Overview and Scope
Biofertilizers are a substance containing living microorganisms that colonize the rhizosphere or inside of the plant and promote development by increasing the supply or availability of primary nutrients to the host plant when applied to seeds, plant surfaces, or soil. Natural processes like nitrogen fixation, phosphorus solubilization, and the production of growth-promoting compounds are utilized in biofertilizers to offer nutrients to plants.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the biofertilizers market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the biofertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the biofertilizers market report are UPL Limited, National Fertilizers Limited, Lallemand Inc, Novozymes A/S, Chr. Hansen Holding A/S, Gujarat State Fertilizers & Chemicals Ltd, T.Stanes& Company Limited, IPL Biologicals Limited, Bioceres Crop Solutions, FMC Corp, Biolchim SpA, Genliduo Bio-tech Corporation Ltd, Kiwa Bio-Tech, Shandong Sukahan Bio-Technology Co. Ltd, Atlántica Agrícola, PT Pupuk Kalimantan Timur, Ajay Farm-Chem Pvt. Ltd, Ajay Bio-Tech (India) Ltd, Bio Vision corporation, Guano, CF Fertilizers Ltd, Yara Ltd, Toopi organics, Biofa AG, Symborg, Biopartner sp z.o.o, AGROUNIK d.o.o, EuroChem Group AG, Agrocare Canada, Agrinos, Anuvia, BioFert Manufacturing Inc, Kiwa Bio-Tech Products Group Corporation, Kula Bio Inc, Novozymes Latin America Ltda, Rizobacter Argentina S.A, Indogulf Bio AG, Nurture Growth Bio Inc, SABIC Agri-Nutrients Company, Green Muscle, Greenbelt Fertilizers Limited, Golden Fertilizer Company Limited, ETG Inputs Holdco Limited
The biofertilizers market report table of contents includes:
1. Executive Summary
2. Biofertilizers Market Characteristics
3. Biofertilizers Market Trends And Strategies
4. Biofertilizers Market – Macro Economic Scenario
5. Global Biofertilizers Market Size and Growth
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32. Global Biofertilizers Market Competitive Benchmarking
33. Global Biofertilizers Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Biofertilizers Market
35. Biofertilizers Market Future Outlook and Potential Analysis
36. Appendix
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