The biofertilizers market size was valued at USD 1.80 billion in 2021. The market is anticipated to surge from USD 2.02 billion in 2022 to USD 4.47 billion by 2029 at 12.04% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “Biofertilizers Market, 2022-2029.”
According to the study, surged demand for organic products will encourage leading companies to expand their penetration across untapped areas. Excessive usage of chemical fertilizers has prompted governments and other stakeholders to prioritize sustainable and organic fertilizers. Leading companies are poised to invest in agricultural biologicals to tap into markets.
Segmentations
Phosphate Solubilizers to Remain Dominant with Surging Demand to Boost Crop Quality
In terms of type, the market is segmented into phosphate solubilizers, nitrogen fixing, and others. The phosphate solubilizers segment will exhibit notable growth on the back of growing applications in plant growth and development.
Rhizobium to be Sought-after Due to Growing Role in Crop Productivity
With respect to microorganism, the market is segregated into azotobacter, rhizobium, VAM, bacillus, pseudomonas, azospirillum, and others. The rhizobium segment will witness significant CAGR during the forecast period, partly due to its significance in providing nitrogen sources to the soil.
Seed Treatment to Gain Traction with Rising Demand for Administering Biofertilizers
On the basis of application, the market is classified into soil treatment, seed treatment, and others. The seed treatment segment will grow with increasing demand to administer biofertilizers. Some factors, such as intelligent speed monitoring systems and extended spreading widths, will play an invaluable role in fostering the industry growth.
Cereals to Receive Impetus Due to Surging Demand for Organic Products
Based on crop type, the market is segregated into pulses oilseeds, cereals, fruits vegetables, and others. The cereals segment will contribute significantly during the assessment period due to the rising demand for organic products across emerging and advanced economies.
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porter’s Five Force Analysis and SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Drivers and Restraints
Bullish Government Policies to Boost Growth Potentials
The biofertilizers market share will observe an upward trajectory on the heels of robust government policies encouraging the use of bio-based fertilizers. Prominently, governments introduced tax flexibility, new liquidity, and subsidies, reinforcing the market growth. Several governments have introduced agricultural and food-related programs. To illustrate, in August 2021, the Ministry of Agriculture, Forestry, and Fisheries (MAFF) of Japan introduced the Green Food System Strategy, driving the use of biofertilizers and bio-pesticides. Moreover, the trend for organic farming will further expedite investments across emerging and advanced economies.
Meanwhile, the high production cost of organic and biological fertilizers could challenge major companies vying to bolster their portfolios.
Regional Insights
North America to Remain Lucrative Hub with Growing Trend for Organic Farms
The U.S. and Canada have emerged as promising hubs in the wake of the rising prominence of organic farms. According to the Institute of Food Technologists (IFT), sales of organic products in the U.S. rose by more than 20% in the spring of 2020. Moreover, seed and soil treatment has gained considerable traction to propel crop quality and production.
The Europe biofertilizers market growth will be strong on the heels of the implementation of rigorous regulations on the use of chemical fertilizers. Strict rules on safety, quality, and labeling requirements could spur the penetration of biofertilizers and organic fertilizers. The U.K., France, and Germany will provide promising opportunities following the trend for green innovations.
Stakeholders expect Asia Pacific to emerge as a favorable destination due to bullish investments in the agriculture sector. According to India’s Press Information Bureau, the Government of India is gearing up to restore 26 million hectares of degraded land by 2030 to boost food security. Furthermore, China has profoundly promoted the product use to reduce the use of chemicals in the agriculture sector.
Competitive Landscape
Stakeholders Prioritize Product Launches to Gain Ground
Prominent players could inject funds into mergers acquisitions, product rollouts, technological advancements, and RD activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
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https://www.fortunebusinessinsights.com/enquiry/queries/biofertilizers-market-100413
