Global Biofertilizers Market is Forecast to Grow at a CAGR of 11.70% in the Forecast Period
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global biofertilizers market was worth USD 2.7 billion in the year 2021. It is estimated to grow at a CAGR of 11.70%, earning revenue of around USD 5.7 billion by the end of 2028
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global biofertilizers market was worth USD 2.7 billion in the year 2021. It is estimated to grow at a CAGR of 11.70%, earning revenue of around USD 5.7 billion by the end of 2028. The global biofertilizers market is flourishing at a high rate owing to the increasing concerns towards the environment and rising demand for sustainability in agricultural practices. Furthermore, the increasing popularity of organic food among consumers is also providing lucrative growth opportunities to the market. However, limited awareness of the benefits of biofertilizers is acting as one of the major restraining factors for the global biofertilizers market.
Long-Term Advantages Of Biofertilizers Use Is Propelling The Growth Of Global Biofertilizers Market
The use of biofertilizers is increasing at a high rate owing to the long-term benefits it offers. Biofertilizers are said to provide higher crop yields along with improving the soil quality naturally. With the elimination of chemical fertilizers, the plants are prevented from toxic elements which are favorable for their long-term health. Moreover, biofertilizers prevent the crops from pathogens in both soil and plant and act as a natural pesticide. Such benefits are fueling the growth of the global biofertilizers market.
Rising Focus Towards Seed Treatment is Driving the Global Biofertilizers Market
Based on mode of application, the global biofertilizers market is segmented into soil treatment, seed treatment and other modes of application. The seed treatment segment holds the largest share in the global biofertilizers market. Several biotreatment methods include Rhizobium, Azotobacter, and Azospirillum. Seed treatment helps in the mineralization of soil along with increasing the availability of nutrients and improving the yield by 10 to 25% without affecting the soil and environment. These factors significantly propel the growth of the market.
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Global Biofertilizers Market - By Form
Based on form, the global biofertilizers market is segmented into liquid biofertilizers and carrier-based biofertilizers. The liquid biofertilizers segment accounts for the largest market share. One of the major advantages of liquid biofertilizers over their counterparts is that it has a higher shelf-life. Furthermore, it also has no effect of high temperature and no contamination, no loss of properties due to storage at high temperature. Liquid fertilizers also do not need solid carriers for transfer which acts as a major favorable factor for the market growth.
Global Biofertilizers Market - Regional Insights
Geographically, the global biofertilizers market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the global biofertilizers market owing to the high consciousness towards the use of organic products in agricultural activities. Furthermore, the rising adoption of advanced farming techniques and technologies such as precision farming, biodynamic farming, etc., is another factor influencing the growing demand for biofertilizers in developed countries such as the United States and Canada.
Impact of COVID-19 on Global Biofertilizers Market
The global biofertilizers market was not much affected by the COVID-19 pandemic outbreak. This is because of the strong and deep penetration of local biofertilizers manufacturers. The demand for organic food spiked during the COVID-19 period due to the rising health consciousness among consumers, due to which the production also increased, propelling the demand for biofertilizers in the agriculture industry. Furthermore, the demand for sustainability also emerged during this period, which is anticipated to positively influence the global biofertilizers market in the forecast period.
The leading market players of the global biofertilizers market are Novozymes A/S, Symborg SL, Kiwa Bio-Tech Products Group Corporation, Rizobacter Argentina SA, Lallemand Inc., National Fertilizer Ltd, Camson Biotechnologies Limited, National Fertilizer Ltd, Agrinos AS, CBF China Bio-Fertilizer AG, Criyagen Agri & Biotech Pvt Ltd, Biomax Naturals, Mapleton Agri Biotech Pty Limited, Agri Life, Valent BioSciences, Varsha Bioscience and Technology India Pvt Ltd., LKB BioFertilizer, Manidharma Biotech Pvt Ltd, Nutramax Laboratories Inc., and other prominent players.
The global biofertilizers market is highly fragmented and competitive with the presence of many global and regional industry participants. The local players have wide and deeper penetration in the market due to better distribution channels and easy access. The companies constantly launch new products that suit the crop needs of different lands and climatic conditions. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
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