Biofertilizers Market

Market Synopsis:

Global Biofertilizers market is valued at USD 2649.23 Million in 2022 and is projected to reach a value of USD 6017.81 Million by 2030 at a CAGR of 10.80% over the forecast period.

The Biofertilizers market is expected to witness the highest growth owing to the adoption of precision farming and projected agriculture along with the rising environmental concerns during the forecast period. Growth in the organic food industry, growth in the hazards of chemical fertilizers, like the incidence of eutrophication and hypoxic water zones, and the need to increase the chemical fertilizer usage efficiency are some of the major factors driving the growth of the Biofertilizers market during the forecast period. Additionally, rising water and soil pollution due to unnecessary usage of chemical fertilizers is fueling the adoption of organic fertilizers during the forecast period. Furthermore, the active participation of agricultural producers in ramping up their biological agriculture like bio-origin fertilizers is expected to boost the growth of the Biofertilizers market in the years to come. Moreover, amplifying the demand for organic products is also one of the major factors leading to the adoption of Biofertilizers during the forecast period. Higher recognition and the adoption of products among farmers based across developing as well as developed economies are expected to positively impact the growth of the Biofertilizers market in the upcoming years. On the other hand, the poor infrastructure of the biofertilizer manufacturing plants owing to the higher initial investment, and less adoption of Biofertilizers due to illiteracy is the prime factor limiting the growth of the Biofertilizers market globally during the forecast period. Besides, the rise in the demand for food products and per capita income have generated enormous opportunities for the growth of the Biofertilizers market in various regions and countries globally during the forecast period.

Market Segmentation:

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The Nitrogen-Fixing Microbes Segment is Projected to Grow at the Highest CAGR During the Forecast Period

The nitrogen-fixing microbes segment is predicted to have the highest CAGR during the forecast period. Biofertilizers are viable cells and hold effective strains of precise nitrogen-fixing bacteria, which can be used in carrier-based powder form or in liquid form in farming. Nitrogen is used by plants to synthesize vitamins, nucleic acids, amino acids, and some other nitrogenous compounds. Whereas, Nitrogen Fixing Biofertilizers involve Actinobacteria, Rhizobium, Azotobacter, and Azospirillum and they support converting nitrogen into organic compounds. Some of the strains of Azotobacter have the ability to colonize the roots of crops like coffee, sugarcane, wheat, cotton, vegetables, and rice. Additionally, the Biofertilizers contain active strains of specific microorganisms, like algae, bacteria, and fungi which are also known to be the finest symbolic nitrogen fixers.

The Seed Treatment Segment is Anticipated to have Tremendous Growth

In the seed treatment segment, the Biofertilizers such as Azotobacter, Rhizobium, and Azospirillum are used as a coating on the seeds. This is the most shared method of applying Biofertilizers, as it is generally effective, and easy under most conditions. This supports condensing a small number of functional microorganisms on it, which further allows providing nitrogen for the roots in order to uptake the nutrients. Furthermore, the seed treatment is widely carried out for legume seeds for the nitrogen fixation purpose.

North America is Estimated as the Fastest-Growing Market During the Forecast Period

North America is expected to dominate the market owing to the growth in the demand for organic products, rising adoption of Biofertilizers among regular farmers during the forecast period. Moreover, the higher adoption of advanced irrigation systems like drip and sprinkler irrigation for fertigation by the farmers in various developing and developed countries and regions are increasing the growth of Biofertilizers during the forecast period. The severe monitoring environment in addition to a growing preference for the consumption of Biofertilizers products has led to the significant growth of the Biofertilizers market. Growing concerns affecting the excessive use of chemical fertilizers and nitrate emissions are some of the prime factors expected to contribute to the growth of the Biofertilizers market in the region during forecast period.

Mexico is projected to witness growth in demand for Biofertilizers as the prime agricultural products are exported to other countries like the United States, Canada, and Netherland.

Competitive Landscape:

Several players in the Biofertilizers market are adopting growth strategies such as new product launches and expansions in order to strengthen their presence in the market. Some of the key players in the Biofertilizers market are Novozymes A/S (Denmark), Vegalab SA (Switzerland), UPL Limited (India), Chr. Hansen Holding A/S (Denmark), Kiwa Bio-Tech (China), Lallemand Inc. (US), Rizobacter Argentina S.A. (Argentina), T. Stanes & Company Limited (India), IPL Biologicals Limited (India), Nutramax Laboratories Inc. (US), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotech Pty Ltd (Australia), Seipasa (Spain), AgriLife (India), Manidharma Biotech Pvt Ltd (India), Biomax Naturals (India), Jaipur Bio Fertilizers (India), Valent BioSciences (US), Aumgene Biosciences (India), Agrinos (US), Criyagen (India), LKB BioFertilizer (Malaysia), Varsha Bioscience and Technology India Pvt Ltd. (India), and Valagro (Italy)..

Biofertilizers Market is Segmented as Follows:

Biofertilizers Market is Tabulated as follows: