Biofertilizers Market Outlook
The market size for biofertilizers was estimated at USD 1.8 billion in 2022. According to projections, the market for biofertilizers will increase from USD 2.0 billion in 2023 to USD 5.0 billion by 2032, with a compound annual growth rate (CAGR) of 12.24% throughout the forecast period (2023-2032). The main factors driving the market's growth are rising prices for synthetic fertilisers on a global scale, backed by customers' reactions to rising costs for foods produced by synthetic agriculture.
The global desire for chemical-free food products, rising prices for synthetic fertilisers, and concerns about soil quality degrading because of fertiliser abuse are the main factors driving the development of biofertilizers. The growing popularity and acceptance of this product among farmers in both developed and emerging countries has a significant and beneficial impact on this Biofertilizers market.
The escalating soil and water contamination brought on by the excessive use of chemical fertilisers serves as additional fuel for the growing usage of organic and sustainable fertilisers.
The market is also thought to have grown because of agricultural input producers actively boosting the production of agricultural biologicals, particularly biofertilizers. To boost crop output and productivity, agricultural biologicals are used in protected agriculture and precision farming. The market for these fertilisers is growing because of the extensive use of agricultural biologicals in protected agriculture, which promotes the use of these fertilisers. Farmers can monitor the application of liquid biofertilizers by using fertilisation plans that use GPS-guided geographic information system (GIS) software.
The Biofertilizers market segmentation, based on type, includes nitrogen fixing, phosphate solubilizing, and others.
The Biofertilizers market segmentation, based on crop type, includes cereals & grains, pulses & oilseeds, and fruits & vegetables.
The Biofertilizers market segmentation, based on form, includes dry and liquid.
The Biofertilizers market segmentation, based on application, includes leaf treatment, root immersion, plant rooting, and others.
The Biofertilizers market segmentation, based on microorganisms, includes rhizobium, azotobacter, azospirillum, pseudomonas, bacillus, VAM, and others.
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The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. Due to the growth of organic farming in developed countries like the United States, Canada, and Mexico, as well as the popularity of organic food items among customers eager to create wholesome, healthful meals at home, the North American Biofertilizers industry will lead this market.
Due to the stringent regulations set forth by the European Commission on the use of chemical fertilisers, Europe's biofertilizer market has the second-largest market share. Additionally, the UK's biofertilizers market grew the fastest in the European region, while the German biofertilizers market had the biggest market share. From 2023 to 2028, the fastest CAGR is anticipated to occur in the Asia-Pacific Biofertilizers Market share.
This is a result of increased spending on biofertilizers and growing public awareness of organic farming. Additionally, the Indian Biofertilizers market had the quickest rate of growth in the Asia-Pacific region, while China's Biofertilizers market had the biggest market share.
Key Companies in the Biofertilizers market include
v Camson Bio Technologies Limited
v National Fertilizers Ltd.
v Monsanto BioAg
v T Stanes & Company Limited
v Rashtriya Chemicals & Fertilizers Ltd
v Gujarat State Fertilizers & Chemicals Ltd
v Madras Fertilizers Limited
v Agri Life
v Mani Dharma Biotech Pvt. Ltd.
v Biomax Naturals
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