New York, January 2024: According to a new research study by Global Insight Services (GIS), the Biofertilizers Market is expected to grow rapidly over the next 10 years and it is expected to reach a CAGR 8.4% during the forecast period.
Biofertilizers are organic materials that are used to add nutrients to the soil. They are often made from plant materials or animal manure and can be used to improve the soils fertility and health. Biofertilizers can also help to increase crop yields and improve the quality of the crops.
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Global Biofertilizers Market: Market Drivers and Trends
The Biofertilizers Market is experiencing significant growth driven by the increasing adoption of biofertilizers in organic farming and soil fertility management practices. As awareness about the environmental impact of conventional chemical fertilizers grows, farmers are turning towards sustainable alternatives to enhance crop yields without compromising soil health. Biofertilizers, composed of beneficial microorganisms such as bacteria, fungi, and algae, play a crucial role in promoting plant growth by facilitating nutrient absorption, fixing atmospheric nitrogen, and improving soil structure. The emphasis on sustainable agriculture and the rising demand for organic produce are key factors propelling the market forward. Additionally, government initiatives promoting eco-friendly farming practices and the shift towards organic and natural farming methods further contribute to the expanding biofertilizers market. As the agricultural sector seeks environmentally friendly solutions to address the challenges of soil degradation and declining fertility, biofertilizers emerge as a compelling choice, fostering a paradigm shift towards more sustainable and resilient agriculture.
Global Biofertilizers Market: Market Restraints and Challenges
The Biofertilizers Market may face challenges in its growth due to an increasing demand for synthetic fertilizers. This heightened demand for synthetic alternatives could limit the expansion of the biofertilizer sector. Synthetic fertilizers are widely used in agriculture for their quick nutrient availability, but they also come with environmental concerns such as soil degradation and water pollution. Despite the eco-friendly benefits of biofertilizers, their adoption might be hindered by the prevalent preference for synthetic options. Balancing the advantages of biofertilizers with the strong market demand for synthetic alternatives poses a significant challenge, influencing the overall growth trajectory of the Biofertilizers Market.
Global Biofertilizers Market Report Findings
The Nitrogen-fixing segment is likely to hold the major share of the market in 2023
Based on the product, the market is segmented into Nitrogen-fixing, Phosphate-solubilizing, Potash-mobilizing, and Others. The Biofertilizers Market is experiencing significant growth, particularly in the Nitrogen-fixing segment in 2023. Nitrogen-fixing biofertilizers play a crucial role in enhancing soil fertility by converting atmospheric nitrogen into a form that plants can readily use. This process not only promotes plant growth but also reduces the dependency on synthetic nitrogen fertilizers, contributing to sustainable and eco-friendly agriculture. Farmers are increasingly recognizing the benefits of nitrogen-fixing biofertilizers in improving soil health, enhancing crop yields, and minimizing environmental impact. As a result, the demand for biofertilizers in the Nitrogen-fixing segment is on the rise, driving the overall expansion of the biofertilizer market.
Phosphate-solubilizing and Potash-mobilizing biofertilizers are gaining traction due to their ability to enhance the availability of essential nutrients in the soil, promoting overall plant health. These biofertilizers not only contribute to increased crop productivity but also aid in reducing the environmental impact associated with traditional chemical fertilizers. Farmers are increasingly adopting biofertilizers as an integral part of sustainable agriculture practices, recognizing their role in fostering soil fertility, improving nutrient absorption by plants, and ensuring long-term agricultural sustainability. The diverse benefits offered by various segments within the biofertilizer market underscore a broader trend towards environmentally friendly and resource-efficient farming practices.
The dry segment is likely to hold the major share of the market in 2023
Based on the form, the market is segmented into dry, and liquid. Among these, in 2023, the dry segment is experiencing notable growth. Dry biofertilizers, which come in powder or granular form, have gained popularity due to their convenience and ease of application. Farmers are increasingly adopting these biofertilizers as they offer a sustainable and eco-friendly alternative to traditional chemical fertilizers. The dry segment’s growth can be attributed to the rising awareness among farmers about the environmental impact of synthetic fertilizers and the benefits of using biofertilizers to enhance soil fertility. Moreover, the convenience of storage and transportation associated with dry biofertilizers has contributed to their widespread acceptance in the agricultural sector. As sustainable farming practices continue to gain momentum, the dry segment of the Biofertilizers Market is expected to witness further expansion in the coming years.
The cereals & grains segment is likely to hold the major share of the market in 2023
On the basis of crop type, the Biofertilizers Market is segmented into Cereals & grains, Pulses & oil seeds, Fruits & vegetables, and Others. Among these, in 2023, the cereals & grains segment is experiencing significant growth in the Market. The Cereals & grains segment is experiencing significant growth in the Biofertilizers Market. This expansion can be attributed to the increasing awareness and adoption of sustainable agricultural practices. Farmers are increasingly recognizing the benefits of biofertilizers, which are natural and eco-friendly alternatives to chemical fertilizers. In the Cereals & grains category, biofertilizers play a crucial role in enhancing soil fertility, promoting better nutrient absorption, and improving overall crop yield. As the demand for organic and environmentally friendly farming practices continues to rise, the Cereals & grains segment within the Biofertilizers Market is expected to witness continued growth, contributing to a more sustainable and resilient agricultural ecosystem.
The seed treatment segment is likely to hold the major share of the market in 2023
Based on the application, the market is segmented into the Seed treatment, Soil treatment, and Others. Out of these, in 2023, seed treatment segment emerging as a key contributor to this expansion due to its practical application in agriculture. Farmers are increasingly adopting biofertilizer seed treatments as an effective means to enhance crop yield and improve overall plant health. Biofertilizer treatments applied directly to seeds contain beneficial microorganisms, such as nitrogen-fixing bacteria and phosphate-solubilizing fungi, which form symbiotic relationships with plants. These microorganisms promote nutrient absorption, enhance soil fertility, and protect crops from diseases. The simplicity and efficiency of seed treatment methods have contributed to the rising popularity of biofertilizers among farmers, fostering a positive trajectory for the growth of this segment in the agricultural sector.
The North America region is accounted for the majority of market share in 2023
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2023, North America has witnessed significant growth driven by several key factors. This is due to increasing awareness and adoption of sustainable agricultural practices in the region. Farmers are increasingly recognizing the benefits of biofertilizers, which are environmentally friendly and enhance soil fertility by promoting the growth of beneficial microorganisms. The demand for organic food and a growing emphasis on reducing the environmental impact of conventional farming methods have further propelled the use of biofertilizers. Government initiatives promoting sustainable agriculture and the availability of various biofertilizer products tailored to different crops have also contributed to the market’s expansion. With a rising preference for eco-friendly and cost-effective agricultural inputs, the North American biofertilizers segment is poised for continued growth, offering promising prospects for both farmers and the environment.
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To obtain a competitive edge in the rapidly expanding Biofertilizerss Market, players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the Biofertilizers Market Report includes Asfertglobal, Lda, Agri Life, Bharat Biocon, Biomax Naturals, Camson Bio Technologies Limited, Chema Industries, Jay Enterprises, Kimitec Group, Kiwa Bio-Tech Products Group Corporation, Lallemand Inc., Mapleton Agri Biotec Pty Ltd, Rizobacter, Saosis Biotech Private Limited, SKS Bioproducts Pvt. Ltd., Symborg SL, T Stanes & Company Limited, among others.
Global Biofertilizers Market: Recent Developments
- In October 2022, Koppert intends to invest in three new production units in Brazil, ensuring its leadership in the Brazilian and global markets for biological agricultural inputs. The new formulation unit will be located on more than 8,000 m2. It will produce the entire microbiological line, including products based on viruses, fungi, and bacteria in liquid or solid formulations.
- In September 2022, Corteva Agriscience agreed to acquire Symborg Inc. to strengthen its global presence with a strong distribution network.
- In March 2021, Symborg opened a new hydrolysis plant in Spain, with a total investment of USD 28.0 million. The plant is designed for the manufacturing of sustainable products for agriculture, such as biofertilizers, biostimulants, and biocontrol solutions that are imported to the United States.
Biofertilizers Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Biofertilizers Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of Biofertilizers Market in terms of revenue ($Million) and volume (Kilotons).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Biofertilizers Market.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Biofertilizers Market along with the current trends and future estimations to depict imminent investment pockets. The overall Biofertilizers Market opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Biofertilizers Market are also analysed.
Global Biofertilizers Market Segmentation
By Crop Type
- Cereals & grains
- Pulses & oil seeds
- Fruits & vegetables
- Seed treatment
- Soil treatment
- North America
- The U.S.
- The U.K.
- Rest of Europe
- The Asia-Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Asfertglobal, Lda
- Agri Life
- Bharat Biocon
- Biomax Naturals
- Camson Bio Technologies Limited
- Chema Industries
- Gujarat State Fertilizers & Chemicals Ltd. (GSFC)
- Jay Enterprises
- Kimitec Group
- Kiwa Bio-Tech Products Group Corporation
- Lallemand Inc.
- Mapleton Agri Biotec Pty Ltd
- Madras Fertilizers Limited
- Rizobacter (Acquired by Bioceres Crop Solutions Corp.)
- Rashtriya Chemicals and Fertilizers Limited (RCF)
- Saosis Biotech Private Limited
- SKS Bioproducts Pvt. Ltd.
- Symborg SL
- T Stanes & Company Limited
- Maharashtra Bio Fertilizers Pvt. Ltd.
- Novozymes A/S (Parent Company: Novo Nordisk A/S)
- National Fertilizers Limited (NFL)