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