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  • Biofertilizers Market Growth Analysis | 2023-2028

    Biofertilizers Market Growth Analysis | 2023-2028

    Biofertilizers Market Growth Analysis | 2023-2028
    Report code - SRAM646 Delivery - 2 Weeks
    Biofertilizers Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis See more...

    Market Insights

    The biofertilizers market was estimated at USD 3.09 billion in 2022 and is likely to grow at a CAGR of 11.94% during 2023-2028 to reach USD 6.1 billion in 2028.

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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.

    Global Biofertilizer Market Highlights

    Market Size in 2022

    USD 3.09 Billion

    Market Size in 2028

    USD 6.1 Billion

    Market Growth (2023-2028)

    CAGR of 11.94%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    The growth of the biofertilizers 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.

    Restraints:

    Biofertilizer products have a limited shelf life and a high contamination risk. High temperatures render microorganisms nonviable, necessitating storage in a dry, cool environment. Factors like culture medium, harvest physiological state, dehydration process, drying rate, temperature maintenance, and inoculant water activity affect the shelf life of microorganisms, impacting agricultural inoculation technology.

    Opportunities:

    The Asia Pacific and Africa regions are major fertilizer consumers due to population growth and increased food demand. Governments are promoting environmentally friendly alternatives like biofertilizers and organic manure to mitigate the negative effects of chemical fertilizers. Africa has experienced overuse of synthetic fertilizers, compromising soil quality and nutrient levels. As a result, the region now requires biofertilizers to address these issues.

    Challenges:

    Counterfeit biofertilizers pose a significant issue in the sector, affecting farmers' perceptions and market expansion. These counterfeit products, with similar chemical qualities and physical traits, are cheaply produced and difficult to distinguish from genuine biofertilizers. They are primarily sold in Asian countries due to their fragmented market.

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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 Type

    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 65% in 2022 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 Type

    The market is segmented into seed treatment, soil treatment, and others. The seed treatment segment held more than 70% market share in 2022 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 Type

    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 biofertilizers 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 in the biofertilizer market.

    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 Type

    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 Insights

    North America held market share, in terms of revenue, is more than 30% in 2022, and is estimated to be the largest market for biofertilizers during the assessment period. Increasing concern about 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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    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. 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 biofertilizer market is segmented into the following categories.

    By Product Type

    • Nitrogen-fixing
    • Phosphate-solubilizing
    • 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)

    Biofertilizers-Market-Segmentation

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    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 biofertilizers market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Biofertilizers Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    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 to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Biofertilizers contain microbes that support in promoting progress of plants and trees by increasing the source of essential nutrients. The market is segmented by Product Type into nitrogen-fixing, phosphate-fixing, potash-mobilizing, and others; by application type into seed treatment, soil treatment, and others; by crop type into cereal & grains, pulses & oil seeds, fruits & vegetables, and others; and by form into dry and liquid.

    The biofertilizers market was estimated at USD 3.09 billion in 2022.

    The biofertilizers market is likely to reach USD 6.1 billion in 2028.

    The biofertilizers market is likely to grow at a CAGR of 11.94% during 2023-2028.

    North America is estimated to be the largest market during the following period.

    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, and Agro-Bio Trading. are the key companies in the market.

    The seed treatment segment has the largest share of the market during the estimated time.

    The prime factors that are driving the market are growing awareness towards usage of sustainable materials and technological advancement in crop production.

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