South America Biofertilizers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacter

South America Biofertilizers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)

The biofertilizers market in South America is expected to grow from US$ 333.95 million in 2021 to US$ 839.63 million by 2028; it is estimated to grow at a CAGR of 12.4% from 2021 to 2028. Organic farming is basically a method that includes growing and nurturing crops with the utilization of biological materials and products and eliminates the use of synthetic-based fertilizers and pesticides. Organic farming is being increasingly adopted as it provides healthy and high-quality food products. Along with this, organic farming provides several environmental benefits such as it improves soil fertility, combating soil erosion, and reducing greenhouse gas emissions. The demand for organic products is increasing which is not only due to the increase in conscientious consumers but also due to rising incomes which has increased the area under organic farming. Consumers are becoming highly concerned about food safety issues, the rising residue levels in food, and environmental issues, due to the rising concerns about their health. This increased awareness among the consumers 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. The growth in the organic food industry is triggering the demand for biofertilizers and organic manures, as these are pre-requisites of organic farming. Biofertilizer is one of the essential components of organic farming practices because it combines the naturally occurring microorganisms with organically derived, nutrient-rich fertilizers which provide the plants and soils with a healthy growing environment that is sustainable for future growing seasons. Biofertilizers also help in enhancing the plant’s resistance against pests and abiotic stressors such as drought, excess water, and extreme temperature changes. Thus, rapid growth in organic farming due to an increased adoption of organic products by the consumers across the world is driving the growth of biofertilizers market.

Brazil reported the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador among others. The government of South America has taken an array of actions to protect its citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. This may have a direct impact on the growth of the biofertilizer market due to significant disruptions in terms of sourcing of raw materials from suppliers as well as temporary closures of the manufacturing base due to indefinite lockdowns and temporary quarantines. As there have been relaxations in the lockdown, raw material are being increasingly sourced and there has been a reduction in labor shortages, which is having a positive impact on the biofertilizer market.

The South America biofertilizers market is segmented on the basis of product type, microorganism, crop type, and application. Based on microorganism, the market is segmented into rhizobium, azotobacter, phosphate solubilizing bacteria, and others. In 2020, rhizobium segment held the largest share in the market. Rhizobium is one of the most effective and widely used biofertilizers. Rhizobium in application with legumes fixes the atmospheric nitrogen. The symbiotic association between rhizobium bacteria and legumes results in the formulation of root nodules which fixes the atmospheric nitrogen. Rhizobia is diastrophic bacteria which is mostly used for improving the quality of agricultural soil and helps in plant growth by nitrogen fixation and potash mobilizing. Plant growth-promoting rhizobacteria helps in removing the bacteria which are present near the roots of plants. Also, it helps in maintaining the original fertility of the soil. Thus, factor such as improving soil quality, development of plants, and fixation of nitrogen is driving the demand for rhizobium bacteria in biofertilizers.

The South America biofertilizers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the South America biofertilizers market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the South America biofertilizers market. Mapleton Agri Biotec Pt Ltd.; Mapleton Agri Biotec Pt Ltd.; Novozymes; RIZOBACTER; Symborg; T.Stanes and Company Limited; UPL; and Vegalab SA are among the leading companies in the market.

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