Biofertilizers are eco-friendly products containing live or latent microorganisms that help enhance overall soil fertility and health. They promote waste decomposition, nutrient cycling, and soil structure. Biofertilizers help boost plant growth by improving soil nutrient availability and modulating plant hormone balance. They are a sustainable alternative to chemical fertilizers as they reduce the use of agrochemicals and help restore the soil microbiome. The global biofertilizers market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for organic food products has been a key driving factor for the biofertilizers market over the past few years. As consumers become more concerned about chemical residue in food, the demand for organic farming and correspondingly biofertilizers is rising. Organic farmed foods cannot utilize chemical fertilizers and have to strictly follow organic farming protocols which involve the use of biofertilizers. According to the Organic Trade Association, sales of organic food products reached over US$ 50 billion in the U.S. in 2017 demonstrating strong consumer appetite for organic offerings free from chemicals and synthetic inputs. This rising consumer preference for organic has pushed farmers to increasingly adopt biofertilizers to sustainably grow crops organically without compromising on yields.
Segment Analysis
The global biofertilizers market size is dominated by the nitrogen fixing segment, which accounts for over 40% of the market share. Nitrogen fixing biofertilizers enrich the soil by converting atmospheric nitrogen into forms that can be utilized by plants. They are effective in increasing crop yields without creating a negative environmental impact. The mycorrhiza segment is expected to witness the highest growth during the forecast period due to rising application of mycorrhizal fungi in enriching and protecting plant roots.
Key Takeaways
The global biofertilizers market is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to reach US$ 2.26 Billion by 2024.
Regional analysis: Asia Pacific region currently dominates the global biofertilizers market with over 35% share. Countries such as India and China have witnessed increased application of biofertilizers due to growing organic farming practices. North America is projected to be the fastest growing regional market owing to rising awareness about the environmental benefits of biofertilizers among farmers in the US and Canada.
Key players operating in the biofertilizers market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others.
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