IMARC Group, a leading market research company, has recently releases report titled “Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biofertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Biofertilizer Market?
|Market Size in 2022||US$ 2.7 Billion|
|Market Forecast in 2028||US$ 5.8 Billion|
|Growth rate (2023 to 2028)||CAGR of 12.8%|
|Base Year of the Analysis||2022|
The global biofertilizer market size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2028, exhibiting a growth rate (CAGR) of 12.8% during 2023-2028.
What is Biofertilizer?
Biofertilizers are natural substances that use microorganisms to enhance the nutrient quality of the soil. They are eco-friendly fertilizers that make nutrients available to plants and enrich soil health. These microorganisms, such as bacteria, fungi, and cyanobacteria, convert atmospheric nitrogen into a form that plants use directly or indirectly. Biofertilizers are important for organic farming practices because they are a sustainable means of improving plant growth and productivity, unlike chemical fertilizers which harm the environment and the long-term fertility of the soil. They add the availability of nutrients, improve soil structure and fertility, and stimulate plant growth. Some common examples of biofertilizers include rhizobium, azotobacter, azospirillum (nitrogen-fixing bacteria), and mycorrhiza (a beneficial fungus). Each biofertilizer is a specific target crop and has its role in providing nutrients.
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What are the Growth Prospects and Trends in the Biofertilizer Industry?
The increasing research and development (R&D) activities in the field of agricultural sciences are leading to the introduction of advanced and effective biofertilizers which represents one of the key factors driving the growth of the biofertilizers market across the globe. These products not only improve soil fertility but also enhance crop yield and quality which is increasing their appeal to farmers. The market is also driven by increasing awareness and concern over the environmental hazards which is caused by synthetic fertilizers, including soil degradation, water contamination, and harm to beneficial soil microorganisms. These issues are prompting farmers and governments alike to adopt and promote the use of more sustainable farming practices, which naturally include biofertilizers. Other factors, such as the global movement towards organic farming and foods, numerous governments around the world offering incentives and subsidies to promote the use of biofertilizers, and the rising global population, are creating a positive outlook for the market across the globe.
Who are the Key Players Operating in the Biofertilizer Market?
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Novozymes A/S
- National Fertilizers Limited
- Madras Fertilizers Limited
- Gujarat State Fertilizers & Chemicals Ltd.
- Rizobacter Argentina S.A.
- Stanes & Company Limited
- Camson Bio Technologies Limited
- Rashtriya Chemicals & Fertilizers Ltd.
- Lallemand Inc.
- Nutramax Laboratories, Inc.
What is Included in Market Segmentation?
The report has categorized the market based on type, crop, microorganism and mode of application.
Breakup by Type:
- Nitrogen-fixing biofertilizers
- Phosphate-fixing biofertilizers
Analysed by Crop:
- Cereals and grains
- Pulses and oilseeds
- Fruits and vegetables
Based on Microorganism:
- Phosphate Solubilizing Bacteria
Market by Mode of Application:
- Seed treatment
- Soil treatment
- Asia Pacific
- North America
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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