Biofertilizers Market Size, Growth Trends, Insights and

Chicago, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Biofertilizers Industry Overview

The biofertilizers market refers to the industry involved in the production, distribution, and sale of biofertilizers. Biofertilizers are substances containing living microorganisms which, when applied to seeds, plant surfaces, or soil, colonize the rhizosphere or interior of the plant and promote growth by increasing the supply or availability of primary nutrients to the host plant. These microorganisms can fix atmospheric nitrogen, solubilize phosphorus, and stimulate plant growth through the synthesis of growth-promoting substances.

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The biofertilizers market is estimated at USD 3.1 billion in 2023 and is projected to reach USD 5.2 billion by 2028, at a CAGR of 10.9% from 2023 to 2028. The biofertilizers market has been gaining traction due to increasing environmental concerns, a shift towards sustainable agriculture practices, and the rising demand for organic food products.

Biofertilizers Market Trends

Following are some biofertilizers market trends:

Growing Demand for Organic Products: Increasing consumer awareness and concerns about health and the environment are driving demand for organic food products. This trend fuels the use of biofertilizers as they are considered more environmentally friendly and aligned with organic farming practices.
Sustainable Agriculture Practices: There's a global push towards sustainable agricultural practices to minimize environmental impact and preserve soil health. Biofertilizers offer a sustainable alternative to chemical fertilizers, reducing reliance on synthetic inputs and promoting soil fertility and biodiversity.
Government Initiatives and Regulations: Governments worldwide are implementing regulations and providing incentives to promote the use of biofertilizers. Subsidies, grants, and policies supporting organic farming and sustainable agriculture contribute to the growth of the biofertilizers market.
Technological Advancements: Ongoing research and development efforts are improving the efficiency and effectiveness of biofertilizers. Advancements in biotechnology, microbiology, and formulation techniques enhance the performance and application of biofertilizer products, making them more competitive with conventional fertilizers.
Expansion of Distribution Channels: Biofertilizer manufacturers are expanding their distribution networks to reach a wider customer base. Partnerships with agricultural cooperatives, retailers, and e-commerce platforms enable easier access to biofertilizer products, especially in remote or underserved regions.
Focus on Microbial Diversity: There's a growing emphasis on exploring and utilizing diverse microbial strains with specific functions to enhance soil health and plant growth. Research into novel microbial species and their interactions with plants is driving innovation in biofertilizer formulations tailored to different crops and soil conditions.
Adoption in Developing Regions: Emerging economies with large agricultural sectors are increasingly adopting biofertilizers to improve crop yields, reduce input costs, and mitigate environmental degradation. Initiatives promoting sustainable agriculture and technology transfer contribute to the uptake of biofertilizers in these regions.

Phosphate solubilizing and mobilizing biofertilizers is estimated to be the fastest segment during the forecast period

Phosphorus is considered as the most essential element for higher crop productivity. Phosphorous helps in the better growth of crops which helps in enhancing the quality and yield of plants. It is also responsible for improving the root growth, improving seed and flower formations, and making the plants resistant to the various pests and diseases. Better results are seen in the crops such as sugarcane, rice, fruits, and vegetables etc. These are also being utilized in modern agricultural methods such as Hydroponics, Aquaponics, and protected cultivation. These are the factors which are considered to drive the market for phosphate solubilizing and mobilizing biofertilizers.

Pulses and oilseeds segment is projected as the fastest growing segment during the research period

Pulses and oilseeds are the fastest growing segment during the forecasted period. This is due to the increase in the importance of the pulses in international trade. Pulses also contribute significantly to financial advantages by accounting for a big part of exports. Crops like chickpeas and pigeon peas sometimes require a lot of soil nutrients to develop properly. Rhizobium inoculation is frequently advised to boost nitrogen availability from the soil. Rhizobium and Azotobacter are usually suited for producing pulses and oilseeds. These are the factors that are considered to propel the growth of the biofertilizer market.

Biofertilizers Market Growth

Following are some biofertilizers market growth:

Increasing Adoption of Sustainable Agriculture: Growing awareness about the detrimental effects of chemical fertilizers on soil health and the environment has led to a shift towards sustainable agricultural practices. Biofertilizers, being eco-friendly and promoting soil fertility, are witnessing rising demand among farmers seeking alternative solutions.
Rising Demand for Organic Food: Consumers are increasingly opting for organic food products due to health and environmental concerns. This trend drives the demand for biofertilizers as they are essential for organic farming practices, which prohibit the use of synthetic chemicals.
Government Support and Incentives: Many governments are implementing policies and providing incentives to promote the adoption of biofertilizers. Subsidies, grants, and tax benefits encourage farmers to use biofertilizers, further fueling market growth.
Technological Advancements: Ongoing research and development efforts are leading to the development of advanced biofertilizer formulations with improved efficacy and application methods. Innovations in microbial strains, formulation techniques, and delivery systems enhance the performance and convenience of biofertilizers, driving their adoption.
Expansion into New Markets: The biofertilizers market is expanding into new geographic regions, including emerging economies with large agricultural sectors. Increasing awareness about sustainable agriculture practices and the benefits of biofertilizers in improving soil health and crop yields drive market penetration in these regions.
Collaboration and Partnerships: Collaboration between biofertilizer manufacturers, agricultural organizations, research institutions, and government agencies facilitates knowledge exchange, research, and market development initiatives. Partnerships with distribution channels also enhance market reach and accessibility of biofertilizer products.
Environmental Concerns: Growing concerns about soil degradation, water pollution, and biodiversity loss associated with chemical fertilizers prompt farmers and policymakers to seek alternative solutions like biofertilizers. The environmentally friendly nature of biofertilizers aligns with sustainability goals, driving their adoption and market growth.

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Europe is estimated to be the fastest growing region during the study period

Europe is the fastest growing region in the biofertilizers market. This is due to an increase in the use of technologies and machinery in the agricultural sector. The expansion of the agricultural industry in this area has made it possible for it to be a major producer and exporter of important agricultural goods. The region's market for biofertilizers has expanded significantly because of a developing economy and customer demand. Europe is one of the leading consumers of fertilizers and hence it is projected to foster at higher rate in biofertilizers market.

Biofertilizer Top Companies