According to the latest report by IMARC Group, titled "Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global biofertilizer market size reached US$ 2.0 Billion in 2019. Biofertilizers refer to the organic substances that are made from biological waste and contain living microorganisms. These microorganisms aid in decomposing organic matter that enriches the nutrient quality and fertility of the soil. They also assist in soil mineralization by breaking down complex minerals that facilitate easy absorption by plants. Additionally, they help in nitrogen fixation by fixing atmospheric nitrogen in the soil and the root nodules of legume crops. As a result, their utilization is widely associated with promoting healthy plant growth and significantly improving yield. These fertilizers also prevent the growth of [RM1] microorganisms and do not affect the environment in an adverse manner, which is extensively contributing to their widespread adoption for organic farming in the agricultural sector.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biofertilizer Market Trends:
Widespread utilization of synthetic and chemical fertilizers results in soil pollution and contamination, which, in turn, is bolstering the demand for bio-based agrichemical products, including biofertilizers. This represents the primary factor driving the biofertilizer market growth. The market is further driven by the increasing demand for organic fruits and vegetables on the global level. Changing lifestyle preferences and inflating per capita disposable incomes of the masses have impelled the demand for these products, which, in turn, is encouraging organic farming practices and facilitating the uptake of biofertilizers. Furthermore, the implementation of favorable regulatory policies by the governments of numerous countries is also acting as a major growth-inducing factor. For instance, the Government of India is promoting the adoption of biofertilizers through the National Mission of Sustainable Development (NMSA) program, among other rural agricultural programs. Through this initiative, numerous small-scale farmers are not only being offered financial incentives but also are being educated regarding the benefits of sustainable farming practices and the use of organic agrochemicals to improve overall yield. This trend, along with the increasing environmental consciousness and growing focus toward sustainable development, is creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to exhibit strong growth during 2020-2025.
- On the basis of the type, the market has been classified into nitrogen-fixing, phosphate-fixing and other biofertilizers. Among these, nitrogen-fixing biofertilizers represent the most preferred type.
- Based on the crop, cereals and grains account for the majority of the total market share. Other major segments include pulses and oilseeds, fruits and vegetables, and others.
- On the basis of the microorganism, the market has been divided into Cyanobacter, Rhizobium, Phosphate Solubilizing Bacteria, Azotobacter and others, wherein Cyanobacter exhibits a clear dominance in the market.
- Based on the mode of application, the market has been categorized into seed treatment, soil treatment and others. At present, seed treatment is the most preferred mode of application.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe and others.
- The competitive landscape of the market has been analyzed with the detailed profiles of the key players. Some of these players include Novozymes A/S, National Fertilizers Limited, Madras Fertilizers Limited, Gujarat State Fertilizers & Chemicals Limited, Rizobacter Argentina SA, T.Stanes & Co. Ltd., Camson Bio Technologies Limited, Rashtriya Chemicals and Fertilizers Limited, LALLEMAND Inc., and Nutramax Laboratories, Inc.
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