The Biofertilizers Global Market Report 2023 by The Business Research Company, provides biofertilizers market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032
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According to The Business Research Company’s Biofertilizers Global Market Report 2023, the global biofertilizers market size will grow from $1.88 billion in 2022 to $2.14 billion in 2023 at a compound annual growth rate (CAGR) of 13.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The biofertilizers market size is expected to grow to $3.51 billion in 2027 at a CAGR of 13.2%
The increasing concern for food safety is expected to driving the growth of the biofertilizers market. The right food handling practices used throughout food preparation, processing, storage, and distribution of the items in the food business are referred to as food safety. All aspects of the food supply chain are concerned about the integrity of food safety. From agriculture to final product packaging and delivery to the consumer’s table, the food manufacturing life cycle is a source of concern. The rising concern for food safety calls for food production with maximum output which in turn demands a need for biofertilizers to promote higher growth of food plants.
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The biofertilizers market is segmented:
1) By Product: Nitrogen Fixing, Phosphate Solubilizing, Other Products
2) By Crop Type: Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Other Crop Types
3) By Form: Liquid, Carrier-based
4) By Application: Seed Treatment, Soil Treatment
Product innovation is a key trend gaining popularity in the biofertilizers market. The key players operating in the biofertilizers market are developing innovative products for crops to grow stronger and show greater tolerance to stress. The innovation in biofertilizers enables the players to establish their product portfolio, earn additional revenue, capture more market share, and hold a competitive edge in the market. For instance, in June 2021, Symborg, a Spanish company involved in the research and development of bio-fertilizers used in advanced agricultural processes, introduced Qlimax, an innovative soil energizer that serves as a prebiotic. Its use multiplies the concentration of microbial flora in the soil, stimulating its development and enhancing its positive activity in the agronomic management of soil and crops. Furthermore, in May 2021, Rizobacter, an Argentine producer of microbiological products intended to provide innovative solutions for sustainable agriculture, launched Microstar BIO, a new specialty fertilizer line that combines biologicals with chemical fertilizer. A variety of several Bacillus strains are used in this innovative technology’s biological component. These integrated bacteria can solubilize minerals and drive root growth, improving nutrient usage efficiency by boosting availability and soil exploration.
Top 5 Major Key Players Are:
Novozymes A/S
CBF China Bio-Fertilizer AG
SOM Phytopharma (India) Limited (AgriLife)
Mapleton Agri Biotec Private Ltd
Biomax
Table Of Contents
1. Executive Summary
2. Biofertilizers Market Characteristics
3. Biofertilizers Market Trends And Strategies
4. Biofertilizers Market – Macro Economic Scenario
5. Biofertilizers Market Size And Growth
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26. Africa Biofertilizers Market
27. Biofertilizers Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Biofertilizers Market
29. Biofertilizers Market Future Outlook and Potential Analysis
30. Appendix
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