Biofertilizers Market to Surge at 12.17% CAGR over 2024 to 2032; Growing Government Incentives for Sustainable Agriculture to Spur Market Growth

The global biofertilizers market size was valued at USD 2.26 billion in 2023. The market is anticipated to expand from USD 2.53 billion in 2024 to USD 6.34 billion by 2032, exhibiting a CAGR of 12.17% during the 2024-2032 period.

Fortune Business Insights™ presents this information in its report titled “Biofertilizers Market Size, Share & Industry Analysis, By Type (Nitrogen Fixing, Phosphate Solubilizers, and Others), By Microorganism (Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM, and Others), By Application (Seed Treatment, Soil Treatment, and Others), By Crop Type (Cereals, Pulses & Oilseeds, Fruits & Vegetables, and Others), and Regional Forecast, 2024-2032”.

Biofertilizers, or bioinoculants, consist of living microbes applied through soil or seed to amplify plant nutrition by colonizing the rhizosphere. Initiatives such as the National Mission for Sustainable Agriculture (NMSA) in India demonstrate governmental commitment to sustainable agriculture.

The COVID-19 pandemic disrupted biofertilizer production by causing significant challenges in raw material procurement, adversely affecting the agricultural industry.

Grace Breeding Cuts Corn Nitrogen Usage by 50% to Exhibit Sustainable Approach Toward Corn Production

Grace Breeding achieved a 50% reduction in artificial nitrogen usage in corn production through field trials in Brazil, conducted in partnership with Universidade Estadual de Londrina. Moreover, the company expanded geographically as its NFT Proprietary Bio Fertilizer received registration approval in Brazil, showcasing a sustainable approach to corn production.

Government Incentives for Sustainable Agriculture to Propel Market Growth

The green revolution significantly increased food production and also caused notable environmental damage, including water contamination and soil deterioration due to the widespread use of chemical fertilizers. Governments in agriculturally dominant economies are now promoting sustainable practices such as biofertilizers. For example, in July 2023, the Indian government launched the PM PRANAM scheme to encourage the balanced use of synthetic and biological fertilizers, reducing subsidies for chemical fertilizers while providing a 50% subsidy to states for investing in new fertilizer technology.

However, biofertilizer manufacturers face challenges in maintaining microorganism viability, requiring specific storage conditions. This demands advanced logistics and technical expertise, impacting product efficacy.

Key Industry Participants Focus on Strategic Expansion and Collaboration to Achieve Sustainable Agricultural Solutions

Key players such as Novozymes A/S and Bioceres S.A. are driving market growth through strategic expansions and collaborations. The merger between Bioceres and Marrone Bio Innovations exemplifies the industry's focus on consolidations for a holistic approach to sustainable agricultural solutions. In addition, several firms are working toward surging their manufacturing facilities with an aim to meet product demand and drive the biofertilizers market growth.

List of Key Players Profiled in the Report:-

• Lallemand Inc. (Canada)


• National Fertilizers Limited (India)


• IPL Biologicals (International Panaacea Limited) (India)


• Bioceres S.A. (Argentina)


• BioWorks Inc. (U.S.)


• SOM PHYTOPHARMA (INDIA) LIMITED (India)


• American Vanguard Corporation (U.S.)


• Gujarat State Fertilizers & Chemical Ltd. (India)


• Symborg (Spain)


• Novozymes (Denmark)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/biofertilizers-market-100413

Key Industry Development

• August 2023: Bionema Group Ltd., a prominent biocontrol technology developer in the UK, unveiled four new biofertilizers designed for forestry, agriculture, and sports turf. The latest product range, BioNFix and Rhizosafe, includes strains such as Azospirillum lipoferum BNL714 and Paenibacillus azotofixans BNL1913, aimed at revitalizing the soil's nutrient cycle to enhance plant growth.

Further Report Findings:

• North America dominates the biofertilizers market share. The region experiences exceptional market growth as consumers increasingly adopt plant-based proteins, driving the need for safe and cost-effective agriculture inputs to support the production of organic products, aligning with environmentally responsible choices.


• Europe's robust biofertilizer market growth is propelled by strict regulations on chemical fertilizers and heightened awareness of the environmental hazards linked to synthetic counterparts, fostering increased adoption of products.


• Asia pacific region emerged as the third largest user for product, holding revenue share of 19.73% in 2023. This is due to heightened government efforts for promoting sustainable farming.

Table of Segmentation