Biofertilizers Market to Reach USD 3.98 Billion by 2028 |

Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) — The world biofertilizers market the size is expected to grow from USD 1.79 billion in 2021 to USD 3.98 billion by 2028, showing a CAGR of 12.03% during the forecast period. Rising demand for organic products and rising concerns over the negative impact of chemical fertilizers are expected to drive the market growth. Fortune Business Insight™ provides this information in its report titled “Biofertilizers Market, 2021-2028.“The market size stood at $1.60 billion in 2020.

Biofertilizers are organic fertilizers that improve crop quality and have minimal effect on the environment. Strong demand for organic products from the agricultural sector is expected to increase sales. Biofertilizers offer excellent protection against pesticides and improve the quality of the harvest. Growing concerns about the negative impacts of fertilizers on the environment are expected to drive their adoption. Changing consumer preferences and growing demand for healthy and high-quality crops are expected to fuel the growth of the market. Additionally, the adoption of organic fertilizers increases nutrients in the soil and boosts fertility. Additionally, concerns about the health issues of chemical fertilizers may drive the adoption of organic fertilizers. These factors are expected to fuel the growth of the market.

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Impact of COVID-19

Shortage of raw materials and supply chain disruptions leading to lower sales

This market is expected to be negatively affected during the COVID-19 pandemic owing to restrictions on manufacturing. The sudden spike in COVID-19 infections has prompted governments to impose tough lockdown restrictions. As a result, several industries have been shut down due to manufacturing and transportation restrictions. Raw material shortages and supply chain disruptions negatively impacted demand. However, adopting reduced capacities and part-time teams allows companies to recoup losses and increase revenue. This factor can fuel market progress during the pandemic.

List of key players profiled in the market report

  • Novozymes A/S (Copenhagen, Denmark)
  • Bioceres Crop Solutions (Argentina)
  • Lallemand Inc. (Montreal, Canada)
  • BioWorks Inc. (New York, USA)
  • Gujarat State Fertilizers & Chemicals Ltd (Gujarat, India)
  • Camson Bio Technologies Ltd (Karnataka, India)
  • Agri Life (Telangana, India)
  • Agrinos AS (Oslo, USA)
  • Symborg (California, USA)
  • Lallemand Inc. (Toronto, Canada)

Segmentation

By Type, the market is segmented into Phosphate Solubilizers, Nitrogen Fixer and Others. By microorganism, it is classified into VAM, bacillus, pseudomonas, AZ spirillum, azotobacter, rhizobium and others. Based on the application, it is classified into soil treatment, seed treatment and others. According to the type of crop, it is divided into fruits and vegetables, legumes and oilseeds, cereals and others. Regionally, it is studied in Europe, North America, Asia-Pacific, South America, the Middle East and Africa.

Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

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Drivers and Restrictions

Adoption of organic farming to drive market progress

Growing awareness among farmers of the benefits of biofertilizers is expected to drive demand for the products. Organic farming is widely used by several farmers as it improves the nutrients in the soil. According to the Research Institute for Organic Agriculture (FiBL), in 2019 around 72.3 million hectares of land were cultivated using organic fertilizers. Growing demand for environmentally friendly agricultural solutions is expected to drive the demand for biofertilizers. It prevents soil pollution and improves the quality of the harvest. In addition, the incorporation by governments of several programs, plans and other initiatives should encourage the adoption of the product. For example, in India, the Indian Council of Agricultural Research (ICAR) and the National Center for Organic Agriculture (NCOF) have organized demonstrations to educate farmers on the use of organic fertilizers. These factors are expected to boost the growth of the biofertilizers market.

However, high production costs and poor shelf life of organic fertilizers are expected to hamper the market growth.

Regional outlook

Emergence of several organic farms to foster market growth in North America

North America is expected to dominate the market share owing to the emergence of several organic farms in Mexico, Canada, and the United States. The North American market stood at USD 0.51 billion in 2020 and is expected to dominate the market in the coming years. According to information provided by the United States Department of Agriculture (USDA), certified organic businesses and farms in the United States showed an annual growth of 13% between 2015 and 2016. Moreover, the increasing adoption of organic products by consumers is expected to propel the growth of the market.

In Europe, strict regulations regarding the use of chemical fertilizers are expected to fuel the demand for biofertilizers. Strict safety, labeling and quality requirements are expected to drive adoption of organic fertilizers. According to the new regulations implemented by the European Union, the adoption limit of phosphate fertilizers should be reduced from 60mg/kg to 40mg/kg to 20mg/kg. These factors are expected to propel the growth of the market.

Competitive landscape

Leading companies launch new products to enhance brand image

Leading companies operating in the market are launching new products to increase their profits and strengthen their position in the market. For example, Rhizobacteria and Marron Bio announced the adoption of seed treatment in July 2021. The fertilizers will be used for field crops in Brazil under an expansive distribution agreement. This strategy can strengthen the brand image of the company on a global scale. Moreover, the adoption of research and development enables companies to develop higher quality products and improve their shelf life. Moreover, adopting expansion strategies allows companies to increase their reach in the market and reach a wider audience.

industry development

  • May 2021: Rhizobacteria Argentina SA has announced Micro star BIO, a specialty fertilizer that is a blend of chemical and biological fertilizers. This fertilizer will allow farmers to grow profitable crops and increase the nutrient value of the soil.

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Contents

  • introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Overview of parent/related markets
    • SWOT Analysis of the Biofertilizers Industry
    • Supply chain and regulatory analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Qualitative analysis (in relation to COVID-19)
      • Impact of COVID-19
      • Supply chain challenges
      • Potential opportunities due to COVID-19
  • Global Biofertilizers Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market size estimates and forecasts
      • By type (value)
        • Nitrogen fixation
        • Phosphate Solubilizers

TOC Continued…!

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Take a look at related research information?

Phosphate Fertilizer Market Size, Share and Industry Analysis, By Type (Diammonium Phosphate, Monoammonium Phosphate, Single Superphosphate, Triple Superphosphate and Others), by Crop Type (Grains, Pulses & Oilseeds, Fruits & Vegetables and Others) and regional forecasts, 2019-2026.

Nitrogen Fertilizer Market Size, Share and Industry Analysis, by Type (Urea, Calcium Ammonium Nitrate, UAN, Ammonium Sulfate and Other Nitrogen Fertilizers), by Crop Type (Grains, Pulses and Oilseeds, fruits and vegetables, turf and ornamental plants) and regional forecasts, 2019 – 2026.

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