Biofertilizers Market Share, Competitors, Opportunities, Regional Portfolio, By ( 2024 -2032 )
Biofertilizers Market Outlook
biofertilizers
market reached a value of USD 2 billion in 2023 and is expected to reach USD 5
billion by 2032. This translates to a compound annual growth rate (CAGR) of
10.53% over the forecast period (2024-2032). This growth is driven by a
confluence of factors:
Rising Costs of Synthetic Fertilizers: The global increase
in synthetic fertilizer prices is making biofertilizers a more attractive
option for farmers.
Consumer Demand for Sustainable Practices: Consumers are
increasingly concerned about the environmental impact of food production.
Biofertilizers offer a more sustainable alternative to synthetic options,
promoting soil health and potentially improving crop quality.
Focus on Food Security: With a growing global
population, ensuring food security is paramount. Biofertilizers can contribute
to this goal by enhancing soil fertility and potentially increasing crop
yields.
In
the recent years, these fertilizers have started overpowering the conventional
ones owing to its unique and advantageous features. And as a result of this,
the global bio-fertilizers market is getting its much
needed push.
Bio-fertilizer
can speed up the process of plant growth by stimulating various natural
procedures like solubilizing phosphorous and nitrogen fixation. The
microorganisms present in this fertilizer improve the plant or seed’s inherent
nutrient cycle and inculcate organic matter in the soil. By their use farmers
will be successful in raring plants that are healthy and sustainable. Their
usage has become widespread these days because people associated with the
agricultural industry have started realizing the ill-effects of chemical
fertilizers.
Some
of the major examples of bio-fertilizers are Azotobacter, blue green algae,
Rhizobium and Azospirilium. These and many others are being used by farmers all
over the world to improve the growth cycle of their crop. Apart from the
obvious benefits like better production rate, these fertilizers are a lot more
feasible than the traditional ones. Hence on the whole, it can be concluded
that these fertilizers are highly advantageous in nature and this market will
grow considerably in the coming years.
At
present, the agricultural industry is looking to switch to all natural
products. Owing to this fact, one can confidently assume that the global
bio-fertilizers market will attain remarkable success in the forthcoming years.
Looking at the favorable conditions for this market it is being anticipated
that the revenues will double by the end of the forecast period i.e. 2022-2030.
The CAGR rates look encouraging as well and back this fact.
There
are many factors that can be held responsible for the success and development
of this market. The trend of switching to a healthier lifestyle amongst the
masses happens to be a major growth propeller for this market.
These
days’ consumers look for products that contain zero chemicals and thanks to
this preference the market gets benefitted. Furthermore, the realization
regarding the downsides of chemical pesticides further fosters the growth of
this industry.
Market
Segmentation
The
worldwide bio-fertilizer market has been segregated into four distinct parts.
They can be categorized as geographies, types, application methods and forms.
Geographically,
the market has its reach across various areas of the world like North America,
Asia Pacific, Europe and Rest of the World.
On
the basis of types, the market is separated into phosphate solubilizing
bacteria, vesicular arbuscular mycorrhiza, nitrogen fixing bacteria and plant
growth promoting bacteria.
When
it comes to application methods, the market is trifurcated into soil, root
dipping and seed treatment.
Lastly,
based on forms, the industry is divided into powder, granular and liquid.
Industry
Trends
The
global bio-fertilizers market is expected to be governed by certain industry
trends that will carve a path of success for this industry. These trends have
been listed below:
·
Government
initiatives in the favor of the bio-fertilizer market.
·
The
upsurge in the demand for organic food products.
Market
Players & Growth Strategies
Some
of the most respected and successful players of this market can be listed as
China Bio-fertilizer AG, AgriLife, Symborg, Bio Nature Technology and
Antibiotice. The major strategies used by these brands to stay ahead of
competition are strategic expansion and partnerships with other companies.
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