Biofertilizer Market Expected to Grow Steadily at 12.2% CAGR, Reaching USD 5.2 Billion by 2031: Transparency Market Research Inc.
The use of biofertilizers in horticulture, including fruits and vegetables, is growing as consumers seek healthier produced food.
Wilmington, Delaware, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global biofertilizer market was estimated to have acquired US$ 2.9 billion in 2020. It is anticipated to register a 12.2% CAGR from 2021 to 2031 and by 2031, the market is likely to gain US$ 5.2 billion.
Biofertilizers are often used in conjunction with other nutrient management practices, forming part of integrated nutrient management systems. The adoption of such holistic approaches is a trend supporting the biofertilizer market.
Nitrogen fixing biofertilizers, such as those containing rhizobia and azotobacter, are gaining attention due to their role in improving nitrogen availability to plants, an essential nutrient for crop growth.
The rise in investments in the agriculture sector, both from public and private sectors, can create opportunities for the biofertilizer market to expand its reach and impact. Water soluble biofertilizers, which allow for easier application through irrigation systems, are gaining popularity for their convenience and efficiency.
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Key Findings of Market Report
- Governments worldwide are actively incentivizing the use of biofertilizers among farmers, employing subsidies and regulations to promote sustainable agricultural practices. Ongoing research and development initiatives within the biofertilizer domain are yielding more potent and efficient products. Moreover, advancements in microbial technology hold the promise of further improving the efficacy of biofertilizers.
- Increasing awareness about soil health and the detrimental long-term impacts of chemical fertilizers on soil fertility is propelling a notable shift toward biofertilizers as a viable alternative. A noteworthy trend in this sphere is the custom tailoring of biofertilizers for specific crops or plant varieties, a move anticipated to bolster their effectiveness and broaden their market reach.
Trends for Biofertilizer Market
- Technological advancements, particularly in biotechnology and genetic engineering, are poised to revolutionize the creation of innovative biofertilizers with enhanced effectiveness. Collaborations between biofertilizer manufacturers, agricultural research institutions, and government entities are projected to be pivotal in propelling market growth, leading to the emergence of novel and improved biofertilizer solutions.
- There’s a rising awareness among farmers regarding the manifold advantages of biofertilizers, backed by educational initiatives promoting their adoption. This heightened understanding is expected to accelerate the uptake of biofertilizers in agricultural practices.
- The escalating demand for organic food driven by increased consumer awareness and preference is a significant factor benefiting the biofertilizer market. As biofertilizers play a crucial role in organic farming, they are poised to capitalize on this growing trend.
Global Market for Biofertilizer: Regional Outlook
Various reasons are propelling the growth of the biofertilizer market in different regions. The regions include,
- The Asia Pacific region has a rapidly growing population, leading to increased food demand. Biofertilizers offer a sustainable solution for enhancing crop productivity, making them attractive for farmers looking to meet the rising demand for food.
- The diverse climates and ecosystems in the Asia Pacific region provide a rich source of microbial strains suitable for biofertilizer production. The biodiversity can contribute to the development of effective and region specific biofertilizer formulations.
- Increasing awareness through education programs about the benefits of biofertilizers can play a crucial role in driving adoption among farmers in the region.
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- Ongoing investments in research and development within the agricultural sector contribute to the advancement of biofertilizer technologies. Innovations and improvements in formulations can enhance the efficacy of biofertilizers.
- The adoption of precision agriculture practices, including the use of advanced inputs like biofertilizers, is gaining momentum in North America. Precision agriculture enables optimized resource use and improved crop yields.
Global Biofertilizer Market: Key Players
The following companies are well known participants in the global biofertilizer market: Novozymes A/S,Gujarat State Fertilizers and Chemicals Ltd., Agri Life, Rashtriya Chemicals and Fertilizers Limited, Italpollina SpA, Rizobacters Argentina S.A.,T. Stanes & Company Limited, Symborg S.L.,Biomax, Bio Protan, Mapleton Agri Biotech Pty Ltd., Camson Biotechnologies Limited, Terra Max Inc, Bodisen Biotech Inc., National Fertilizer Limited
Global Biofertilizer Market Segmentation
- Nitrogen Fixing
- Phosphate Mobilizing
- Potassium Mobilizing
- Cereals & Grains
- Fruits & Vegetables
- Oil Seeds & Pulses
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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