Growing adoption of organic farming practices to boost demand for biofertilizers
The biofertilizers market is estimated to be valued at US$ 2.02 Bn in 2022 and is expected to exhibit a CAGR of 12.05% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biofertilizers are microorganisms that help in nitrogen fixation, phosphate solublization or other plant growth promoting activities when applied to seed, plant surfaces or soil. They enhance the growth and yield of crops by increasing the availability of nutrients and support natural biological processes. Their uses benefit both conventional and organic farming practices.
Market Dynamics:
Increasing demand for organic food products is a major driver of the biofertilizers market. Consumers are shifting preferences towards crops cultivated through organic techniques to reduce risk of exposure to chemicals. This has led farmers to adopt integrated nutrient management approach involving both organic and inorganic fertilizers. Another key factor spurring market growth is support from government policies. Several countries offer subsidies to encourage use of biofertilizers and promote sustainable agriculture. Initiatives aim to minimize environmental pollution from chemical residues and dependence on imported fertilizers.
Market key trends:
The growing demand for organic food and the increasing awareness about environmental sustainability are some of the major factors driving the growth of biofertilizers market. Farmers are increasingly adopting biofertilizers as they are cost-effective, eco-friendly alternatives to chemical fertilizers. Additionally, biofertilizers enhance soil fertility and crop yield while minimizing the use of chemical fertilizers. They enrich the nutrient quality of the soil by increasing the population of beneficial microorganisms.
SWOT Analysis:
Strengths: Biofertilizers are environment friendly and help improve soil health. They reduce the use of chemicals and help minimize environmental pollution.
Weaknesses:Biofertilizers are highly perishable in nature with shorter shelf life. Their efficacy depends on various climatic and soil conditions.
Opportunities: Growing organic farming and sustainability concerns offer significant growth opportunities. Increasing government support for organic farming is also an opportunity.
Threats: High dependence on external factors like soil and climate conditions poses threats. Substitute chemical fertilizers are readily available and cheaper.
Key Takeaways:
The Global Biofertilizers Market is expected to witness high growth, exhibiting CAGR of 12.05% over the forecast period, due to increasing sustainability concerns and rising preference for organic food.
Regional analysis: Asia Pacific is expected to dominate the biofertilizers market during the forecast period. This is attributed to the large agricultural base, government initiatives for sustainable agriculture, and growing adoption of organic farming practices in countries like India and China.
Key players: Key players operating in the biofertilizers market are Lallemand Inc., Novozymes A/S, Agrinos AS, Symborg, Biomax Green Pte Ltd, LABIOFAM S.A., National Fertilizers Ltd., AgriLife, Kiwa Bio-Tech, and Mapleton Agri Biotec Pty Ltd. These players are focusing on new product launches and expansion strategies to strengthen their position in the market.
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