (Copenhagen, Denmark)
- Bioceres Crop Solutions (Argentina)
- Lallemand Inc. (Montreal, Canada)
- BioWorks Inc. (New York, U.S.)
- Gujarat State Fertilizers & Chemicals Ltd (Gujarat, India)
- Camson Bio Technologies Ltd (Karnataka, India)
- Agri Life (Telangana, India)
- Agrinos AS (Oslo, U.S.)
- Symborg (California, U.S.)
- Lallemand Inc. (Toronto, Canada)
Segmentation
By type, the market is segmented into phosphate solubilizers, nitrogen fixing, and others. By microorganism, it is classified into VAM, bacillus, pseudomonas, AZ spirillum, azotobacter, rhizobium, and others. Based on application, it is categorized into soil treatment, seed treatment, and others. According to crop type, it is divided into fruits & vegetables, pulses & oilseeds, cereals, and others. Region wise, it is studied across Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Adoption of Organic Farming to Foster Market Progress
The rising awareness among farmers regarding the benefits of biofertilizers is expected to foster the product demand. Organic farming is used extensively by several farmers as it enhances the nutrients in the soil. As per the Research Institute of Organic Agriculture (FiBL), in 2019, approximately 72.3 million hectares of land were cultivated using organic fertilizers. The rising demand for environment-friendly farming solutions is expected to boost the demand for biofertilizers. It prevents soil pollution and boosts the crop's quality. Further, governments' incorporation of several schemes, plans, and other initiatives is expected to encourage the product adoption. For example, in India, the Indian Council of Agricultural Research (ICAR) and the National Center for Organic Farming (NCOF) organized demonstrations for educating farmers on the utilization of organic fertilizers. These factors are expected to drive the biofertilizers market growth.
However, high production costs and low shelf life of organic fertilizers are expected to hinder the growth of the market.
Regional Insights
Emergence of Several Organic Farms to Foster Market Growth in North America
North America is projected to dominate the market share due to the emergence of several organic farms in Mexico, Canada, and the U.S. The market in North America stood at USD 0.51 billion in 2020 and is projected to dominate the market in the coming years. As per the information provided by the U.S. Department of Agriculture (USDA), businesses and certified organic farms in the U.S. exhibited an annual growth of 13% from 2015 and 2016. Further, the rising adoption of organic products by consumers is expected to propel the market growth.
In Europe, stringent regulations regarding the utilization of chemical fertilizers are expected to fuel biofertilizers' demand. Stringent safety, labeling, and quality requirements are predicted to boost organic fertilizer's adoption. As per the newer regulations implemented by the European Union, the limit for phosphate fertilizer adoption shall be reduced from 60mg/kg to 40mg/kg to 20mg/kg. These factors are expected to propel the market growth.
Competitive Landscape
Prominent Companies Launch Novel Products to Boost Brand Image
Prominent companies operating in the market launch novel products to increase profit and boost their market position. For example, Rhizobacteria and Marron Bio announced the adoption of seed treatment in July 2021. The fertilizers shall be used for the field crops in Brazil under an agreement for expansive distribution. This strategy may boost the company's brand image globally. Furthermore, the adoption of research and development enables companies to develop better quality products and enhance shelf-life. In addition, the adoption of expansion strategies allows companies to boost market reach and reach a wider audience.
Industry Development
- May 2021: Rhizobacteria Argentina S.A announced Micro star BIO, a specialty fertilizer that is a mixture of chemical and biological fertilizers. This fertilizer shall enable farmers to cultivate profitable crops and boost the nutrient value of soil.
Browse Detailed Summary of Research Report with TOC:
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Biofertilizers Industry SWOT Analysis
- Supply Chain & Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Biofertilizers Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Nitrogen Fixing
- Phosphate Solubilizers
- By Type (Value)
TOC Continued…!
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Have a Look at Related Research Insights?
Phosphatic Fertilizers Market Size, Share & Industry Analysis, By Type (Diammonium Phosphate, Monoammonium Phosphate, Single Superphosphate, Triple Superphosphate, and Others), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2019-2026.
Nitrogenous Fertilizer Market Size, Share & Industry Analysis, By Type (Urea, Calcium Ammonium Nitrate, UAN, Ammonium Sulphate, and Other Nitrogenous Fertilizers), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Turf & Ornamentals), and Regional Forecast, 2019 – 2026.
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