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The global biofertilizers market size was valued at USD 1.34 Billion in 2018 and is projected to reach USD 3.15 Billion by the end of 2026, exhibiting a CAGR of 11.3%.
Amplifying demand for organic products is leading to increasing adoption of biofertilizers. Higher recognition and acceptance of these eco-friendly fertilizers among the farmers based across developed as well as developing economies are significantly influencing the global biofertilizers market. Rising soil and water pollution due to excessive usage of chemical fertilizers is fueling the adoption of biofertilizers. Furthermore, increased support from the government and launch of programs to spread awareness about their benefits among farmers are expected to aid the market growth.
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Collaboration is the key strategy adopted by the major companies wherein they are actively investing in R&D activities in collaboration with the agricultural research universities to develop modified biofertilizers for applications across a variety of crops. The future of biofertilizers is expected to be promising and continued benefits are expected in the forthcoming years. Persistent efforts by market players, such as Novozymes and Rizobacter Argentina to develop and launch such fertilizers by using numerous vital microbial strains are projected to further aid the global biofertilizers market growth.
"Ability to Generate Food Production without Being a Threat to the Environment is Likely to Propel Phosphase Solubilizers"
Nitrogen fixing biofertilizers have been widely used by farmers in the production of various high-demand crops, such as wheat, rice, oilseeds, and others. These fertilizers have the ability to correct the nitrogen level in the soil, hence they aid in proper growth of the crop, which will fuel the biofertilizers market demand. They are broadly classified into free-living, symbiotic, and associative symbiotic.
The demand for phosphate solubilizing biofertilizers is projected to witness strong growth during the projected period from 2019 to 2026. According to research findings, inoculating crop seeds with phosphate solubilizing microorganisms is a promising strategy to aid global food production without causing harm to the environment. A better understanding of the advancements in phosphate solubilizing microbe’s functional diversity and their mode of actions is projected to impact their growth crucially in the forthcoming years.
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On the basis of application, the global biofertilizers market has been classified into seed treatment, soil treatment, and others. In 2018, seed treatment accounted for the largest portion in the biofertilizers market share. Application of organic fertilizers in seed treatment offers various agronomic benefits and reduces the negative environmental impact. Hence, its application in seed treatment is expected to increase by an impressive CAGR of 12.1% during the forecast period.
By Microorganism, the biofertilizers market is classified into Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM, and others. On the basis of crop type, the global biofertilizers market has been segmented into cereals & grains, pulses & oilseeds, fruits & vegetables, and others.
"Rising Demand for Organic Products to Favor Growth in North and South America"
North America and Europe are the largest markets for biofertilizers and they cumulatively accounted for approximately 55% share in the global biofertilizers market revenue. The market in North America is expanding considerably, due to the growing number of organic farms in prominent economies, such as U.S., Canada, and Mexico. According to the United States Department of Agriculture (USDA), the U.S. organic certified farms and businesses grew by a whopping annual growth of 13% during the year 2015 to 2016.
North America Biofertilizers Market Size, 2018
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South America is emerging as the fastest growing market for biofertilizers and the region is projected to offer strong growth opportunities to the market players during the projected period. Presence of countries such as Argentina and Brazil, where the demand for organic products is increasing rapidly is predictable to foster the growth of environment-friendly fertilizers market of the region. According to the Research Institute of Organic Agriculture (FiBL), in 2017, Argentina was recognized as the second country with the highest share in global organic agricultural land (3.4 million hectares), after Australia.
Biofertilizers are those preparations that exclusively contain latent cells of selected microbial strains that aid crop plants nutrients uptake when they are applied to the plant through soil or seed. Their demand across the globe is increasing extensively as they are a safe alternative to chemical fertilizers.
Biofertilizers are projected to play a vital role in catering to the demand of organic products, which is escalating significantly. Increasing adoption of this kind of fertilizers is not only an option to increase the crop yield significantly but also an assurance of sustainable farming and maintenance of long-term soil fertility by using natural resources. Lower adoption of such fertilizers in some countries, due to their lower awareness and other environmental factors are likely to suppress their growth.
The report provides qualitative and quantitative insights on the and detailed analysis of the global biofertilizers market size & growth rate (in terms of value and area) for all possible segments in the market. The market is segmented by type, microorganism, application, crop, and geography.
On the basis of type, the global biofertilizers market is categorized into nitrogen-fixing, phosphate solubilizing, and others. On the basis of microorganism, the global biofertilizers market is categorized into Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM, and Others.
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On the basis of application, the market is categorized into seed treatment, soil treatment, and others. On the basis of crop, the global market is categorized into cereals & grains, pulses & oilseeds, fruits & vegetables, and others. Geographically, the market is segmented into five major regions, namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, new product innovations and launches, the regulatory scenario in key countries, and key industry trends.
In August 2018, a Romania-based chemical and fertilizers producing company Norofert Organics, in collaboration with researchers from Hungary, UK, Lithuania, and Croatia launched their first effervescent biofertilizers in the market of Romania.
In December 2017, Camson Bio Technologies Ltd. and Krishi Rasayan (part of Krishi Rasayan Group) entered into a joint venture agreement to form state of the art R&D and manufacturing facilities to promote the production of biotechnological products such as biofertilizers, natural fertilizers, bio-pesticides, and others.
Fortune Business Insights says that the value of the global biofertilizers market USD 1.34 Billion in 2018
The biofertilizers market is projected to reach USD 3.15 Billion by 2026
The biofertilizers market will grow at a rate of 11.3% CAGR.