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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