Biofertilizers Market Size Set For Explosive Growth

Oct 26, 2023

The recently published Biofertilizers market study comprehensively assesses the future growth prospects of the global market. It offers valuable insights and statistical data on market size and structure spanning the period from 2023 to 2031. The primary objective of this report is to furnish decision-makers with market intelligence and strategic recommendations, empowering them to make informed investment decisions and identify lucrative growth opportunities while recognizing any potential gaps in the market.

Global Biofertilizers Market is valued approximately USD 2.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 11.6 % over the forecast period 2020-2027. Biofertilizer consists of living microorganisms, which helps to increase the supply of nutrients in plants for further growth. When applied to seed, soil, or plants, these biofertilizers can correct the nitrogen level in the soil, hence, supporting proper plant growth. The global Biofertilizers market is facing challenges due to the coronavirus pandemic as temporary lockdown in various countries. But the government introduced plans and initiatives to ensure that soil nutrients are available to farmers during the upcoming rabi (summer-sown) season, amid the COVID-19 outbreak. For instance, The Ministry of Chemicals and Fertilizers of India has constituted a team to prepare a road map in order to reforms and achieve higher growth in the fertilizer sector.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

The growth in the organic food industry, initiatives by government agencies and increasing awareness about the need for sustainability in modern agriculture, hazards of using chemical fertilizers and increase in the usage of biofertilizers in ranches and private farms are the few factors responsible for growth of the market over the forecast period. For Instance: as per Statista, the global sale of organic food was USD 18 billion in 2000 and has risen by USD 95 billion of global organic food sale in 2018. However, environmental and technological constraints and poor infrastructure & high initial investment is the major factor restraining the growth of global Biofertilizers market during the forecast period.

The regional analysis of global Biofertilizers market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the increasing acceptance of organic foods among consumers. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.

Major market player included in this report are:Novozymes A/SNational Fertilizers LimitedMadras Fertilizers LimitedGujarat State Fertilizers & Chemicals LtdRashtriya Chemicals & Fertilizers LtdVegalab S.AChr. Hansen Holding A/SKiwa Bio-TechRhizobacter Argentina S.A.T.Stanes & Company Limited

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.

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Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:Nitrogen-fixing biofertilizersPhosphate solubilizing & mobilizing biofertilizersPotassium solubilizing & mobilizing biofertilizers

By Crop Type:Cereals & grainsPulses & OilseedsFruits & vegetablesOthers

By Form:LiquidCarrier-based Biofertilizer

By Mode of Application:Soil TreatmentSeed TreatmentOthers

By Region:North AmericaU.S.CanadaEuropeUKGermanyFranceSpainItalyROE

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Asia PacificChinaIndiaJapanAustraliaSouth KoreaRoAPACLatin AmericaBrazilMexicoRest of the World

The Five Forces analysis examines the following factors:

The PESTLE analysis takes into account the following dimensions:

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