Biofertilizers Market is Expected to Reach $4.47 Billion by 2028 - Exclusive Report by The Insight Partners

Pune, India, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to our new research study on "Biofertilizers Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Microorganism, Crop Type, Application, and Geography," the Biofertilizers Market size is expected to grow from US$ 2.21 Billion in 2022 to US$ 4.47 Billion by 2028; it is estimated to register a CAGR of 12.2% from 2021 to 2028. The projected growth of the biofertilizers market is attributed to increasing government initiatives.            

Get Sample PDF: https://www.theinsightpartners.com/sample/TIPRE00006946/

Biofertilizers Market: Competition Landscape

The key players operating in the global biofertilizers market include AgriLife; Biotech International Ltd.; Kiwa Bio-Tech Products Group Corporation; Mapleton Agri Biotec Pt Ltd; Novozymes; Rizobacter; Symborg; T.Stanes and Company Limited; UPL; and Vegalab SA. Players operating in the global biofertilizers market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.

Biofertilizers Market Report Scope, Segmentations, Regional & Country Scope:

In 2021, North America held a substantial share of the global biofertilizers market. The North American biofertilizer market has been witnessing significant growth and adoption, driven by the increasing demand for organic produce and sustainable agricultural practices. With a well-established agricultural industry and a growing consumer preference for organic products, farmers in North America are increasingly turning to biofertilizers as a sustainable alternative to conventional chemical fertilizers. Government initiatives and regulations promoting organic farming further contribute to market growth. Additionally, the region's focus on environmental conservation and reducing the carbon footprint of agriculture has propelled the adoption of biofertilizers. Major players in the market are investing in research and development to develop innovative biofertilizer products tailored to meet the specific needs of North American crops. As a result, the North American biofertilizers market is poised for continued expansion in the coming years.

Increasing Government Initiatives Propelling Demand for Biofertilizers

The increase in government initiatives has led to the increased adoption of biofertilizers by the farmers of various countries. There has been an increased need for sustainability in modern agriculture, as sustainable farming methods are the cornerstone of low-input agriculture. Sustainable agriculture conserves energy and water, decreases the vulnerability to drought, and reduces greenhouse gas emissions. Biofertilizers help in improving crop production as well as improving soil health along with providing various growth-promoting hormones and phytohormones to plants. Along with this, the biofertilizer does not leave any residual effects as compared to chemical fertilizers and, thus, is an ideal solution to be used for sustainable agriculture. Biofertilizer is also one of the essential components of integrated nutrient management as they are a cost-effective and renewable source of plant protein for sustainable agriculture. Thus, increased government initiatives, along with an increased need for sustainability in modern agriculture, are increasing the demand for biofertilizers, thereby driving the biofertilizers market.

Biofertilizers Market: Segmental Overview

Based on the microorganism, the global biofertilizers market is bifurcated into Rhizobium, azotobacter, phosphate solubilizing bacteria, and others. The rhizobium segment accounted for the largest biofertilizers market share in 2021. Rhizobium is a nitrogen-fixing bacterium that forms a symbiotic relationship with leguminous plants, such as soybeans, peas, and lentils. This beneficial association allows Rhizobium to convert atmospheric nitrogen into a form that can be readily utilized by plants, effectively reducing the dependence on synthetic nitrogen fertilizers. By facilitating biological nitrogen fixation, Rhizobium biofertilizers offer several advantages to farmers, including enhanced plant growth, improved soil fertility, and reduced input costs. The adoption of Rhizobium biofertilizers not only boosts crop productivity but also promotes sustainable agriculture practices by minimizing the environmental impact associated with chemical nitrogen fertilizers. With the increasing awareness of the importance of sustainable farming and the rising demand for organic produce, the utilization of Rhizobium microorganisms as biofertilizers is expected to continue to grow, further driving the expansion of the biofertilizer market.

Place Direct Order for Biofertilizers Market Research Report (2021-2028): https://www.theinsightpartners.com/buy/TIPRE00006946/

Impact of the COVID-19 Pandemic on Biofertilizers Market

COVID-19 has impacted several regions, such as North America, Europe, the Middle East & Africa, Asia Pacific, and South & Central America. The pandemic has negatively impacted the overall manufacturing processes, research, and development activities. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the biofertilizer market. Along with this, the pandemic has had a negative impact on the food supply chains, simultaneously affecting farm production, transport, and logistics. During the pandemic, there have been changes in the consumer lifestyle which has led to an increase in demand for healthy food products, which is driving the demand for organic food products. However, eased lockdown norms in several countries and growing seasonal crops have sustained global demand for biofertilizers. In addition to this, the rapid COVID-19 vaccination program and the rise in adoption of organic farming globally have flourished the growth of the biofertilizers market in the coming years. The growing consumer focus on organic food products due to the pandemic has led to an increased adoption of organic farming practices, which is promoting the demand for biofertilizers in the market.

Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):

Fertilizers Market - Global Analysis and Forecast to 2030

Micronutrient Fertilizers Market - Global Analysis and Forecast to 2030

Seaweed Fertilizers Market - Global Analysis and Forecast to 2030

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Ankit Mathur
Sr. Vice President – Research
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876