by Biofertilizers are micro-organisms that help in enhancing the nutrient value of the soil and promote plant growth when applied to seeds, plants, or soil. They play a vital role in sustainable agriculture by increasing the nutrient availability in soil and reducing the use of chemical fertilizers that pollute the environment. Major biofertilizer products include nitrogen-fixing biofertilizers and phosphate solubilizing and mobilizing biofertilizers. They are commonly used in farming of pulses, oilseeds, fruits & vegetables, and cereals.
The global biofertilizers market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for organic food is one of the major drivers propelling the growth of the biofertilizers market. Consumers are increasingly preferring organic food over conventional food owing to rising health awareness. Since biofertilizers play a vital role in organic farming by enhancing soil fertility without the use of chemicals, their demand is expected to significantly rise with the growing organic food market. Moreover, growing environmental concerns about the impact of chemical fertilizers on soil health and sustainability is also fueling the demand for eco-friendly biofertilizers. The implementation of favorable government policies to promote sustainable agriculture is further promoting biofertilizer adoption among farmers. For instance, the Indian government’s National Mission for Sustainable Agriculture focuses on improving soil quality through the use of biofertilizers.
Segment Analysis
The biofertilizers market is segmented based on type, crop type, form and application method. In type, the nitrogen-fixing segment dominates the market as it helps in fixing atmospheric nitrogen to plant-available nitrogen. In crop type, cereals and grains sub-segment dominates as rice, wheat and corn are the major crops globally consuming large amounts of fertilizers. In form, the liquid sub-segment dominates as it can be directly applied to soils and seeds and is highly effective. In application method, soil treatment sub-segment dominates as it improves the soil health and fertility by increasing the nutrient content of the soil.
PEST Analysis
Political: Governments across various countries are promoting the usage of biofertilizers through subsidies and incentives as they are environment friendly.
Economic: Rising population and decrease in arable land is increasing the demand for high crop yields which is boosting the demand for biofertilizers.
Social: Increasing health awareness among consumers is favoring the demand for organic foods grown using biofertilizers.
Technological: Advancements in fermentation technology and strain development have improved the efficacy of biofertilizers.
Key Takeaways
The Global Biofertilizers Market Size is expected to witness high growth over the forecast period. The global biofertilizers market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Asia Pacific region currently dominates the market due to large area under organic farmland and supportive government policies for organic farming in countries like India. Key regional analysis comprises the Asia Pacific region dominates with over 35% share due to supportive government policies and initiatives for promotion of organic farming in India.
Key players related content comprises Key players operating in the biofertilizers market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
