Biofertilizers are microorganisms that help in increasing the nutrient supply for plants and support sustainable agriculture by their plant growth promoting properties. They are used to enhance microbial activity and plant growth by increasing the availability of nitrogen and other nutrients in the soil. Key biofertilizers include nitrogen-fixing bacteria, phosphate solubilizing bacteria and other types of microorganisms. They play an important role in organic farming by increasing the amount of nutrients available to plants and reducing the need for synthetic chemical fertilizers. The global biofertilizers market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Increasing adoption of organic farming practices globally owing to rising awareness about harmful effects of chemical fertilizers on soil health and environment is a major driver for growth of the biofertilizers market. According to estimates, the global organic agricultural land has grown to almost 200 million hectares which has resulted in higher demand for biofertilizers as they help improve soil quality and health. Moreover, biofertilizers provide nutrients to plants in a gradual and sustained manner, thereby improving crop yields which is another factor boosting their adoption rate. However, lack of awareness about benefits of biofertilizers especially in developing countries and higher costs of production compared to chemical fertilizers continues to restrain market growth to some extent over the forecast period.

SWOT Analysis
Strength:
- Biofertilizers provide nutrients to plants in a natural and organic way which enhances soil fertility and quality. They help increase crop yield without harming the environment.
- Biofertilizers reduce the use of chemical fertilizers by nearly 20-50% which lowers production costs for farmers over time.
- Many governments across the world are promoting the use of biofertilizers through subsidy programs which is increasing farmer awareness and adoption.

Weakness:
- Widescale application and effectiveness of biofertilizers depends on soil types and climatic conditions which can vary significantly across regions.
- Production and quality control of biofertilizers especially those containing living microorganisms is a complex process and requires proper storage facilities which may not be available universally.

Opportunity:
- Rising consumer demand for organic and chemical-free farm produce is driving supermarkets and retailers to encourage farmers to use biofertilizers.
- Strict environmental regulations restricting the use of chemical fertilizers in many countries opens up opportunities for biofertilizer manufacturers to capture more market share.
- Developing economies with large volumes of farm output and growing agriculture sectors offer new markets for biofertilizer companies to expand their reach.

Threats:
- Competition from cheap chemical fertilizers continues to be a challenge for wider adoption of biofertilizers globally.
- Lack of adequate research and knowledge gaps regarding the most suitable microbes for different soil types can limit the effectiveness of some biofertilizer products.

Key Takeaways
The global biofertilizers market size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising environmental awareness. The market size is projected to reach US$ 2.26 Billion by 2024.

Regional analysis: Asia Pacific dominates the global biofertilizers market currently accounting for over 35% of the total share due to large area under cultivation and various government initiatives in countries like India and China promoting organic and sustainable farming practices. Southeast Asian countries also offer attractive opportunities for market expansion.

Key players operating in the biofertilizers market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others. These companies are focusing on new product innovations, collaborations with farmers producer organizations and expanding distribution networks.

Get more insights on this topic: https://www.newswirestats.com/biofertilizers-market-size-and-outlook/

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