According to Precision Business Insights, the Biofertilizers Market research report provides industry size and growth.
The Biofertilizers Market size was valued at USD 1416.68 million in 2022 and is expected to grow at a CAGR of 14.08% from 2023-2029. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
Biofertilizers are the substances with microorganisms when applied to the plant surfaces, soil or to the seed will colonize the rhizosphere or interior parts of a plant and promotes growth. Biofertilizers able to add nutrients through the natural process of solubilizing phosphorous, fixing atmosphere nitrogen and stimulate plant growth by synthesizing the substances. Biofertilizers are the class of agrochemicals which are made of organic materials in major quantities. Nowadays farmers are avoiding chemical fertilizers in order to minimize the harmful effects on biodiversity and environment. But synthetic products are still used widely because of the long life and effectiveness of the products. These biofertilizers are potentially used in soil treatment, root dripping and seed treatment. The global biofertilizers market size is expected to gain traction due to rising inclination towards eco-friendly or less hazardous fertilizers. The rapid growth of biofertilizers market is due to an increase in demand for the organic food globally. Furthermore, increase in per-capita income and improved standards of living, growing concern about the environment by the impact of the chemical fertilizers, a rise in support of the governments of the manufacturers will fuel the growth of biofertilizers industry. However, low product efficacy under unfavourable conditions, easy regulatory framework and high demand for the synthetic fertilizers, lack of awareness to the farmers about the benefits and application of biofertilizers are the factors which are hampering the growth of the biofertilizers market size. The global biofertilizers market is divided into following categories-
Lastly, on the basis of geographical regions, the global biofertilizers market is classified as into five key regions- Europe, Asia-Pacific, North America, the Middle East & Africa and Latin America. North America holds the largest share and demand for biofertilizers followed by Europe owing to the favourable regulatory scenario, the presence of many developed regions, demand for high yielding crops, high progress in biotechnology especially in fermentation technology etc. Asia Pacific region also holds a significant position in the biofertilizers industry due to growing organic food industry, increase in farm expenditures, government initiatives such as campaigns for the awareness regarding biofertilizers and favourable incentive schemes.
Some of the players in global biofertilizers market are Madras Fertilizers Limited (India), Novozymes A/S (Denmark), National Fertilizers Limited (India), Novozymes A/S (Denmark), Nutramax Laboratories Inc. (U.S.), Rizobacter Argentina S.A. (Argentina), Camson Bio Technologies Limited (India), T. Stanes & Company Limited (India), Gujarat State Fertilizers & Chemicals Ltd. (India),Rashtriya Chemicals & Fertilizers Ltd. (India), and Lallemand Inc. (Canada). Some of the market developments include Kiwa Biotech Products Group Corporation and CCOOP Group Co. Ltd
The best biofertilizers market report includes awareness about the environment and growing demand for fertile soil and organic foods are propelling biofertilizers industry revenue. Government initiatives such as European Union'™s Common Agricultural Policy is promoting a bio-based product and offering approximately 30 % of total budget as direct green payment for the farmers who are adhering to sustainable agricultural practices. Governments of India and China also undertaken many initiatives in order to educate the farmers regarding usage of biofertilizers to enhance the crop production.