The global biofertilizers market size is estimated to be valued at USD 2.6 billion in 2021 and is expected to reach a value of USD 4.5 billion by 2026, growing at a CAGR of 11.9% in terms of value during the forecast period. Factors such increase in organic farm area, rising initiatives by government agencies and increasing awareness about the need for sustainability in modern agriculture and increase in the production and yield of crops are some of the factors driving to the growth of the biofertilizers market.
“The market for carrier-based biofertilizers is projected to grow at the highest CAGR between 2021 and 2026 in Asia Pacific region.”
The market for carrier-based biofertilizers as form segment is growing at the fastest rate during the forecast period in Asia Pacific region. Carrier-based biofertilizers are added to the soil to enrich soil fertility. The carrier is a medium that is being used to support the viability of the microorganisms in sufficient quantities. Carrier materials must be cost-effective, non-toxic, readily available in abundant supply and easy to apply. Also, an acceptable carrier must have suitable pH buffering and high water-holding capacity and chemical and physical uniformity to support the optimal growth of microbial species. Carrier materials occur in the form of solids/tablets, granules, or powders.
“Fruits & vegetables is the fastest growing market during the forecast period”
Fruits & vegetables consumption is gaining more popularity these days as it serves an array of important functions in the body. The use of biofertilizers is one of the crucial element of fruits & vegetable sustainable production. According to WHO 2019, insufficient intake of fruits & vegetables is estimated to cause around 14% of deaths from gastro-intestinal cancer worldwide. Due to the increasing health concerns, there is increasing production & consumption of fruits & vegetables, specifically organic. In order to improve the quality, shelf-life, and yield of fruits & vegetables, various inputs such as biofertilizers are being incorporated. The increase in trend in the cultivation of organic fruits & vegetables and those under IPM practices has created a positive impact on the growth of biofertilizers market.
“Soil treatment dominates the biofertilizers market during the forecast period.”
Soil treatment is a method, in which certain bacteria, fungi, and other microorganisms, such as algae and protozoa, are mixed with ploughed soil or organic fertilizers to enrich the soil microbiome. The use of biofertilizers in soil depends upon the nutrient content and the type of crops that need to be grown. When these helpful microorganisms are introduced in the soil, they help the plant to receive adequate nutrients, which are insoluble and absorbable forms. In addition, these biofertilizers do not impact the soil fertility adversely but help to enhance its microbial content.
“South America market for biofertilizers is projected to grow at the second-highest CAGR during the forecast period. “
The growth of the biofertilizers market in this region is significantly contributed by the economic growth in Brazil and Argentina; the markets in these countries are projected to grow well above the regional average. The availability of arable land and the expansion of farmlands, especially in Brazil, Argentina, and Chile, ensure the growth of this market. The crop production in South America has risen dramatically in recent decades, and its production is expected to continue to rise, as growers in countries such as Brazil continue to expand the planted area and push for higher yields. This, in turn, will support the increased biofertilizer consumption. Thus, the need to improve per-hectare crop yield is another opportunity for the growth in demand for biofertilizers in South America.
The breakup of the profiles of primary participants is as follows:
- By Manufacturers: Tier 1 – 45%, Tier 2 – 33%, and Tier 3 – 22%
- By Designation: CXOs – 45%, Directors – 33%, Others – 22%
- By Geography: Asia Pacific – 50%, Europe – 15%, North America – 10%, South America – 13%, and RoW – 12%
Some of the major players in the market include Novozymes A/S (Denmark), Vegalab SA (Switzerland), UPL Limited (India), Chr. Hansen Holding A/S (Denmark), Kiwa Bio-Tech (China), Lallemand Inc. (US), Rizobacter Argentina S.A. (Argentina), T. Stanes & Company Limited (India), IPL Biologicals Limited (India), Nutramax Laboratories Inc. (US), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotech Pty Ltd (Australia), Seipasa (Spain), AgriLife (India), Manidharma Biotech Pvt Ltd (India), Biomax Naturals (India).
The report segments the biofertilizers market based on type, mode of application, crop type, form, and region. In terms of insights, this report has focused on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the biofertilizers markets’ high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the biofertilizers market based on type, crop type, form, mode of application and geography have been conducted to provide an overall view of the biofertilizers market
- Major drivers, restraints, and opportunities for the biofertilizer market have been detailed in this report.
- A bird’s eye view of the pricing, trade situation, technological changes, and market ecosystem have been provided in the report.
- Detailed insights into the competitive landscape has been provided for established players in the industry.
- Breakdown of the market share of major players in the biofertilizers market has been provided after analyzing the segmental revenue, product portfolio, and global presence of the manufacturers