Biofertilizers Market Growth | 2023-2028

Market Insights

The biofertilizers market is expected to grow from USD 3.09 billion in 2022 to USD 6.1 billion by 2028 at an impressive CAGR of 11.94% during the forecast period.

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What is biofertilizer?

Biofertilizers are substances or formulations that contain microbes such as bacteria, fungi, or algae that promote the growth of plants and trees by increasing the source of essential nutrients. These microorganisms form beneficial symbiotic relationships with plants, promoting their nutrient availability and health.

Market Dynamics

The growth of the market is primarily driven by:

• Growing awareness towards the usage of sustainable materials and technological advancement in crop production.
• The rising concerns over food safety.
• The rising demand for organic food and the need to lessen the impact of agriculture on the environment.

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Key Players

Some of the major suppliers of biofertilizers are-

• Agri Life
• Rizobacter
• National Fertilizers Limited
• Jay Enterprises
• Novozymes
• Gizatec
• Chema Industries
• Cairochem
• Kimitec Group
• Madras Fertilizers Limited
• Symborg SL
• Lallemand Inc.
• Biomax Naturals
• Koppert B.V.
• Criyagen
• Bharat Biocon
• Agro-Bio Trading.

Segments Analysis

By Product

The market is segmented as nitrogen-fixing, phosphate-solubilizing, potash-mobilizing, and others. The nitrogen-fixing segment dominated the market, its market share, in terms of volume, is more than 70% in 2021 and is expected to maintain its position during the following period as well. It is majorly used as it improves the fertility of the soil by converting the available nitrogen through nitrogen-fixing organisms.

By Application

The market is segmented as seed treatment, soil treatment, and others. The seed treatment segment held more than 72% market share in 2021 and is expected to dominate the market during the forecast period, whereas the soil treatment segment is expected to witness the highest growth over the assessment period.

By Crop

The market is segmented as cereal & grains, pulses & oil seeds, fruits & vegetables, and others. The cereals segment is expected to take the lead in the market due to the significant demand for organic cereals. Organic fertilizers are extensively utilized in the cultivation of cereal grains compared to other crop types. This segment is expected to maintain its dominant position throughout the forecast period. The market growth of organic cereals is being driven by the substantial demand for organic cereals in both developed and developing economies, thanks to the potential health benefits they offer. Moreover, there is a surge in consumer demand for organic cereals and products derived from them worldwide, which further amplifies the utilization of these products for cultivating cereal crops.

By Form

The market is segmented as dry and liquid. The dry-form biofertilizers are expected to dominate the market during the assessment period. The increasing demand for dry biofertilizers is driven by their characteristics for long-term nutrient augmentation. Dry biofertilizers are available in a wide range of physical consistencies, from large grains to finely powdered forms, offering consumers a diverse selection. This diversity and availability of dry biofertilizers have garnered positive attention. When applied to the soil, dry biofertilizers are often sprayed and gradually release nutrients to plants. This feature makes them a convenient choice for providing supplementary nourishment throughout the crop's life cycle, especially when compared to liquid fertilizers. The slow-release mechanism of dry biofertilizers supports the plants' respiration process while preventing the simultaneous overwhelming of nutrients.

Regional Analysis

North America held market share, in terms of revenue, is more than 31.8% in 2021 and is estimated to be the largest market for biofertilizers during the assessment period. Increasing concern towards the hazardous impact of using chemical products, growing awareness among consumers and farmers, and increasing support from government bodies are the major factors boosting the North American market. Asia-Pacific and Europe are also expected to offer substantial progress opportunities during the following period.

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Segmentation

The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The biofertilizers market is segmented into the following categories:

By product type:

• Nitrogen-fixing
• Phosphate-solubizing
• Potash-mobilizing
• Others

By application type:

• Seed Treatment
• Soil Treatment
• Others

By crop type:

• Cereal & Grains
• Pulses & Oil Seeds
• Fruits & Vegetables
• Others

By form type:

• Dry
• Liquid

By region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle and supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces and SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current segmentation of any one of the application types by form type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.