May 20, 2024

Biofertilizers Market, Overview, key trends, Key Takeaways

Market Overview:

Biofertilizers are microorganisms that help crop plants uptake nutrients from soil by their symbiotic or non-symbiotic association. They supplement chemical fertilizers and increase fertilizer use efficiency while decreasing environmental pollution through reduced chemicals. Biofertilizers improve soil health and support sustainable agriculture.

Market key trends:

One of the key trends in the biofertilizers market is the growing organic farming in North America. Governments in countries like the US and Canada are promoting organic farming through subsidies and incentives for farmers. This is increasing the demand for organic inputs like biofertilizers which help improve soil health without use of chemicals. With growing consumer demand for chemical-free food, the trend of sustainable farming using biofertilizers is gaining traction in North America contributing to the large share of the regional market.

Segment Analysis
The global biofertilizers market is segmented on the basis of type and crop type. Based on type, the market is segmented into nitrogen-fixing, phosphate solubilizing, and potassium mobilizing biofertilizers. Nitrogen-fixing biofertilizers dominate the market and are expected to continue their dominance over the forecast period. Nitrogen-fixing biofertilizers help in atmospheric nitrogen fixation and increase soil nitrogen content, which is one of the major requirements for plant growth. Based on crop type, the market is segmented into cereal & grains, pulses & oilseeds, fruits & vegetables, and others. Cereal & grains dominate the market owing to the rising demand for cereal crops across the globe.

Key Takeaways

The Global Biofertilizers Market size is expected to witness high growth, exhibiting a CAGR of 12.05% over the forecast period (2023-2032), due to increasing demand for organic farming practices and sustainable agriculture.

Regional Analysis
North America dominates the global biofertilizers market and is expected to continue its dominance over the forecast period. This is attributed to the rising awareness about sustainable farming practices in the region. Asia Pacific is expected to be the fastest growing market for biofertilizers owing to the rapid growth in organic farming in countries such as India and China.

Key Players
Key players operating in the biofertilizers market are Lallemand Inc., Novozymes A/S, Agrinos AS, Symborg, Biomax Green Pte Ltd, LABIOFAM S.A., National Fertilizers Ltd., AgriLife, Kiwa Bio-Tech, and Mapleton Agri Biotec Pty Ltd. Lallemand Inc. and Novozymes A/S are the market leaders owing to their broader product portfolio and strong geographical presence.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it