February 24, 2024
Biofertilizers Market

The global biofertilizers market is estimated to Propelled by Growing Organic Farming, Biofertilizers Market

Biofertilizers are agrichemicals that enrich soil nutrients naturally and aid crop growth without any harmful effects. They use microorganisms like bacteria, fungi, and cyanobacteria that habitats soil and fertilize plants.

The global biofertilizers market is estimated to be valued at US$ 2.26 billion 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 growing trend of organic and sustainable agriculture across the globe is driving the biofertilizers market. With rising awareness about the harmful effects of chemical fertilizers, farmers are adopting eco-friendly biofertilizers to fertilize their crops. The biofertilizers help replenish soil nutrients without disturbing the soil microbiome. They enhance long-term soil fertility and minimizes environmental pollution from excessive chemical fertilizer use.

SWOT Analysis
Strength: Biofertilizers enrich soil fertility in a cost-effective and environment-friendly manner. They fix atmospheric nitrogen which reduces the need for expensive chemical fertilizers.
Weakness: Low shelf life of some biofertilizers limits their storage and transportation. Not all crops respond equally well to biofertilizers.Proper quality control and regular monitoring is required during production.
Opportunity: Increasing awareness about sustainability and organic farming provides growth opportunities.Demand is expected to rise from countries switching to organic and environment-friendly fertilizers.
Threats: competition from established chemical fertilizer companies. Sudden change in climate conditions may temporarily affect microbial activity of some biofertilizers.

Key Takeaways
The Global Biofertilizers Market Size is expected to witness high growth. With rising concerns over use of chemicals in agriculture, biofertilizers are emerging as a suitable substitute. The global biofertilizers market is estimated to be valued at US$ 2.26 billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.

Regional analysis: Asia Pacific dominates the global biofertilizers market currently due to large area under organic cultivation in countries like India. India is the largest producer and consumer of biofertilizers globally. China is another major market in the region supported by government initiatives for organic farming. Europe is projected to grow at a high rate during the forecast period due to stringent regulations restricting chemical fertilizers.

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. These players are focused on developing innovative and more effective biofertilizer formulations through research and partnerships with biofertilizer producers.

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