Ottawa, June 06, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global biofertilizers market size will expand around USD 9.14 billion by 2032. Biofertilizers work by introducing beneficial microorganisms such as bacteria, fungi, and algae into the soil, which can help fix nitrogen, solubilize phosphorus, and enhance soil microbial activity. This can lead to increased crop yields, improved soil health, and reduced environmental impact. The biofertilizers market includes a variety of products, such as nitrogen-fixing biofertilizers, phosphorus-solubilizing biofertilizers, and microbial inoculants. These products are used in a range of applications, including agriculture, horticulture, and forestry. The biofertilizers market is growing rapidly, driven by increasing demand for sustainable agriculture practices and growing concerns about the environmental impacts of chemical fertilizers.
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Regional snapshot:
North America held the largest share of the biofertilizers market in 2022; the rapid adoption of sustainable farming in the region will maintain its dominance in the market during the forecast period. North America is home to many innovative companies and research institutions developing new and improved biofertilizer products and application methods. This is driving growth in the biofertilizer market in North America. Moreover, the presence of capable investors for product development in North America supports the market’s growth.
The United States and Canada are two significant markets for biofertilizers in North America. The presence of major key players, including Lallemand Inc., BioWorks Inc, and American Vanguard Corporation, has supplemented the market’s growth in the United States and Canada.
In addition, many states in the US have established programs to support sustainable agriculture practices, including the use of biofertilizers. For example, California has established the Healthy Soils Program to incentivize farmers to adopt practices that improve soil health, including biofertilizers.
The Asia Pacific biofertilizer market is expected to grow rapidly in the coming years, driven by increasing demand for food, government support for sustainable agriculture, awareness of soil health, technological advancements, and government subsidies and incentives.
Many governments in the Asia Pacific region have implemented policies and programs to promote sustainable agriculture practices, including the use of biofertilizers. For example, the Indian government has established the National Project on Organic Farming to promote organic farming practices, which often rely on the use of biofertilizers.
The Indian government is continuously implementing various approaches to promote and upscale the production of biofertilizers. Supporting small industries, promoting the sales of locally made biofertilizers, and training farmers to penetrate biofertilizers in agricultural activities are a few initiatives taken by the Indian government that supplement the growth of the biofertilizers market.
Europe is another significant marketplace for biofertilizers growing at a noticeable rate, and Germany is expected to register the fastest growth during the forecast period. Some of the major players operating in the German biofertilizers market include Novozymes A/S, Rizobacter Argentina S.A., and Camson Bio Technologies Limited, among others. These companies are focusing on developing new and innovative biofertilizer products to meet the growing demand from farmers and agriculture companies in Germany.
The use of biofertilizers in Germany is also supported by a strong distribution network, which includes a range of distributors, wholesalers, and retailers. The availability of a wide range of biofertilizer products in the market has also contributed to the growth of the market.
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Report Highlights:
- By type, the nitrogen fixing segment dominates the global biofertilizers market. The enormous utilization of nitrogen compounds for solubilizing biological fertilizers has supported the segment’s growth. Nitrogen content in biofertilizers helps in managing the nitrogen level in the soil. On the other hand, the phosphate solubilizing segment is also witnessing a significant growth owing to the rising demand for soluble phosphorous compounds in biofertilizers to ease crop development.
- By application, the seed treatment segment holds the dominating share of the market; the benefits of seed germination and seed disease suppression by biofertilizers have supported the segment’s growth. Biofertilizers can help to suppress soil-borne plant pathogens, reducing the need for chemical fungicides and pesticides. The rising awareness about organic food materials across the globe will boost the utilization of biofertilizers for seed treatment. Moreover, the soil treatment segment will grow significantly due to the availability of beneficial microorganisms in biofertilizers that improve soil fertility. Additionally, the rising trend of organic farming is expected to propel the segment’s growth.
- By crop type, the utilization of biofertilizers as a key method of organic farming is comparatively high for cereals & grains; the continuous demand for biofertilizers in cereals & grains production has supported the cereals & grains segment. Moreover, the rising production of oilseeds and pulses in the organic way of farming and increasing consumption of vegetable oil, especially in the emerging food & beverage industry, are expected to propel the growth of the oilseeds & pulses segment during the forecast period.
Scope of this report
| Coverage | Details | |
| Market Size in 2030 | USD 7.38 Billion | |
| CAGR | 11.27% | |
| Seed Treatment Segment Share | 59% in 2022 | |
| Soil Treatment Segment Share | 25% in 2022 | |
| Liquid Form Segment Share | 61% in 2022 | |
| Key Players | CBF China Biofertilizer, Agrilife, Symborg SL, Lallemand Inc, Novozymes A/S, IPL Biological, Bioceres SA, Gujrat State Fertilizers & Co Ltd, Americal Vanguard Corporation and Others | |
Market dynamics:
Driver:
Rising demand for high value crops
Consumers are increasingly interested in high-quality, nutritious, and flavorful produce, which has led to a growing demand for high-value crops. These crops are often associated with health and wellness benefits. Biofertilizers provide a more sustainable and eco-friendlier alternative to traditional chemical fertilizers, which can help to improve soil health and crop yields while reducing the environmental impact of agriculture. High-value crops require high levels of inputs, including water, energy, and fertilizers. Biofertilizers provide a more sustainable and eco-friendlier alternative that can help reduce agriculture's environmental impact. Overall, the increasing demand for high-value crops is driving the growth of the biofertilizer market by creating a market for sustainable and eco-friendly nutrient inputs that can improve crop yields, quality, and profitability while reducing the environmental impact of agriculture.
Restraint:
High cost of production and distribution
The high cost of production and distribution can make biofertilizers less affordable for farmers and growers, especially those operating on tight budgets. This can limit the adoption of biofertilizers, as farmers may choose to use cheaper chemical fertilizers instead. The high cost of production and distribution can also reduce the profitability of biofertilizer manufacturers and distributors. Additionally, the limited shelf life of biofertilizers can also increase the cost of production and distribution.
This can limit the investment in research and development, which can lead to slower innovation and product improvement. The high cost of production and distribution can also create supply chain challenges for biofertilizer manufacturers and distributors. The high cost of production and distribution of biofertilizers act as a restraint for the market’s growth, which can make it difficult for smaller companies to compete with more prominent players in the market.
Opportunity:
Increasing awareness about soil health
Biofertilizers can help to restore soil health in degraded or polluted soils. Certain strains of microorganisms found in biofertilizers can help to break down harmful chemicals and pollutants in the soil, restoring the soil to its natural state. To maintain the nutrient values in crops and with advancements in the agricultural industry, farmers are focusing on managing soil health; farmers are increasingly recognizing the importance of soil health and are taking steps to improve it. This may involve using sustainable farming practices, such as cover cropping, crop rotation, and reduced tillage, which can help to improve soil health over time by utilizing sustainable soil amendments. Overall, the increasing awareness about soil health is creating a significant opportunity for the biofertilizer market, as farmers and consumers seek more sustainable and eco-friendly alternatives to conventional farming practices.
Challenge:
Lack of awareness among farmers
One of the significant challenges in the biofertilizers market is the lack of awareness among farmers and growers about the benefits of biofertilizers. Many farmers are still unaware of the potential benefits of biofertilizers, such as improving soil health, enhancing plant growth, and reducing the use of synthetic fertilizers. Farmers are hesitant to adopt them due to a lack of knowledge or trust in the product. This can slow down the adoption of biofertilizers and limit their use in agriculture. The lack of awareness about biofertilizers can make it difficult for manufacturers and distributors to market their products effectively; this challenge to the market’s growth also limits the research and development activities for new biofertilizers.
Related Reports
- Agriculture Fertilizers Market - The global agriculture fertilizers market size accounted for USD 71.16 billion in 2021 and it is expanding around USD 85.8 billion by 2030 with a CAGR of 2.1% from 2022 to 2030.
- Nitrogenous Fertilizer Market - The global nitrogenous fertilizer market size was valued at US$ 57.80 billion in 2021 and it is expanding around US$ 92 billion by 2030 with a CAGR of 5.3% from 2022 to 2030.
- Liquid Fertilizers Market - The global liquid fertilizers market size was valued at USD 15.67 billion in 2022 and it is expanding around USD 21.4 billion by 2030 with a CAGR of 3.97% from 2022 to 2030.
Recent developments in the biofertilizers market:
- In October 2022, a team of researchers from the State University of Campinas at the Genomics for Climate Change Research Center, Brazil, stated that they had developed a biofertilizer with nitrogen-fixing microorganisms to replace the use of chemical fertilizers, especially in the production of soybeans.
- In July 2022, Performance Nutrition announced its latest NutriWise brand, a granular fertilizer and water-soluble powder. The product aims to improve soil fertility, reduce the leaching of chemical fertilizers, improve the soil environment, and slower the release of nitrogen during agricultural activities.
- In May 2022, California-based Switch Bioworks announced that it had raised a $4.3 million fund for the production of sustainable biofertilizers. The company aims to offer farmers a cheap alternative for boosting crop yields in the form of sustainable nitrogen biofertilizer. Moreover, the company stated that its approach is to build microbes that are formulated into powder form.
Market Segmentation
By Type
- Nitrogen Fixing
- Phosphate Solubilizing
- Others
By Application
- Seed Treatment
- Soil Treatment
- Others
By Crop Type
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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