Soil and water

Biofertilizers market size is worth $4,744.43 million, globally, by 2028 at a CAGR of 12.3%

The Biofertilizers Market size was valued at USD 1,996.13 Million in 2021 and is projected to reach USD 4,744.43 Million by 2028. It is expected to grow at a CAGR of 12.3% from 2021 to 2028.

New York, 10 Feb. 2022 (GLOBE NEWSWIRE) — The latest research study on “Biofertilizers market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Product Type (Nitrogen Fixer, Phosphorus Solubilizer, Potassium Mobilizer and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizer Bacteria and Others) , Crop Type (Cereals and Grains, Oil Seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)”, published by The Insight Partners.

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Details

Market size Value in

US$1,996.13 million in 2021

Market Size Value by

$4,744.43 million by 2028

Rate of growth

CAGR of 12.3% from 2021 to 2028

Forecast period

2021-2028

base year

2021

Number of pages

144

Number of tables

83

Number of graphs and figures

60

Historical data available

Yes

Segments Covered

Product type, microorganism, culture type and application

Regional scope

North America; Europe; Asia Pacific; Latin America; AEM

Country scope

United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

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Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends

Biofertilizers Market: Competition Landscape and Key Developments
AgriLife; Biotech International Ltd. ; Kiwa Bio-Tech Products Group Corporation; Mapleton Agri Biotec Pt Ltd; Novozymes; Rizobacter; Symborg; T. Stanes and Company Limited; UPL; and Vegalab SA. are the major players in the global biofertilizers market. These players are actively focusing on the development of innovative and quality biofertilizer products.

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North America held the largest share of the global biofertilizer market in 2020 owing to growing demand for organic products, growing acceptance of biofertilizers by rural farmers, and increasing adoption of advanced irrigation systems such as drip and sprinkler irrigation for fertigation. In addition, increased government intervention in agricultural practices in the region has led to significant changes in agricultural trends and methods in the United States and Canada and an increase in organic farming in the region.

Additionally, Asia-Pacific (APAC) is expected to grow at the fastest CAGR from 2020 to 2028. Growth in the APAC region can be attributed to growing consumer preference for organic food consumption coupled with regulatory initiatives and the agricultural reforms undertaken by the governments of various Asian countries. Farmers in APAC countries are choosing biofertilizers over synthetic and chemical fertilizers due to the growing demand for organic farming. Additionally, it will help prevent soil and water contamination from the application of chemicals.

Growing need for alternatives to chemical fertilizers to fuel the demand for biofertilizers:
The demand for biofertilizers is increasing globally owing to the growing adoption of organic foods globally. Biofertilizers have properties that increase the level of nitrogen and phosphorus in plants more naturally than other fertilizers and improve the soil by restoring its normal fertility. In addition to this, biofertilizers also improve soil texture and quality, which helps plants grow better in harsh conditions, such as drought. Additionally, biofertilizers are cheap and easy-to-use alternatives to manufactured petrochemicals. In addition, the use of bio-based fertilizers in agricultural fields contributes significantly to the decomposition of organic residues and the overall development of plants and crops. Hence, the above mentioned factors are driving the growth of the market and increasing the demand for biofertilizers globally.

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Biofertilizers Market: Segmental Overview
Based on product type, the global biofertilizers market is segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing and others. Nitrogen fixation segment dominated the global market in 2020 due to growing demand for synthesized vitamins, amino acids, nucleic acid-based nitrogen compounds for fixing the presence of nitrogen and several other essential soil minerals for organic agriculture worldwide.

Based on microorganisms, the global biofertilizers market is segmented into rhizobium, azotobacter, phosphate-solubilizing bacteria, and others. Phosphate Solubilizing Bacteria (PSB) segment dominated the global market in 2020 owing to its application in all types of crops.

Based on crop type, the global biofertilizers market is segmented into grains and grains, oilseeds and pulses, fruits and vegetables, and others. Cereals and grains segment dominated the global market in 2020 owing to the results of strong vegetation growth in cereals and grains using the inoculation of azotobacter and phosphate solubilizing bacteria which proved to be biofertilizers very effective in terms of crop yield.

On the basis of application, the global biofertilizer market is segmented into seed treatment, soil treatment and others. The seed treatment segment dominated the global biofertilizer market in 2020 owing to the growing demand for quality seeds globally.

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Impact of the COVID-19 pandemic on the biofertilizers market:
Due to the COVID-19 pandemic, manufacturers of biofertilizers have experienced a slight disruption in the supply chain of their raw materials during the first two quarters of 2020. However, the supply chain of biofertilizer materials has been restored and production activities returned to normal at the end of 2020. Later, the market was not significantly negatively impacted by the pandemic. Moreover, with the increasing COVID-19 vaccinations and the easing of lockdown restrictions, the global economy is picking up and subsequently the biofertilizer market is regaining its growth.

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The Insight Partners is an industry unique research provider of actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Health IT, Manufacturing and Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.

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