Meticulous Research®—a leading global market research company, published a research report titled, ‘Latin America Biofertilizers Market by Microorganism Type (Nitrogen-fixing Microbes, Phosphate Solubilizing Microbes), Crop Type (Cereals & Grains, Oilseeds & Pulses), Mode of Application (Seed Treatment, Fertigation), Form (Dry) - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Latin America biofertilizers market is projected to reach $408.6 million by 2030, at a CAGR of 12% from 2023 to 2030. The growth of the Latin America biofertilizers market is mainly attributed to the increase in the adoption of biofertilizers for organic farming, growing concerns regarding environmental safety, increasing and favorable government policies, and supportive initiatives to promote biofertilizers. However, the high cost of biofertilizers is expected to restrain the growth of this market to a notable extent.
The Latin America biofertilizers market is segmented by microorganism type (nitrogen-fixing microbes, [rhizobia bacteria, azospirillum, other nitrogen-fixing microbes], phosphate solubilizing & mobilizing microbes [pseudomonas, bacillus, other phosphate solubilizing & mobilizing microbes], potassium solubilizing & mobilizing microbes, other microorganism types), crop type (cereals & grains, [maize/corn, wheat, rice, other cereals & grains], oilseeds & pulses, fruits & vegetables, and other crop types), application (seed treatment, foliar spray, fertigation, other modes of application), form (dry and liquid biofertilizers), and geography (Brazil, Mexico, Argentina, Chile, and Rest of Latin America). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on microorganism type, in 2023, the nitrogen-fixing microbes segment is expected to account for the largest share of the Latin America biofertilizers market. The segment’s large market share is attributed to the initiatives taken by government agencies along with increasing awareness about the need for sustainability in modern agriculture, hazards associated with the use of chemical fertilizers, growing health concerns, and profitable solutions to provide nitrogen to plants.
Based on crop type, the oilseeds & pulses segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the rising demand for organic oilseeds & pulses and the rising demand for plant-based foods.
Based on mode of application, in 2023, the seed treatment segment is expected to account for the largest share of the Latin America biofertilizers market. The large market share of this segment is attributed to the solubilizing phosphorous in the soil and improving its availability, and increasing the use of biofertilizers in seed treatment of cereals, such as rice, wheat, sorghum, and maize and oilseeds, such as groundnut, sunflower, and soybean.
Based on form, the liquid biofertilizers segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by ease of use, cost-effectiveness, high efficiency & absorbability, and uniform application.
Based on geography, in 2023, Brazil is expected to account for the largest share of the Latin America biofertilizers market. The large market share of this segment is attributed to the growing economy, a rising population, a large agricultural area, modernization of farming, limited availability of arable land, large fertilizer consumption, and growing land coverage under organic cultivation.
The Latin America biofertilizers market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players in the Latin America biofertilizers market are American Vanguard Corporation (U.S.), Chr. Hansen Holding A/S (Denmark), IPL Biologicals Limited (India), Koppert B.V. (Netherlands), Lallemand Inc. (U.S.), Novozymes A/S (Denmark), Rizobacter Argentina SA (Argentina), Symborg Corporate, SL (Spain), UPL Limited (India), Vegalab SA (Switzerland), Corteva, Inc. (U.S.), and Grupo Vittia (Brazil).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5590
Key Questions Answered in the Report-
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research