Jersey City, NJ, April 26, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Biofertilizers Market Size, Share & Trends Analysis Report By Type (Nitrogen-fixing, Phosphate solubilizing & Mobilizing, Potash Solubilizing & Mobilizing), Form (Liquid, Carrier-Based), Mode of Application (Soil Treatment, Seed Treatment), Crop Type (Cereals & Grains, Pulses & Oilseeds, Fruits & Vegetables)- Market Outlook And Industry Analysis 2031"
The global biofertilizers market is estimated to reach over USD 7.18 billion by 2031, exhibiting a CAGR of 11.17% during the forecast period.
Biofertilizers are compounds made up of living microbes that, when added to soil, seeds, plants, and other living things, promote growth by supplying vital nutrients like N, P, and other mineral nutrients. Improvements in agricultural productivity were made due to factors including the expansion of organic agricultural methods and the widespread use of organic goods like biofertilizers.
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Due to their organic nature and role in preserving the ecological balance, biofertilizer products have seen increased demand. Federal agencies throughout the world are promoting the use of biofertilizers. Furthermore, applying bio-based fertilizers in agricultural fields considerably encourages the breakdown of organic waste and the general growth of plants and crops.
In the upcoming years, it is predicted that customers' reactions to growing prices for food produced with synthetic fertilizers and the cost of synthetic fertilizers themselves will continue to be a major drivers of the use of biofertilizers. To meet the rapidly expanding population's demands for food, agricultural productivity must be increased. Globally, chemical fertilizers have been customary to increase agricultural production. However, the negative impacts of agrochemicals on plant physiology, soil quality, animals, and people are becoming more widely known.
Recent Developments:
- In September 2022.-In order to create sustainable crop solutions globally, Rizobacter Argentina SA merges Bioceres Crop Solutions with Martone Bio Innovations.
- In May 2021, Rizobacter Argentina SA introduced Microstar Bio, a unique, specialized fertilizer combining biological and fertilizers. The product aids with root development and efficient nutrient usage by incorporating bacillus strains into the micro granules.
List of Prominent Players in the Biofertilizers Market:
- Agrilife
- Agrinos
- American Vanguard Corporation (U.S.)
- ASB Grünland
- Aumgene Biosciences
- Bienvenido
- Bioceres S.A. (Argentina)
- Biomax Naturals
- Bioworks Inc. (U.S.)
- Chr. Hansen Holding A/S
- Criyagen
- Gujarat State Fertilizers & Chemical Ltd. (India)
- Helmut Aurenz Gmbh,
- International Panacea Limited
- IPL Biologicals Limited
- Jaipur Biofertilizers
- Kan Biosys
- Kiwa Bio-Tech
- Lallemand In
- LKB Biofertilizer
- Madras Fertilizers Limited
- Manidharma Biotech Pvt Ltd
- Mapleton Agri Biotec Pty Ltd
- National Fertilizers Limited (India)
- Novozymes A/S (Denmark)
- Nutramax Laboratories, Inc.
- Rashtriya Chemicals And Fertilizers Limited
- Rizobacter Argentina S.A.
- SEIPASA
- Some Phytopharma India Ltd
- Symborg
- T. Stanes And Company Limited
- Upl Limited
- Valagro
- Valent Biosciences
- Varsha Bioscience And Technology India Pvt Ltd
- Vegalab SA
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Biofertilizers Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 2.81 Bn |
| Revenue forecast in 2031 | USD 7.18 Bn |
| Growth rate CAGR | CAGR of 11.17% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Mode Of Application, Crop Type And Form |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The growing use of microbes in biofertilizers demonstrates the potential for safe food production and sustainable farming practices. The market for biofertilizers is anticipated to be driven throughout the projected period by the rising concern over food safety. The need for alternative environmentally friendly products is at an all-time high as numerous million-dollar corporations try to manufacture high-performance agricultural inputs, including fertilizers and various insecticides.
Due to decades of traditional agricultural practices employing synthetic agents for aggressive crop yields, underground water reserves and soil fertility globally has had a significant positive impact. Due to consumer knowledge of the consequences on human health and environmentalists' response to the environmental threats posed by organic farming, organic farming products and organic agricultural processes are becoming more widely employed worldwide.
Challenges:
Increasing technological and ecological issues, a shortage of resources, and the requirement for significant capital investments could all limit the growth of the biofertilizers market throughout the forecasted period. Nevertheless, pollutants and soil degradation and their negative effects on people are major issues in this area. Governments in these regions are supporting environmentally friendly fertilizers like biofertilizers and inorganic fertilizers to offset the detrimental effects of chemical fertilizers.
Regional Trends:
The North America biofertilizers market is expected to register a substantial market share in revenue and is projected to develop at a high CAGR soon. The significant market share of this sector is thought to be due to factors such as rising consumer demand for organic goods, rising health consciousness among purchasers, growing rural farm worker acceptance of biofertilizers, expanding organic farming areas, and high adoption rates of cutting-edge irrigation systems like drip and livestock watering for fertigation. Besides, Asia Pacific had a noteworthy share in the market due to its developed economy and growing adoption of the product. This is due to the adoption of new strategies by the major players in the biofertilizers market. Moreover, the presence of key market players and increasing collaboration among major players for market penetration in the region provides the opportunity for growth of the global biofertilizers market.
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Segmentation of Biofertilizers Market-
By Type
- Nitrogen fixing Microbes
- Phosphate solublizing and mobilizing microbes
- Potassium solublizing and mobilizing microbes
- other types (zinc, silica, and sulfur solubilizing biofertilizers)
By Mode of Application
- Soil Treatment
- Seed Treatment
- Other modes of application (foilar treatment, root dipping, and seeding root treatment)
By Crop type:
- Cereals & grains
- Pulses & oilseeds
- Fruits & vegetables
- Other crop types (turf & ornamentals, plantation crops, fiber crops, and silage & forage crops)
By Form:
- Liquid
- Carrier-based
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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