New York, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Biofertilizers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil Seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)”, published by The Insight Partners.
| Report Coverage | Details |
| Market Size Value in | US$ 1,996.13 million in 2021 |
| Market Size Value by | US$ 4,744.43 million by 2028 |
| Growth rate | CAGR of 12.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 144 |
| No. Tables | 83 |
| No. of Charts & Figures | 60 |
| Historical data available | Yes |
| Segments covered | Product Type, Microorganism, Crop Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Biofertilizers Market: Competition Landscape and Key Developments
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 . are the key players in the global biofertilizers market. These players are focusing actively on developing high-quality and innovative biofertilizers products.
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North America held the largest share of the global Biofertilizers market in 2020 due to rising demand for organic products, increasing acceptance of biofertilizers among rural farmers, and surging adoption of advanced irrigation systems such as drip and sprinkler irrigation for fertigation. Furthermore, increasing government interventions in farming practices held in the region led to significant changes in agricultural trends and methods across the US and Canada and increased organic farming across the region.
Moreover, Asia Pacific (APAC) is anticipated to grow at the fastest CAGR from 2020 to 2028. The growth of the APAC region can be attributed to the increasing consumer preference toward consuming organic food, coupled with regulatory initiatives and agricultural reforms undertaken by governments of various Asian countries. Farmers in APAC countries are choosing biofertilizers over synthetic and chemical-based fertilizers due to the rising demand for organic farming. Moreover, it will help prevent soil and water contamination from the chemical application.
Rising Need for Alternatives to Chemical Fertilizers to Fuel Demand for Biofertilizers:
The demand for biofertilizers is rising globally due to increasing adoption organic food globally. Biofertilizers entails properties that increases the level of level of nitrogen and phosphorus in plants more naturally than other fertilizers and soil improvement by restoring its normal fertility. In addition to this, biofertilizers also boost soil texture and quality, which helps plants grow better during severe conditions, such as drought. Moreover, biofertilizers are cheap and easy-to-use alternatives to manufactured petrochemical products. Furthermore, the use of bio-based fertilizers in agricultural fields significantly helps in the decomposition of organic residue and aids in the overall development of plants and crops. Hence, the factors mentioned above are favoring the market growth and increasing the demand for biofertilizers globally.
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Biofertilizers Market: Segmental Overview
Based on product type, the global biofertilizers market is segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and others. The nitrogen fixing segment led the global market in 2020 due to the rising demand for synthesized vitamins, amino acids, nucleic acids-based nitrogenous compounds for fixing nitrogen presence, and several other essential minerals in the soil for organic farming globally.
Based on microorganism, the global biofertilizers market is segmented into rhizobium, azotobacter, phosphate solubilizing bacteria, and others. The phosphate solubilizing bacteria (PSB) segment led the global market in 2020 due to its application in all types of crops.
Based on crop type, the global biofertilizers market is segmented into cereals and grains, oil seeds and pulses, fruits and vegetables, and others. The cereals and grains segment led the global market in 2020 due to high vegetation growth results in cereals and grains by using azotobacter inoculation and phosphate solubilizing bacteria that proved highly efficient biofertilizers in terms of crop yield.
Based on application, the global biofertilizers market is segmented into seed treatment, soil treatment, and others. The seed treatment segment led the global biofertilizers market in 2020 due to the rising demand for quality seeds globally.
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Impact of COVID-19 Pandemic on Biofertilizers Market:
Due to the COVID-19 pandemic, biofertilizers manufacturers witnessed a slight disruption in the supply chain of their raw materials during the first two quarters of 2020. However, the supply chain of biofertilizer materials has been restored, and production activities have regained normalcy in late 2020. Later, the market was not significantly negatively impacted by the pandemic. Further, with the growing COVID-19 vaccinations and eased in lockdown restrictions, the global economy is resuming, and subsequently, the biofertilizers market is regaining its growth.
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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.
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