Westford, USA, Jan. 30, 2023 (GLOBE NEWSWIRE) -- North America dominates the global biofertilizers market due to expanding organic food consumption and public awareness of the harmful impact of chemical fertilizers. In addition, increasing awareness-raising campaigns launched by market participants to inform consumers about the benefits of using biofertilizers, growing industrial effects of chemical fertilizers, and rising usage of ranches and private farms are other factors complementing the market growth. Additionally, growing applications from developing economies that provide businesses with various business opportunities are projected to accelerate market growth.
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- Pages - 256
- Tables - 146
- Figures - 78
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According to SkyQuest's global research, the area under global organic farming increased from 69.7 million hectares in 2019 to 77.3 million hectares in 2021. Factors such as increased organic farming practices resulted in improved soil fertility and widespread use of organic products such as biofertilizers. As a result, it has increased demand for organic biofertilizer products, which help maintain ecological balance.
A substance known as "biofertilizer," composed of living microorganisms, promotes plant development by expanding the plant's access to nutrients. Spraying to seeds, soil, or plants improves soil nutrients or makes them physiologically available to plants. Natural farming requires biofertilizers, driving exponential growth for the industry. Nitrogen-fixing biofertilizers are used more frequently by farmers to grow high-demand crops, including wheat, rice, and soybeans. These organic fertilizers can aid in balancing the nitrogen levels in the soil, promoting healthy plant growth.
Prominent Players in Biofertilizers Market
- Novozymes A/S (Denmark)
- UPL Limited (India)
- Vegalab SA (Switzerland)
- Kiwa Bio-Tech (China)
- Chr. Hansen Holding A/S (Denmark)
- Rizobacter Argentina S.A. (Argentina)
- Lallemand Inc. (US)
- IPL Biologicals Limited (India)
- T. Stanes & Company Limited (India)
- Manidharma Biotech Pvt Ltd (India)
- AgriLife (India)
- Jaipur Bio Fertilizers (India)
- Biomax Naturals (India)
- Aumgene Biosciences (India)
- Valent Bio Sciences (US)
- Criyagen (India)
- Agrinos (US)
- Varsha Bioscience and Technology India Pvt Ltd. (India)
- LKB Bio Fertilizer (Malaysia)
- Valagro (Italy)
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Nitrogen-Fixing Segment to Maintain Its Dominant Position owing to Its Increased Global Adoption in Agriculture
The nitrogen-fixing biofertilizers segment accounted for 68.3% in 2022 and is anticipated to cross 75% of share value by 2028. The high percentage growth of the segment results from decades of using synthetic fertilizers, which have severely degraded the world's soil and water resources. Using bio-based fertilizers can provide high phosphorus content, fixed nitrogen, and numerous other essential minerals required for plant growth. Additionally, depending on the soil and crop type, using different biofertilizers encourages the development of healthy plants without endangering human health or the environment.
North America has a dominant position in the global biofertilizers market. The large market share of this sector is attributed to key driving factors such as rising consumer demand for organic goods, growing health consciousness among consumers, increasing acceptance of biofertilizers among rural farmers, and expanding organic farming areas. As a result, Canada consumes more synthetic fertilizer despite only 0.4% of the world's population. This usage accounts for approximately 3% of global nitrogen-based fertilizer emissions, releasing nitrous oxide, a greenhouse gas 265 times more potent than carbon dioxide.
Seed Treatment Segment Witnesses High Traction as a Result of Its Widening Application Scope
Seed treatment application dominated the biofertilizers market in 2022, accounting for 74.6% of the total, owing primarily to the benefits of induced nutritional values in the seeds. Over the last few years, aggressive consumption of synthetic fertilizers and many other crop care chemicals, such as pesticides and insecticides, has significantly deteriorated soil quality across all major agricultural economies. However, several governments have imposed agricultural sector regulations across all developing and developed economies, taking into account the environmental hazards caused by the excessive use of chemical products in farming, which is expected to reflect a positive growth trend for biofertilizers in various seed and soil applications around the world.
The Asia Pacific region is a crossroads for most agricultural economies, including India, Japan, Thailand, Malaysia, South Korea, the Philippines, and others, shifting their agricultural paradigms toward more sustainable practices. This trend is supported by rising consumer preference for organic food and regulatory initiatives and agricultural reforms undertaken by various Asian governments.
The research report on the biofertilizers market is a one-stop solution for market participants to gain insights into the key market dynamics and prepare their winning strategy. There are numerous domestic and foreign companies in the fragmented biofertilizers market. New participants in the biofertilizer market have combined production and distribution while emphasizing product innovation. Leading businesses have developed new policies and product portfolios to differentiate their business from competitors and take the competitive edge.
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Key Developments in Biofertilizers Market
- OMRON VENTURES CO., LTD. of Japan announced new scale-up funding for Eagle Genomics, the pioneering TechBio platform company integrating network science into biology. As a result, enterprise users may track digital data travels, develop transformational innovations, take advantage of cutting-edge scientific discoveries made in silico, and support distinctive product claims using the platform.
- Corteva, Inc. and Symborg announced that Corteva had entered an agreement to acquire Symborg, a Spanish company specializing in microbiological technology with offices in Murcia. Symborg, a reputable biological sector company, has an expanding biocontrol pipeline, a professional workforce with in-depth scientific knowledge, and expertise in demand development. Symborg also has a broad existing portfolio.
- Leafood, a vertical farming business in Lithuania, has received $6.75 million (€6.45 million) in startup fundraising. It aims to fund a collaboration with Taiwanese indoor agriculture startup YesHealth Group to set up and run an indoor vertical farm network across Lithuania and the wider Baltic region.
- Veolia (Paris: VIE) and TotalEnergies have a contract to create biomethane from Veolia water and waste treatment plants operating in more than 15 nations. The partners intend to create up to 1.5 terawatt-hours (TWh) of biomethane annually by 2025. They will develop and co-invest in international projects to achieve this goal.
Key Questions Answered in the Biofertilizers Market Report
- What growth rate will the global market witness during the forecast period?
- Which regional market held the largest share of the global market?
- Which factors support the substantial growth of the market?
- Which segments and sub-segments are part of the research report?
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Global Agricultural Micronutrients Market
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