The latest report by IMARC Group, titled “Biofertilizers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global biofertilizers market reached a value of US$ 2.3 Billion in 2020. Biofertilizers are substances that consist of living microbes to aid in decomposing organic matter. They are obtained from biological waste and help mineralize the soil by breaking down complex minerals and facilitating easy absorption by plants. They also stimulate the growth of seeds, plants and soil by supplying nitrogen (N), phosphorus (P), and other nutrients. Biofertilizers are applied to natural cultivation processes to promote the development of the soil. They also prohibit the growth of RM1 microorganisms and do not adversely affect the environment. As a result, biofertilizers are increasingly used 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 Biofertilizers Market Trends:
The market is primarily driven by the increasing use of biofertilizers to increase the levels of nitrogen and phosphorus in plants and improve the soil by restoring its normal fertility. Biofertilizers are cheap and easy-to-use alternatives to synthetic products. Moreover, with the growing demand for organic food products and the preference for chemical-free produce, farmers are utilizing biofertilizers to improve their farm yield. Besides this, the rising consciousness regarding environmental hazards due to the use of synthetic agrichemicals is also propelling the market growth. In addition to this, the changing lifestyle preferences, increasing environmental consciousness and the inflating disposable incomes of individuals are facilitating the market growth across the globe. Furthermore, governments across various countries are implementing favorable regulatory policies to offer financial incentives and educate farmers regarding the benefits of sustainable farming practices and organic agrochemicals to improve overall yield, which is another major growth-inducing factor. Looking forward, the market is expected to grow at a CAGR of around 18% during the forecast period (2021-2026).
- Based on the type, the market has been segmented into nitrogen-fixing, phosphate-fixing and other biofertilizers. Currently, nitrogen-fixing biofertilizers hold the largest market share.
- On the basis of the crop, the market has been classified into cereals and grains, pulses and oilseeds, fruits and vegetables, and others. Among these, cereals and grains represent the dominant crop segment.
- The market has been categorized based on the microorganism into cyanobacter, rhizobium, phosphate solubilizing bacteria, azotobacter, and others. At present, cynobacter is the leading microorganism segment.
- On the basis of the mode of application, seed treatment is the most preferred mode of application, followed by soil treatment and others.
- On the geographical front, Asia Pacific exhibits a clear dominance in the market. Other major regions are North America, Europe, and others.
- The competitive landscape of the market has been examined, with some of the key players being Novozymes A/S, National Fertilizers Limited, Madras Fertilizers Limited, Gujarat State Fertilizers and Chemicals Limited, Rizobacter Argentina S.A., T. Stanes and Company Limited, Camson Bio Technologies Private Limited, Rashtriya Chemicals and Fertilizers Limited, Lallemand Inc., and Nutramax Laboratories, Inc.
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