Categories: Chemicals

Biofertilizers Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Biofertilizers by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Biofertilizers, The biofertilizers market size has grown rapidly in recent years. It will grow from $2.2 billion in 2023 to $2.53 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, surge in demand for organic food, rise in demand for agricultural products and adoption of precision farming..

The biofertilizers market size is expected to see rapid growth in the next few years. It will grow to $4.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The growth in the forecast period can be attributed to increasing focus on organic agriculture, rising government initiatives, rise in price of synthetic fertilizers, and increasing population. Major trends in the forecast period include development of eco-friendly biofertilizers, product innovations, technology advancements and strategic collaborations and partnerships..

The increasing focus on organic agriculture is expected to propel the growth of the biofertilizers market during the forecast period. Organic agriculture promotes sustainable farming practices that prioritize soil health, biodiversity, and environmental conservation. Biofertilizers, which are derived from naturally occurring microorganisms, play a crucial role in enhancing soil fertility and nutrient availability without the use of synthetic chemicals or genetically modified organisms. For instance, in 2023, according to the Organic Eprints, an international open-access archive for organic food and farming projects and papers, organic agriculture is practiced in 191 countries, and more than 76 million hectares of agricultural land are managed organically by at least 3.7 million farmers. Thus, the increasing focus on organic agriculture will propel the market going forward.

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The biofertilizers market covered in this report is segmented –

By Crop Type: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Other Crop Types

By Form: Liquid, Carrier-Based

By Application: Seed Treatment, Soil Treatment, Other Applications

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.

The biofertilizers market report table of contents includes: