Biofertilizers Market Size is Expected to Grow at a CAGR of 12.3% by 2028
Growing health consciousness and consumption of chemical-free foods are driving the growth of the global market.
NEW YORK, USA, March 29, 2022 /EINPresswire.com/ — The scope of the recent study by The Insight Partners, titled “Biofertilizers market to 2028 – Impact of COVID-19 and Global Analysis – by Product Type (Nitrogen Fixer, Phosphorus Solubilizer, Potassium Mobilizer and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizer Bacteria and Others) , Crop Type (Cereals & Grains, Oil Seeds & Pulses, Fruits & Vegetables and Others) and Application (Seed Treatment, Soil Treatment and Others)” includes factors fueling the Biofertilizers Market growth, estimation and revenue forecasting and market share analysis It also includes the identification of key market players along with their key developments.
The Biofertilizers Market will reach US$ 4,744.43 million by 2028 and is expected to grow at a CAGR of 12.3% from 2021 to 2028.
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Rising health consciousness and consumption of chemical-free foods are driving the demand for organic foods globally and this factor is driving the growth of the global biofertilizer market. Biofertilizers have properties that increase the level of nitrogen and phosphorus in plants more naturally than other fertilizers and improve the soil by restoring its normal fertility. In addition to this, biofertilizers also improve soil texture and quality, which helps plants grow better in harsh conditions, such as drought. In addition, the use of bio-based fertilizers in agricultural fields contributes significantly to the decomposition of organic residues and the overall development of plants and crops. Hence, the above mentioned factors are driving the growth of the market and increasing the demand for biofertilizers globally.
Organic farming is basically a method that includes the cultivation and maintenance of crops with the use of organic materials and products and eliminates the use of synthetic fertilizers and pesticides. Organic farming is increasingly being adopted as it provides healthy, high quality food products. Along with this, organic farming offers several environmental benefits such as it improves soil fertility, combats soil erosion and reduces greenhouse gas emissions. The demand for organic products is increasing, which is not only due to the increase in the number of conscientious consumers, but also to the rise in income which has increased the area devoted to organic farming. According to the World of Organic Agriculture report, by the Research Institute of Organic Agriculture (FiBL) and IFOAM, in 2019, 72.3 million hectares were under organic agricultural management worldwide.
Biofertilizer is one of the essential components of organic farming practices as it combines naturally occurring microorganisms with nutrient-rich, organic-derived fertilizers that provide plants and soils with a healthy and sustainable growing environment for future generations. growing seasons. Biofertilizers also help build the plant’s resistance against pests and abiotic stressors such as drought, excess water and extreme temperature changes. Thus, the rapid growth of organic agriculture due to increased adoption of organic products by consumers across the globe is driving the growth of the biofertilizer market.
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Biofertilizers Market: Competitive Analysis
AgriLife; Biotech International Ltd. ; Kiwa Bio-Tech Products Group Corporation; Mapleton Agri Biotec Pt Ltd; Novozymes; Rizobacter; Symborg; T. Stanes and Company Limited; UPL; and Vegalab SA. are the major players in the Biofertilizers market.
Biofertilizers Market by Product Type
The product type segment of the global biofertilizers market is divided into nitrogen fixation, phosphorus solubilization, potassium mobilization and others. The nitrogen fixation segment dominated the biofertilizers market with the largest revenue share of the biofertilizers market in 2020.
Impact of the COVID-19 pandemic on the biofertilizers market
COVID-19 initially restricted the manufacturing and supply chain of the global biofertilizer market. However, the biofertilizers market regained its operational activities at the end of 2020 and maintained its growth rate. Moreover, the easing of lockdown restrictions by several countries has revived many economies around the world, and the demand for biofertilizers is gradually increasing. Therefore, the impact of COVID-19 is very minimal compared to the entire chemical industry.
“Biofertilizers Market Analysis to 2028” is a specialized and in-depth study of the chemicals and materials industry, focusing on the analysis of global market trends. The report aims to provide an overview of Biofertilizers market with detailed market segmentation based on product type, microorganism, crop type, application and geography. Based on product type, the global biofertilizers market is segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing and others. Based on microorganisms, the global biofertilizers market is segmented into rhizobium, azotobacter, phosphate-solubilizing bacteria, and others. Based on crop type, the global biofertilizers market is segmented into grains and grains, oilseeds and pulses, fruits and vegetables, and others. Further, based on application, the global biofertilizers market is segmented into seed treatment, soil treatment and others.
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During the forecast period, North America is expected to account for the largest share of the global biofertilizer market. The region’s growth can be attributed to the growing demand for organic produce, growing acceptance of biofertilizers by rural farmers, and increasing adoption of advanced irrigation systems such as drip and sprinkler irrigation. for fertigation. In addition, increased government intervention in agricultural practices in the region has led to significant changes in agricultural trends and methods in the United States and Canada and an increase in organic farming in the region.
About Insight Partners
The Insight Partners is a one-stop industrial research provider of actionable solutions. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as technology, media, food and beverage, chemicals and materials, and telecommunications.