The global biofertilizer market was worth US$ 2.0 Billion in 2019. Biofertilizers are made from biological waste that contains living microorganisms. Unlike chemical fertilizers, which offer direct nutrition to the plant, biofertilizers help in improving the overall soil fertility. The microorganisms present in these fertilizers decompose organic matter and breakdown complex minerals for easy absorption by plants. This process enriches the soil with nutrients, which in turn promotes healthy plant growth. Moreover, biofertilizers do not allow pathogens to grow, which helps in preventing crop diseases. The several advantages offered by biofertilizers over their chemical counterparts have led to their rapid adoption in the agriculture sector.
Although the penetration of biofertilizers is still at a nascent stage, both the developing and emerging markets are expected to provide numerous growth opportunities over the next few years. The understanding of the environmental hazards caused by the use of synthetic agrichemicals, primarily the pollution and contamination of the soil and the food chain, has pushed the demand for biological products. Apart from this, growing health concerns have also urged people to adopt organic foods and other agricultural products. Another major factor driving the sales of biofertilizers is the increasing implementation of favorable regulatory policies by various governments. Looking forward, IMARC Group expects the market to exhibit strong growth during 2020-2025.
Breakup by Type:
Currently, nitrogen-fixing biofertilizers, such as rhizobium, azotobacter, and azospirillum account for the majority of the market share. On the other hand, phosphate-fixing biofertilizers are expected to witness rapid growth over the next few years.
Breakup by Crop:
At present, cereals and grains represent the dominant crop segment. Biofertilizers are widely used for effective production of different cereals and grains, such as wheat, oats, and rice, as they aid in enhancing their yield under poor land conditions.
Breakup by Microorganism:
Among these, cyanobacter is the leading microorganism segment. Cyanobacter-based biofertilizers offer reduced input cost, increase the bioavailability of phosphorus, and help in nutrient cycling as well as nitrogen fixation.
Breakup by Mode of Application:
Seed treatment is the most preferred mode of application as it protects the seeds from pathogens and insects and enhances seedling establishment and early plant growth. In addition, it is more cost-effective and user-friendly as compared to the other modes.
On the geographical front, Asia Pacific is the largest market, holding the dominant market share. The growing emphasis on organic agriculture, coupled with the high population, is the primary factor driving the demand for biofertilizers in the region.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
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