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The global biofertilizers market size was valued at US$ 2.3 Billion in 2020.
According to the estimates by IMARC Group, the global biofertilizers market is expected to exhibit strong growth during 2021-2026.
The escalating demand for organic fruits and vegetables, due to the growing concerns towards the negative health impact of chemical fertilizers, represents one of the key drivers for the global biofertilizers market.
The emergence of sustainable farming practices, along with the increasing utilization of organic agrochemicals to improve productivity and soil health, represent some of the key trends in the global biofertilizers market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous manufacturing units and disruption in the supply chains of biofertilizers.
On the basis of the type, the market has been bifurcated into nitrogen-fixing biofertilizers, phosphate-fixing biofertilizers, and others. Currently, nitrogen-fixing biofertilizers hold the majority of the total market share.
On the basis of the crop, the market has been divided into cereals and grains, pulses and oilseeds, fruits and vegetables, and others. Among these, cereals and grains represent the largest segment.
On the basis of the microorganism, the market has been segmented into Cyanobacter, Rhizobium, Phosphate Solubilizing Bacteria, Azotobacter, and others. At present, Cyanobacter-based biofertilizers hold the largest market share.
On the basis of the mode of application, the market has been bifurcated into seed treatment, soil treatment, and others. Currently, seed treatment exhibits a clear dominance in the market.
Region-wise, the market has been classified into Asia Pacific, North America, Europe, and others, where Asia Pacific dominates the global market.
The key companies in the global biofertilizers market are Novozymes A/S, National Fertilizers Limited, Madras Fertilizers Limited, Gujarat State Fertilizers & Chemicals Ltd., Rizobacter Argentina S.A., T.Stanes & Company Limited, Camson Bio Technologies Limited, Rashtriya Chemicals & Fertilizers Ltd., Lallemand Inc., and Nutramax Laboratories, Inc.
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