The global biofertilizers market Growth Accelerated by Increasing Organic Farming Practices
Biofertilizers are agricultural inputs that consist of living microorganisms that help root uptake of nutrients in plants and improve soil fertility. Biofertilizers contain nitrogen-fixing, phosphate solubilizing or potassium mobilizing microorganisms used for supplementing chemical fertilizers to enhance yields, provide microbial balance in soil, and reduce the use of chemical inputs.
The global biofertilizers market is estimated to be valued at US$ 2.26 Bn in 2024 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 key trends:
The increasing organic farming practices have emerged as one of the major trends in the global biofertilizers market. Organic farming focuses on maximizing the use of on-farm resources and minimizing the use of off-farm inputs. It relies on ecological processes, biodiversity and cycles adapted to local conditions. Biofertilizers play a crucial role in organic farming as they help fix nitrogen in soil, solubilize phosphorus, produce hormones that stimulate plant growth and strengthen plant immunity. The growing global demand for organic food has further accelerated the adoption rate of biofertilizers in agriculture.
Segment Analysis
The biofertilizers market is segmented based on type into nitrogen-fixing biofertilizers, phosphate solubilizing biofertilizers, and others. The nitrogen-fixing biofertilizers segment dominates the market, accounting for over 35% share in 2024. This is because nitrogen is the most important nutrient required for plant growth and nitrogen-fixing bacteria found abundantly in nature help fix atmospheric nitrogen in the soil.
Key Takeaways
The Global Biofertilizers Market Size is expected to witness high growth over the forecast period of 2023 to 2030, supported by rising environment concerns and sustainable agricultural practices. The global biofertilizers market is estimated to be valued at US$ 2.26 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis
Asia Pacific region holds the largest market share currently and is expected to remain the fastest growing region during the forecast period. This is attributed to large agricultural production and growing application of biofertilizers in countries like India and China. Moreover, supportive government policies promoting organic farming further drive the adoption of biofertilizers in the region.
Key players
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.
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