WASHINGTON, April 01, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research published a report, titled, "Biofertilizers Market Size, Share & Trends Analysis Report by Type (Nitrogen fixing Microbes, Phosphate solublizing and mobilizing microbes, Potassium solublizing and mobilizing microbes, Other types), by Application (Soil Treatment, Seed Treatment, Other modes of application), by Crop type (Cereals & grains, Pulses & oilseeds, Fruits & vegetables, Other crop types), by Form (Liquid, Carrier-based), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". According to the report, the global Biofertilizers industry generated $ 2,391.51 Million in 2021, and is anticipated to generate $ 4448.97 Million by 2028, witnessing a CAGR of 10.9% from 2022 to 2028.
Synopsis:
The Biofertilizers Market is expected to witness the highest growth owing to the adoption of precision farming and projected agriculture along with the rising environmental concerns during the forecast period. Growth in the organic food industry, growth in the hazards of chemical fertilizers, like the incidence of eutrophication and hypoxic water zones, and the need to increase the chemical fertilizer usage efficiency are some of the major factors driving the growth of the Biofertilizers Market during the forecast period. Moreover, amplifying the demand for organic products is also one of the major factors leading to the adoption of Biofertilizers Market during the forecast period. Higher appreciation and the adoption of products amongst farmers based across developing as well as developed economies are anticipated to positively influence the growth of the Biofertilizers Market in the upcoming years. Additionally, rising water and soil pollution due to unnecessary usage of chemical fertilizers is fueling the adoption of organic fertilizers during the forecast period. Furthermore, the active participation of agricultural producers in ramping up their biological agriculture like bio-origin fertilizers is expected to boost the growth of the Biofertilizers Market in the years to come. Moreover, the poor infrastructure of the biofertilizer manufacturing plants owing to the higher initial investment, and less adoption of Biofertilizers Market due to illiteracy is the prime factor limiting the growth of the Biofertilizers Market globally during the forecast period. Besides, the rise in the demand for food products and per capita income have generated enormous opportunities for the growth of the Biofertilizers Market in various regions and countries globally during the forecast period.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Biofertilizers market is predicted to grow at a CAGR of roughly 10.9% during the forecast period.
- The Biofertilizers market was estimated to be worth roughly USD 2,391.51 Million in 2021 and is expected to reach USD 4448.97 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Biofertilizers market.
List of Prominent Players in the Biofertilizers Market:
- Novozymes A/S (Denmark)
- Vegalab SA (Switzerland)
- UPL Limited (India)
- Chr. Hansen Holding A/S (Denmark)
- Kiwa Bio-Tech (China)
- Lallemand Inc. (US)
- Rizobacter Argentina S.A. (Argentina)
- T. Stanes & Company Limited (India)
- IPL Biologicals Limited (India)
- Nutramax Laboratories Inc. (US)
- Symborg (Spain)
- Kan Biosys (India)
- Mapleton Agri Biotech Pty Ltd (Australia)
- Seipasa (Spain)
- AgriLife (India)
- Manidharma Biotech Pvt Ltd (India)
- Biomax Naturals (India)
- Jaipur Bio Fertilizers (India)
- Valent Bio Sciences (US)
- Aumgene Biosciences (India)
- Agrinos (US)
- Criyagen (India)
- LKB Bio Fertilizer (Malaysia)
- Varsha Bioscience and Technology India Pvt Ltd. (India)
- Valagro (Italy)
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Market Dynamics:
Drivers:
Growth in the organic food industry is driving the growth of the Biofertilizers Market during the forecast period. The increasing initiative taken by the government agencies and the growth in awareness associated with the need for sustainability in modern agriculture is the major factor expected to drive the growth of Biofertilizers Market in the years to come. The rise in the adoption of precision farming and protected agriculture, increase in the utilization of Biofertilizers Market in private and ranch farms, and increase in environmental concerns are some of the other factors driving the growth of the Biofertilizers Market during the forecast period.
Challenges:
The lower adoption rate of Biofertilizers Market due to lack of awareness is the major challenge limiting the growth of the Biofertilizers Market. Unfavorable regulatory standards and the increase in the supply of counterfeit and fewer effective products are hindering the Biofertilizers Market growth during the forecast period. An increase in technical and environmental restrictions and high initial investments along with poor infrastructure are also prime factors impeding the Biofertilizers Market growth during the forecast period.
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Regional Trends:
North America is estimated as the fastest-growing market during the forecast period globally. North America is expected to dominate the market owing to the growth in the demand for organic products, rising adoption of Biofertilizers Market among regular farmers during the forecast period. Moreover, the higher adoption of advanced irrigation systems like drip and sprinkler irrigation for fertigation by the farmers in various developing and developed countries and regions are increasing the growth of Biofertilizers Market during the forecast period. The severe regulatory environment in addition to a growing preference for the utilization of Biofertilizers Market products and has led to the considerable growth of the Biofertilizers Market. Moreover, growing concerns affecting the excessive use of chemical fertilizers and nitrate emissions are some of the prime factors expected to contribute to the growth of the Biofertilizers Market during the forecast period.
Mexico is projected to witness growth in the demand for Biofertilizers Market as the prime agricultural products are exported to other countries like the United States, Canada, and Netherland.
Recent Developments:
• In July 2021, Rizobacter, a subsidiary of Bioceres Crop Solutions Corporation and a leader in sustainable agricultural solutions globally, and Marrone Bio, which is an international leader in biological protection and plant health solutions, publicize the use of Rizonema seed treatment. While Rizonema is for nematodes and soil-dwelling insects and could be used for field crops in Brazil via, an expanded distribution agreement.
• In June 2021, The Symborg a leading company in the agricultural biotechnology field, continued to enhance its portfolio of products and launched Qlimax, an advanced soil energizer with prebiotic effects. Besides, its applications double the concentration of microbial flora in the soil inspires its development, and improve its advantageous activity in the agronomic management of soils and crops.
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The report on the Biofertilizers Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Biofertilizers Market?
- How will the Biofertilizers Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Biofertilizers Market?
- What is the Biofertilizers market drivers and restrictions?
- What will be the CAGR and size of the Biofertilizers Market throughout the forecast period?
This market titled “Biofertilizers Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 2,391.51 Million |
| Projected Market Size in 2028 | USD 4448.97 Million |
| CAGR Growth Rate | CAGR of 10.9% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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Browse More Related Report:
- Sulfur Fertilizers Market:- https://www.vantagemarketresearch.com/industry-report/sulfur-fertilizers-market-1266
- Phosphine Fumigation Market:- https://www.vantagemarketresearch.com/industry-report/phosphine-fumigation-market-1254
- Organic Fertilizers Market:- https://www.vantagemarketresearch.com/industry-report/organic-fertilizers-market-1228
- Organic Acids Market:- https://www.vantagemarketresearch.com/industry-report/organic-acids-market-1178
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