Redding, California - August 22, 2024
Biofertilizers Market to Reach $4.03 Billion by 2031
Biofertilizers Market Size, Share, Forecast, & Trends Analysis by Microorganism Type (Nitrogen-fixing {Azospirillum}, Phosphate Solubilizing Microbes), Crop Type (Cereals & Grains {Maize, Wheat}), Mode of Application, Formulation - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled Biofertilizers Market-Global Opportunity Analysis and Industry Forecasts (2024-2031). According to this latest publication, the biofertilizers market is projected to reach $4.03 billion by 2031, at a CAGR of 11.7% from 2024 to 2031.
The global biofertilizers market is driven by the growth of organic farming and increasing demand for organic food, heightened concerns about environmental sustainability, rising government initiatives promoting biofertilizer usage, and increased investments from key market players. However, market growth is constrained by the strong demand for synthetic fertilizers and the high production costs associated with biofertilizers.
In addition, emerging economies' growing adoption of biofertilizers and advancements in biofertilizer technology present significant growth opportunities for stakeholders in this market. The industry faces substantial challenges, including prolonged product registration and approval processes, as well as the limited shelf life of biofertilizers, which are highly sensitive to temperature fluctuations.
Key Players:
The global biofertilizers market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the global biofertilizers market are UPL Limited (India), American Vanguard Corporation (U.S.), Novonesis Group (Denmark), Symborg Corporate, SL (Spain), Seipasa S.A. (Spain), National Fertilizers Limited (India), IPL Biologicals Limited (India), BioWorks, Inc. (U.S.), Rizobacter S.A. (Argentina), Vegalab SA (Switzerland), Lallemand Inc. (U.S.), AgriLife (India) Private Limited (India), Mapleton Agri Biotec Pt Ltd (Australia), and Koppert B.V.(Netherlands).
The global biofertilizers market is mainly segmented by microorganism type, crop type, formulation, and geography. This study also evaluates industry competitors and analyzes the regional and country-level markets.
By microorganism type, in 2024, the nitrogen-fixing microbes segment is anticipated to hold the dominating position with a share of 76.6% of the biofertilizers market. This dominance is primarily driven by the risks associated with chemical fertilizers, increasing governmental initiatives, the growing emphasis on sustainability in modern agriculture, the expanding adoption of advanced farming methods such as sprinkler and drip irrigation systems, and heightened health concerns. Furthermore, nitrogen-fixing microbes offer a more cost-effective, eco-friendly, and profitable alternative for supplying nitrogen to plants.
By crop type, in 2024, the cereals & grains segment is anticipated to hold the dominating position with a share of 50.7% of the biofertilizers market. This significant share is attributed to the rising demand for organically and naturally grown cereals and grains, increasing awareness about the environmental impact of chemical fertilizers on these crops, and the growing preference for sustainable agricultural practices.
By mode of application, in 2024, the seed treatment segment is estimated to hold the dominating position with a share of 65.2% of the biofertilizers market. This significant share is driven by the numerous advantages of seed treatment with biofertilizers, including enhanced germination rates, reduced root rot, and improved phosphorus availability in the soil through solubilization. The market growth is further supported by the increasing application of biofertilizers in the seed treatment of oilseeds such as peanuts, sunflower, and soybean, as well as cereals like rice, wheat, sorghum, and maize.
By formulation, in 2024, the dry biofertilizers segment is poised to hold the dominating position in the biofertilizers market. The dominating position of this segment is mainly due to factors such as the increasing use of dry biofertilizers for lawn and garden applications, their high efficacy and long-lasting effects in all climates, and the widespread and simple accessibility of raw materials.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (France, Spain, Italy, Germany, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa.
Geographically, in 2024, North America is expected to hold the dominating position with a share of 32.3% of the biofertilizers market. However, the Asia-Pacific region is anticipated to witness rapid growth during the forecast period.
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Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of biofertilizers?
- At what rate is the global demand for biofertilizers projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the biofertilizers market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which microorganism type, crop type, mode of application, and formulation segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the biofertilizers market?
- Who are the major players in the biofertilizers market? What are their specific product offerings in this market?
- What recent developments have taken place in the biofertilizers market? What impact have these strategic developments created on the market?
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