The report “Biofertilizers Market by Form (Liquid, Carrier-Based), Mode of Application (Soil Treatment, Seed Treatment), Crop Type, Type (Nitrogen-Fixing, Phosphate Solubilizing & Mobilizing, Potash Solubilizing & Mobilizing), Region – Global Forecast to 2025″ The biofertilizers market is projected to reach USD 3.8 billion by 2025, from USD 2.0 billion in 2019, recording a CAGR of 11.2% during the forecast period. Rising awareness about the hazards of chemical fertilizers among consumers, soil degradation, nitrate emissions, along with government initiatives, is projected to witness significant growth during the forecast period.
The biofertilizers market is witnessing significant growth in most of the regions across the world. Growing organic food industry; the need to increase chemical fertilizer usage efficiency; and the increasing hazards of chemical fertilizers, such as the occurrence of eutrophication and hypoxic water zones, are the major driving factors of this market. Moreover, consumers, nowadays, are becoming highly concerned about food safety issues, the rising residue levels in food, and environmental issues. This rise in awareness has induced them to prefer chemical-free food products. As a result, major supermarket chains such as Wal-Mart and Cosco are increasing their product offerings of organic foods.
There is also a rising awareness about sustainability in modern agriculture to avoid the depletion of natural resources to maintain an ecological balance. This factor is also supporting the consumption of biofertilizers, as growers are preferring to use fertilizers that are maintaining soil health and lower pollution levels within farms. According to the FAO’s 2030 Agenda, the vision for sustainable food and agriculture, farmers and foresters are being encouraged to produce more in an economically, socially, and environmentally sustainable way.
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The nitrogen-fixing biofertilizers segment is estimated to dominate the biofertilizers market due to the increasing acceptance and high efficiency to fix atmospheric nitrogen.
The usage of fertilizers is high due to the growing food demand and increasing crop production. Nitrogen fertilizers are among the highly used by the farming community. Thus, there is a considerable demand for nitrogen-fixing biofertilizers, which can be either used through carrier-based powder form or else in liquid formulations in farming. Biological nitrogen fixation is one of the ways of converting elemental nitrogen into a usable form for the plants. Moreover, awareness of water pollution and nitrate emissions is driving the need for alternative sustainable sources such as nitrogen-fixing biofertilizers.
The growing area under cultivation of fruits & vegetables and the increasing adoption of biofertilizers to increase quality and shelf life provides tremendous growth opportunities for this segment
There is an increasing trend towards cultivation and demand for fruits & vegetables due to the increase in per capita income, and rising consumption of fruits & vegetables due to increasing health awareness. The application of biofertilizers is also high, particularly for fruits & vegetable due to high returns on investment as consumers are willing to pay more for organic chemical-free products. Thus, with the increase in production of fruits vegetable segment, the application of biofertilizers is also expected to increase.
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North America is projected to witness the highest growth in the biofertilizers market during the forecast period
North American countries have imposed bans on the usage of harmful chemicals & fertilizers in agriculture due to its adverse effects on the ecology. This, in turn, has created a significant market potential for biofertilizers in the region. Also, increasing acceptance of organic foods among consumers is opening doors for various international players. Rapid growth in organic agriculture and rising demand for organic food in the continent has attributed to the growth of biofertilizer market. As per USDA and DOE, huge availability of biomass feedstock is also one of the drivers for the market
Key companies in the biofertilizers market are Novozymes (Denmark), T Stanes & Company Ltd. (India), SOM Phytopharma (India) Ltd. (India), International Panaacea Limited (India), Kan Biosys (India), Kiwa Biotech (China), Symborg (Spain), Madras Fertilizers Limited (India), Gujarat State Fertilizers & Chemicals Ltd. (India), Lallemand Inc. (Canada), National Fertilizers Limited (India), Rizobacter Argentina S.A (Argentina), Rashtriya Chemicals & Fertilizers Ltd, (India), and Mapleton Agribiotech (Australia).
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