USD 2.67 billion
Report ID:
SQMIG15C2071 |
Region:
Global |
Published Date: July, 2024
Pages:
256
|Tables:
146
|Figures:
78
Global Biofertilizers Market size was valued at USD 2.67 Billion in 2022 poised to grow from USD 2.99 Billion in 2023 to USD 6.52 Billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031).
A material known as "biofertilizer" is made up of living microorganisms that give plants more nutrients, hence promoting their growth. It enhances soil nutrients or makes them physiologically accessible for plants when applied to seed, soil, or plants. Since natural farming necessitates the use of biofertilizers, the global market is seeing steady growth. Nitrogen-fixing biofertilizers are extensively used by farmers to cultivate a variety of crops in great demand like oilseeds, grains and wheat. These biofertilizers can help in enhancing healthy growth of plants by adjusting soil nitrogen level.
The rise in naturally occurring levels of phosphorus and nitrogen that plants can absorb more readily than with traditional fertilisers, along with the restoration of soil fertility, are factors that propel the global market for biofertilizers. Additionally, biofertilizers promote the quality and texture of the soil, which aids in improving plant growth in harsh environments like droughts. Additionally, biofertilizers are affordable and simple substitutes for petrochemical products that are generated. The primary obstacle to the market for biofertilizers, however, is that they must be utilised before their expiration date and must be stored with extra caution. The absence of appropriate training in organic farming and farmers' limited understanding of biofertilizers are two more significant factors impeding the market's growth.
US Biofertilizers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.67 billion
Largest Segment
Cereals
Fastest Growth
Cereals
Growth Rate
12.3% CAGR
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The global biofertilizers market is segmented based on Type, Mode of Application and Crop Type. In terms of Type, the market is grouped into Nitrogen-Fixing Biofertilizers, Phosphate Solubilizing & Mobilizing Biofertilizers, Potassium Solubilizing & Mobilizing Biofertilizers and Other types. Based on the Mode of Application, the market is trifurcated into Soil treatment, Seed Treatment and Other Modes of Application. Based on the Crop Type, the market is segmented into Cereals & Grains, Pulses & Oilseeds, Fruits & Vegetables and Other Crop Types. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Type
As per categorization by type, the market is classified as nitrogen-fixing biofertilizers, phosphate solubilizing & mobilizing biofertilizers, potassium solubilizing & mobilizing biofertilizers and other types. Among these, nitrogen-fixing biofertilizers earned the largest share and continue to dominate the market. Due to this, biofertilizers that fix nitrogen are changing the global biofertilizer market due to their ability to improve soil infertility with the help of natural nitrogen. Their unique ability to raise agricultural production forever without causing the application of synthetic insecticides distinguishes them from their competitors. Being a top-rated company in the market, such biofertilizers meet the growing demand for eco sustainable agriculture with inexpensive and non-polluting alternatives.
The global biofertilizer market is anticipated to witness the highest growth rate for phosphate-solubilizing and mobilizing biofertilizers owing to their ability to release vital nutrients from insoluble phosphates. This situation is fueled by rampant demand for environmentally friendly techniques of raising soil fertility and increasing agricultural production.
Analysis by Mode of Application
Innovation in the global bioproducts industry is spurred by formulations that enhance soil health and nutrient availability. These therapies have diverse applications in agricultural practices to promote sustainability and address the increasing demand for ecologically sound agricultural alternatives. They improve soil structure and microbial activity, which in turn increases crop resilience and productivity.
The world over, biofertilizers are expected to grow fastest due to treatments on seeds for it helps in preventing infections in seeds and promoting early plant growth. In doing so, it serves to reduce reliance on chemicals and improves yields while increasing germination rate that satisfies the rising need for sustainable agriculture practices.
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With its sophisticated agricultural infrastructure, robust legislative support for sustainable farming techniques, and growing consciousness of environmental implications, North America leads the global biofertilizers market. With organic farming gaining ground and environmentally friendly approaches for agricultural inputs on demand, biofertilizer usage in the region is increasing. Furthermore, government incentives, strong research and development, and technological breakthroughs are further propelling market growth. Currently the North America region remains the largest player in biofertilizer market owing to its emphasis on increasing crop productivity while reducing dependence on chemical fertilizers which aligns with sustainable agricultural practices embraced by this region.
Biofertilizer market is growing at an unprecedented rate in Asia Pacific due to its rapidly developing agricultural sector, increasing public awareness about sustainable farming practices and government initiatives encourage organic farming programs. This strong demand for food due to the region’s huge population has led to a push towards biofertilizers aimed at improving crop yields and soil health. Large investments in biofertilizer research and development are being made by nations like China and India, who receive subsidies and advantageous regulations in return. A major growth engine in the worldwide biofertilizer industry, Asia Pacific is driven by growing environmental concerns and the need to limit the use of chemical fertilizers.
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Drivers
Growing Demand for Sustainable Agriculture:
Government Support and Regulations:
Restraints
Lack of Awareness and Education:
Shorter Shelf Life and Storage Challenges:
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The competitive environment of the worldwide biofertilizer market is defined by the existence of major international firms that prioritise product development, innovation, and joint ventures. Advanced biofertilizer solutions from companies like BASF SE, Bayer AG, Rizobacter, Novozymes, and others are driving the market and improving agricultural yield and sustainability. To satisfy the increasing need, especially in developing countries where organic agriculture is getting more attention, these firms are expanding their international reach and sponsoring studies.
Biofertilizers Market Top Players Company Profiles
Biofertilizers Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, to sum up, the global biofertilizers market is expanding significantly due to developments in technology and a move towards sustainable agriculture. Biofertilizers maintain soil fertility, increase crop yield and are a natural alternative to chemical fertilizers as they provide essential nutrients to the soil gently. Two key sub-segments of the market, nitrogen-fixing biofertilizers and phosphate-solubilizing ones, are being promoted due to their efficacy and environment-friendly nature.
Although challenges including insufficient awareness in addition to problems with storage still exist, this industry has benefitted from robust legislative framework and increasing popularity of organic farming. Innovations and regional dynamics, especially in North America and Asia-Pacific, are shaping the future of this ever-changing market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.67 Billion |
Market size value in 2031 | USD 6.52 Billion |
Growth Rate | 12.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Biofertilizers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biofertilizers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biofertilizers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biofertilizers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG15C2071