Global Biofertilizers Market to Grow at 11.2% During 2024-2032, Bolstered by Growing Environmental Concerns

December 29, 2021 | Chemical & Materials

The latest report by IMARC Group, titled “Biofertilizer Market Report by Type (Nitrogen-fixing biofertilizers, Phosphate-fixing biofertilizers, and Others), Crop (Cereals and grains, Pulses and oilseeds, Fruits and vegetables, and Others), Microorganism (Cyanobacter, Rhizobium, Phosphate Solubilizing Bacteria, Azotobacter, and Others), Mode of Application (Seed treatment, Soil treatment, and Others), and Region 2024-2032,” finds that the global biofertilizers market reached a value of US$ 3.1 Billion in 2023. 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.

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 11.2% during the forecast period (2024-2032).

Market Summary: 

  • 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, cyanobacter is the leading microorganism segment.
  • On the basis of the mode of application, seed treatment is the most preferred mode of application. 
  • On the geographical front, North America exhibits a clear dominance in the market. Other major regions are Asia Pacific, 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Million Tons, US$ Billion
Segment Coverage Type, Crop, Microorganism, Mode of Application, Region
Region Covered  Asia Pacific, North America, Europe, Others
Companies Covered 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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Global Biofertilizers Market to Grow at 11.2% During 2024-2032, Bolstered by Growing Environmental Concerns
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