Biofertilizers Market Overview
The popularity of biofertilizers has grown slowly and rapidly in fields like agriculture firms. In recent years, the market for biofertilizers has seen rapid growth. The excessive use of agrochemicals on a farm can cause soil contamination. The biofertilizers are used to improve the nutrient absorption capacity. Along with that, biofertilizers are used to grow and develop plants. Among all the biofertilizers, the Nitrogen biofertilizers are one of the most dominating segments. The production of Nitrogen in the soil can impact badly on the market Biofertilizers Market Size was valued at USD 1.8 Billion in 2022. The Biofertilizers market industry is projected to grow from USD 2.0 Billion in 2023 to USD 5.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.24% during the forecast period (2023 – 2032). Increasing prices of synthetic fertilizers globally, backed by consumers’ response toward increasing prices for synthetically cultivated food products, are the key market drivers boosting the market growth
The biofertilizers market has expected to increase in Europe and North America. Overall the biofertilizer products help the sustainability of crops. Covid-19 has greatly affected this industry in terms of sales and manufacturing companies. The pandemic has affected the market, but after implementing the strategies of the key players, the market has balanced itself. The market report study of the biofertilizers market presents an in-depth analysis of the competition.
Many driving factors fuel the market growth: food safety issues, environmental issues, and increased waste levels in food. There are many growing concerns about their health that increase the awareness among people. Now people prefer foods without chemicals. After the outbreak of covid, people became more aware of the market, which propelled growth in the market.
The biofertilizers market is fragmented, with a large number of domestic companies. Many domestic companies have established a significant presence in the global industry.
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The market research report classified the Biofertilizers Market into different segments: Region, Method of Application, The Type, Type of Crop, and Shape.
When it comes to forming, the market has been segmented into Seed Treatment, Carrier-based biofertilizer, Liquid, and Soil Treatment. Based on type, the market has divided into the Biofertilizers for potassium solubilization and mobilization, Vegetable fruits, Nitrogen fixed biofertilizers, Vegetables and oilseeds, Cereals and grains, mobilization biofertilizers and Phosphate solubilization, and Others. It is segmented into the Leaf treatment, Root immersion, Plant rooting, and Others based on application mode. Last but not the least, based on region, the market has differentiated into the Asia Pacific, North America, Europe, and the Rest of the world.
The market has divided into the Asia Pacific, Europe, North America, and the Rest of the world (RoW). North America holds the largest market share in the biofertilizers market. This region has significant market growth for biofertilizers in the region. The growing demand for organic food has brought this region to this level.
After North America, the regions like Europe and Asia Pacific countries come to the list. The Asia pacific country has expected to witness growth in the forecast period of 2027. With the increasing consumer preference, the key players are now giving preference to manufacturing and supplying organic food. The rise of the biofertilizers market is also possible due to organic farming practices.
In 2020, the Novozymes announced extending the research and distribution plan with the Bayer. This partnership is based on the partnership with Univar Solutions (USA) and UPL (India) to distribute its assets.
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