IMARC Group, a leading market research company, has recently releases report titled “Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biofertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Biofertilizer Market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 2.7 Billion |
| Market Forecast in 2028 | US$ 5.8 Billion |
| Growth rate (2023 to 2028) | CAGR of 12.8% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Biofertilizer?
Biofertilizers are natural formulations that enrich soil fertility by enhancing the availability of essential nutrients through biological processes. Comprising living microorganisms like bacteria, fungi, or algae, these fertilizers fix atmospheric nitrogen, solubilize phosphorus, and promote plant growth through various symbiotic relationships. Unlike synthetic fertilizers, biofertilizers are eco-friendly, sustainable, and non-toxic to both soil and plants. They improve soil structure, increase nutrient absorption, and promote higher crop yields while minimizing environmental pollution. Biofertilizers are particularly relevant in the context of organic farming and sustainable agriculture, where the focus is on long-term soil health and environmental sustainability.
What are the Growth Prospects and Trends in the Biofertilizer Industry?
The growing consumer demand for organic and chemical-free produce represents one of the key factors influencing the growth of the market across the globe. This is further driving farmers to adopt biofertilizers as a natural alternative to synthetic fertilizers which is boosting the market growth. As the global focus shifts towards sustainable farming practices, biofertilizers are gaining prominence for their eco-friendly characteristics and minimal environmental impact. Biofertilizers improve soil structure and fertility by enhancing microbial activity, thereby making soil more conducive to plant growth. Stricter rules on the use of chemical fertilizers and incentives for organic farming are encouraging the adoption of biofertilizers. Over the long term, biofertilizers are often more cost-effective than chemical fertilizers due to lower application rates and reduced soil degradation which is fueling its demand. Unlike chemical fertilizers, biofertilizers do not leach into water bodies, thus reducing the risk of water pollution and aquatic ecosystem degradation. The use of biofertilizers contributes to lower greenhouse gas emissions as compared to synthetic fertilizers, aligning with global climate change mitigation goals which is facilitating the growth of the market.
Who are the Key Players Operating in the Biofertilizer Market?
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Novozymes A/S
- National Fertilizers Limited
- Madras Fertilizers Limited
- Gujarat State Fertilizers & Chemicals Ltd.
- Rizobacter Argentina S.A.
- Stanes & Company Limited
- Camson Bio Technologies Limited
- Rashtriya Chemicals & Fertilizers Ltd.
- Lallemand Inc.
- Nutramax Laboratories, Inc.
What is Included in Market Segmentation?
The report has categorized the market based on type, crop, microorganism and mode of application.
Breakup by Type:
- Nitrogen-fixing biofertilizers
- Phosphate-fixing biofertilizers
- Others
Analysed by Crop:
- Cereals and grains
- Pulses and oilseeds
- Fruits and vegetables
- Others
Based on Microorganism:
- Cyanobacter
- Rhizobium
- Phosphate Solubilizing Bacteria
- Azotobacter
- Others
Market by Mode of Application:
- Seed treatment
- Soil treatment
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Others
Request for a PDF Sample Report: https://www.imarcgroup.com/biofertilizer-azotobacter-and-rhizobium-manufacturing-plant/requestsample
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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