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The global biofertilizers market size was valued at USD 1.49 billion in 2019 and is projected to reach USD 3.28 billion by 2027, exhibiting a CAGR of 10.9% during the forecast period.
Amplifying demand for organic products is leading to the increasing adoption of biofertilizers. Higher recognition and acceptance of the product among the farmers based across developed as well as developing economies are significantly influencing the market. Furthermore, rising soil and water pollution due to excessive usage of chemical fertilizers is fueling the adoption of organic and sustainable fertilizers.
The Outbreak of COVID-19 has resulted in Unsettled Supply Chain of Raw Materials
The outbreak of pandemic has negatively impacted the global market due to various socio-economic changes that has emerged during this pandemic. Like the conventional fertilizers market, manufacturers of the biofertilizers and organic fertilizers across various economies are facing challenges owing to the uneven supplies of raw materials. Price gouging by some logistics company due to hindered availability of transporters have emerged as a significant problem at present. The uncertainties associated with the situation are indicating towards the prevalence of logistical disruptions even in the upcoming months which may result in demand fall for bio-based and organic fertilizers.
However, with key market players and the governments across several countries actively working towards restoring the supply chain, an improvement in production, supply, and demand of biofertilizers are expected. This market situation is predicted to remain variable in different countries in the upcoming months, however with the escalating improvement in the situation in future it would become easy to predict the further market statistics.
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Proliferating Demand for Sustainable Crop Production Inputs to Support Market Growth
This market demand is projected to witness continuous growth during the forthcoming years due to the rising demand for fertilizers that are compatible for sustainable and organic sustainable farming practices and agriculture practices. These fertilizers are an economical as well as eco-friendly option for crop yields production, hence their adoption is rising across the globe. Moreover, other aspects such as improvement in soil fertility, increase in nutrient uptake by plants, and low risk to human health associated with the use of bio-based fertilizers are further accelerating the demand of the product.
“Rising Governmental Support to Boost the Growth of the Market”
The rising concern over declining soil quality due to overuse of chemical fertilizers and their potential ill-effects on human health has encouraged the government across various economies to promote the use of bio-fertilizers. Governments across several agri-dominant countries are opting for various plans, schemes, and other initiaves to encourage the adoption of bio-based fertilizers among farmers. For instance, the Indian government executed a scheme called National Project on Development & use of Bio-fertilizers (NPDB) in the country for the promotion, production, and distribution of a range of bio-fertilizers.
“High Production Cost of Biofertilizers to Restrict Market Growth”
The production cost of biological and organic fertilizers is comparatively higher than conventional fertilizers as specific machineries and equipment are required for their production. This factor is projected to hinder the market growth during the foreseeable years. Moreover, low shelf-life of some bio-fertilizers and their low versatility are further predicted to restrain the market growth during the forecast period.
“Ability to Generate Higher Yield and Wider Adoption to Promote the Growth of Nitrogen Fixing Fertilizers”
Nitrogen fixing biofertilizers have been widely used by farmers for producing various high-demand crops, such as wheat, rice, oilseeds, and others. Biological fertilizers containing nitrogen have the ability to correct the nitrogen level in the soil, hence they aid in proper growth of the crop. Nitrogen bio-fertilizers are broadly classified into free-living, symbiotic, and associative symbiotic. The demand for phosphate solubilizers is predicted to grow at a decent pace attributed to their potential in improving crop quality and yield.
“Rhizobium to be the Dominant Microorganism Variety in Organic Crop Production”
Rhizobium bacteria are widely utilized by the agricultural industry to achieve high crop production targets. This bacterial is efficient in enhancing the ability of crops, especially legumes,and fix nitrogen present in the atmosphere. Additionally, the use of rhizobium as bio-fertilizers is proliferating due to their high efficacy in crop production in an eco-friendly and economical manner. The utilization of Azotobacter is projected to rise across agri-dominant economies as they are efficient in inducing beneficiary reaction on crop growth rate and improving seed germination.
“Seed Treatment to be the Most Adopted Application Method in the Global Marketplace”
At the global level, they are widely applied to plants through seed treatment. In 2019, the seed treatment segment accounted for the highest biofertilizers market share in the global market. 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 during the forecast period.
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“High Demand for Organic Cereals to Help Cereals Segment Emerge Dominant”
At present, the application of organic fertilizers in the production of cereals is high as compared to other crop types and the segment is anticipated to retain their dominant position throughout the forecast period. The high demand for organic cereals in both developed as well as developing economies, due to the potential health benefits offered by them is boosting the market growth of organic cereals.
North America Biofertilizers Market Size, 2019 (USD Million)
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“South America Market to Witness Significant Growth Owing to Demand for Organic Products”
South America is emerging as the fastest growing market and 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 will foster the growth of market within the region. According to the Research Institute of Organic Agriculture (FiBL), in 2017, Argentina was recognized as the second country with the highest potential share in global organic agricultural land (3.4 million hectares), after Australia.
North America and Europe are the largest markets and they are predicted to hold larger share in the global market. The market in North America is expanding considerably, due to the growing number of organic farms in prominent economies, such as the 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 gigantic annual growth of 13% during the year 2015 and 2016.
Enhancement of Product Portfolio by Acquisitions to Promote Market Growth
Market players operating in the market have realized the growth potential of biofertilizers and hence, are making continuous efforts to innovate, launch new products, and enhance their product portfolio in the market to establish their prominence. Market players are also focusing on collaboration, merger, and acquisition activities to aid their product portfolio and to address the requirements of a wider consumer base. For instance, key market player Lallemand Inc. acquired all the distribution rights of biological products line namely: BYSI-N and BloBoost from BrettYoung. BrettYoung is a prominent company that deals with agricultural products and technologies. Earlier, in 2014, Lallemand had acquired intellectual property rights along with various associated assets of the biological product portfolio of BrettYoung.
The report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible segments in the market.
An Infographic Representation of Biofertilizers Market
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The market is segmented based on typ, microorganisms, application, crop type and region. Along with this, the global biofertilizers market report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
Fortune Business Insights says that the value of the global biofertilizers market was USD 1.49 Billion in 2019 and is projected to reach USD 3.28 Billion by 2027.
Growing at a CAGR of 10.9%, the market will exhibit a steady growth during the forecast period (2020-2027).
The nitrogen fixing segment is expected to be the leading segment based on type in the global market during the forecast period.
Amplifying demand for organic food globally is the key factor fueling the market growth.
Novozymes A/S, Kiwa Biotech, Lallemand Inc., Symborg SL, and AgriLife are a few of the key players in the market.
North America is expected to hold the highest market share in the global market.
The seed treatment segment is expected to grow at the fastest pace during the forecast period.
Production of advanced biofertilizers that are suitable for sustainable agriculture and are efficient in improving plant tolerance and soil fertility is the key market trend of the market.
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