Biofertilizers are living microorganisms which provide nutrients to the crops through nitrogen fixation and phosphorous solubilization processes. They also assist in maintaining the quality of the soil and promoting sustainable agriculture. The various types of biofertilizers include, nitrogen fixing biofertilizers, phosphate solubilizing biofertilizer, plant growth promoting Rhizobacteria, and biofertilizers for micronutrients.
The global market for Biofertilizers Market has been witnessing high demand for the last few years and is projected to reach USD 2653.48 million by 2023 compared to USD 1183.34 million in 2017. Increasing awareness regarding sustainable agriculture followed by various government initiatives to promote the product is majorly driving the growth of the market. Moreover, the growing trend of inclination towards organic foods from the consumers is boosting the growth of the market. Growing demand from the emerging market will surge the biofertilizers market over the coming years.
Based on the type, nitrogen-fixing segment is dominating the market and is witnessed to grow at the highest growth rate of 14.74% over the forecast period. On the basis of crop type, cereals & grains segment is expected to hold the maximum market share of 43% on the global level. Additionally, on the basis of application, seed application segment is anticipated to grow at the highest rate of 14.60% during the review period.
The major key players in biofertilizers are:
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On the basis of the type, biofertilizers market is segmented into nitrogen-fixing, phosphate-solubilizing, others. Among the type, nitrogen-fixing segment accounted for the major market proportion of 73% in the year of 2017. Moreover, it is projected to be the fastest growing segment during the forecast period of 2017-2023.
Based on the crop type, biofertilizers market is segmented into cereals & grains, pulses & oilseeds, fruits & vegetables, and others. Among them, cereals & grains segment has been dominating with major market share of 43% in the year 2017. However, fruits & vegetables segment is predicted to be the fastest growing segment during the noticed period.
On the basis of the application, it is segmented into seed application and soil application. Among them, seed application segment dominated with the market share of 72% in the year 2017. Also, soil application segment is anticipated to have a substantial growth during the forecast period of 2017-2023.
Based on the form, the market is segmented into dry and liquid. It is observed that the dry segment accounted for the maximum market share in the year 2017. However, liquid segment is projected to surge the market growth over the noticed period.
Among the regions, North America is dominating the biofertilizers market with over 31.74% of the global market share and is projected to reach around USD 827.62 million by 2023. However, Asia Pacific is anticipated to be the fastest growing region for biofertilizers market. In Asia Pacific, Japan is expected to grow at the highest rate followed by Australia and India over the forecast period.
Moreover, RoW is also projected to witness a substantial growth rate during the forecast period 2017-2023, in which Latin America is projected to grow at the highest rate followed by Africa over the review period.
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