Global Biofertilizers Market Size, Trends & Growth Opportunity and By Product (Phosphate Solubilizing, Nitrogen Fixing, and Others), By Application (Seed Treatment and Soil Treatment), By Crop Type (Oilseeds & Pulses, Cereals & Grains, Fruits & Vegetables

Global Biofertilizers Market Size, Trends & Growth Opportunity and By Product (Phosphate Solubilizing, Nitrogen Fixing, and Others), By Application (Seed Treatment and Soil Treatment), By Crop Type (Oilseeds & Pulses, Cereals & Grains, Fruits & Vegetables, and others), By Region and Forecast till 2027.

Global Biofertilizers Market

The Global Biofertilizers Market is expected to grow from US$ 1.02 Billion in 2021 to US$ 3.51 Billion by 2027; it is estimated to grow at a CAGR of 22.86% from 2022 to 2027.

Biofertilizers consists of living microorganisms which help in the growth of plants by increasing the supply of nutrients to it. Biofertilizers are used in natural cultivation which is expected to drive the global Biofertilizers market growth in near future. Nitrogen fixing fertilizers are widely used by farmers in production of various crops such as oilseed, and rice.

Drivers

Rise in usage of microbes in Biofertilizers for sustainable farming method & food safety is the key driving factor which is expected to boost the global Biofertilizers market growth. Furthermore, rise in concern related to food safety will have the positive impact on market growth. Moreover, increase in soil and water pollution due to excessive usage of chemical fertilizers will fuel the market growth. In addition to that, rise in support from government and launch of new programs to spread awareness about their benefits will propel the market growth.

Restraints

However, environmental and technological constraints are the major restraining factors which are expected to hamper the global Biofertilizers market growth. Also, poor infrastructure & high initial investments will affect the market growth.

Impact of Covid-19

The COVID-19 pandemic halted global economic activity due to numerous socioeconomic changes it brought about. Due to the uneven supply of raw materials in various countries, producers of biofertilizers and organic fertilisers face challenges similar to those faced by those in the traditional fertiliser business. Because there aren't many carriers, price gouging by some logistics firms has become a significant problem. Demand for bio-based fertilisers fell as a result of the unpredictability of the situation. A few prominent industry participants also reported decreasing revenue in 2020.

Segmentation By Product Type: Global Biofertilizers Market is classified on the basis of Product Type into Phosphate Solubilizing, Nitrogen Fixing, and Others. In the worldwide biofertilizers market, the nitrogen-fixing sector accounted for the greatest market share. Biological fertilisers that solubilize phosphate and fix nitrogen have been used to grow high-demand crops including wheat, rice, oilseeds, and others. Biological fertilisers with nitrogen can balance the nitrogen content of the soil, which benefits the crop.

Segmentation By Application: Global Biofertilizers Market is classified on the basis of Application into Seed Treatment and Soil Treatment. In 2021, the seed treatment application category accounted for the greatest market share for biofertilizers. It kept the greatest market share since seed treatment applications for supplying biofertilizers were so widely used. Crop and plant seeds are treated with biofertilizers to prevent virus or bacterial infections, significantly reducing agricultural output.

Segmentation By Crop Type: Global Biofertilizers Market is classified on the basis of Crop Type into Oilseeds & Pulses, Cereals & Grains, Fruits & Vegetables, and others.

Segmentation By Region: Global Biofertilizers Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The expected era saw a growth in the use of biofertilizers as well as a rise in farmers' demand for organic foods, with North America accounting for the largest proportion of the worldwide biofertilizer market. Farmers in numerous North American countries are employing drip and sprinkler irrigation more frequently for fertigation, which is growing the market for biofertilizers in the area.

Competitive Landscape:

The key players in Global Biofertilizers Market are Novozymes A/S, Gujarat State Fertilizers & Chemicals Ltd, Rizobacter Argentina S.A., Rashtriya Chemicals & Fertilizers Limited, T. Stanes & Company Limited, National Fertilizers Limited, Madras Fertilizers Limited, International Panaacea Limited, and Lallemand Inc.

Industrial Development

• The usage of Rizonema seed treatment will be promoted in July 2021 by Marrone Bio, a global leader in biological protection and plant health solutions, and Rizobacter, a division of Bioceres Crop Solutions Corporation and a leader in sustainable agricultural solutions globally. By way of an enlarged distribution arrangement, Rizonema, which is for nematodes and soil-dwelling insects, could be used in Brazil for field crops.