Fort Collins, Colorado, Oct. 11, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the biofertilizers market size was valued at USD 3.7 Billion in 2022 and is expected to reach a market size of USD 10.8 Billion by 2032 with a CAGR of 11.3%.
Technological advances and the need for sustainable measures are highly responsible for maintaining favorable conditions for sustainable agriculture. However, biofertilizers are critical in bridging the gap between agricultural practices and sustainable measures.
Biofertilizers contain a large population of a specific group of beneficial microorganisms for enhancing soil productivity. They provide essential nutrients to plants through natural processes such as fixing atmospheric nitrogen or solubilizing soil phosphorus. Also, it increases the yield without causing damage from chemical fertilizers to promote plant growth. There are certain advantages of biofertilizers, such as a renewable source of nutrients, sustaining soil health, supplementing chemical fertilizers, increasing grain yields by 10-40%, decomposing plant residues, improving texture, structure, and water-holding capacity of the soil, and others.
Traditional chemical fertilizers, such as water pollution, soil deterioration, and greenhouse gas emissions, negatively affect the crops and the environment. Biofertilizers offer a sustainable and environment-friendly alternative and improve soil structure, fertility, and synthetic input requirements. The need for these fertilizers has increased due to the growing attention to sustainable agriculture and environmental issues. The demand for organic food has risen as people become environmentally and health-conscious. Biofertilizers are crucial to organic farming since they provide micronutrients to plant sustainability.
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Segmentation Overview:
The global biofertilizers market has been segmented into product, application, crop type, and region. Cereals & grains segment dominated the biofertilizers market as they are the frequently consumed source of nutrition. Biofertilizers are expected to continue dominating the seed treatment application market during the forecast period because of their agronomic benefits that enhance the nutritional value of seeds. North America dominated the global biofertilizers market. This region has a growing demand for organic food products with an increasing awareness of sustainable agricultural practices. Additionally, government policies strongly support the use and development of biofertilizers.
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Biofertilizers Market Report Highlights:
- The global biofertilizers market growth is anticipated at a CAGR of 11.3% by 2032.
- The biofertilizers market growth is largely driven by the growing demand for sustainability in agriculture and the use of organic ingredients in manufacturing agricultural fertilizers.
- Nitrogen is a fundamental macronutrient and plays a significant role inside the plant to make sure energy is accessible when and where the plant needs it to enhance yield.
- The seed treatment application market registered high growth in 2022 and is expected to retain its dominance during the forecast period owing to its benefits to agriculture.
- Cereals and grains crops have high nitrogen requirements, and biofertilizers can contribute to sustainably meeting these needs. Therefore, cereals and grain crops will likely register a huge growth in the forthcoming years.
- Some prominent players in the biofertilizers market report include UPL Limited, Novozymes, Syngenta AG, IPL Biologicals Ltd., AgriLife, Biomax, Rizobacter, Argentina SA, Lallemand SA, and Sigma Agri-Science, LLC.
Industry Trends and Insights:
- In August 2022, in partnership with The Energy and Resources Institute's SMART Agrisolutions, Chambal Fertilizers and Chemicals Limited (CFCL) introduced "UTTAM SUPERRHIZA," an advanced Mycorrhizal Biofertilizer product.
- In 2021, according to the National Centre for Organic and Natural Farming, 72.3 million hectares of agricultural land were managed organically by at least 3.1 million farmers.
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Biofertilizers Market Segmentation:
- By Product: Nitrogen fixing, phosphate solubilizing, others.
- By Application: Seed treatment, soil treatment, others.
- By Crop Type: Cereals & grains, oilseeds & pulses, fruits & vegetables, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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