The need for biofertilizers has constantly increased due to their specific properties, which have made them a viable alternative to chemical fertilizers. One of the most common segment types on the market is nitrogen biofertilizers. It is favored mostly because of its unique properties, which aid in improving nitrogen production in the soil through microbial and organic growth. As per Market Research Future, the biofertilizer market is estimated to gain a 14.42% CAGR in the course of the forecast period.
The fertilizer market has difficulty in developing and undeveloped countries due to a lack of understanding among farmers about biofertilizers. Biofertilizers have been shown to improve the preparation, shelf life, and growth of vegetables and fruits in various ways. The primary element driving the market’s growth is the growing trend of customer preferences for organic veggies and fruits as per capita income rises, and lifestyles change. The market for biofertilizers has benefited from a growing trend in organic vegetable and fruit agriculture using IPM approaches.
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The segmental assessment of the biofertilizer market is carried out on the basis of types, crop types, application, form, and region. The application segment of the biofertilizer market consists of soil and seed treatment. The forms segment of the biofertilizer market consists of dry and liquid. The types segment of the biofertilizer market consists of vesicular-arbuscular mycorrhiza, phosphate solubilizing bacteria, nitrogen-fixing bacteria, and plant growth-promoting bacteria. The region segment of the biofertilizer market consists of Asia Pacific, North America, Europe, and other notable regions.
The regional summary of the biofertilizer market consists of Asia Pacific, North America, Europe, and other notable regions. Fertilizer consumption is highest in Africa and the Asia-Pacific area. Higher taxation, particularly in Asia, has resulted in increasing food demand, which will lead to increased fertilizer usage. However, soil degradation and contamination and their detrimental impacts on people are the most pressing concerns in this region. Because of their negative effects on the environment, North American countries have banned the use of toxic fertilizers and chemicals in agriculture. As a result, the market for biofertilizers in the region has grown significantly. Furthermore, increased consumer acceptance of organic goods creates openings for several international participants.
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The prominent contenders in the biofertilizer market are T Stanes & Company Ltd., Madras Fertilizers Limited (India), SOM Phytopharma Ltd. (India), Novozymes (Denmark), Kan Biosys (India), International Panaacea Limited (India), Rashtriya Chemicals & Fertilizers Ltd, (India), Kiwa Biotech (China), Symborg (Spain), Gujarat State Fertilizers & Chemicals Ltd. (India), National Fertilizers Limited (India), Mapleton Agribiotech (Australia), Lallemand Inc. (Canada), and Rizobacter Argentina SA (Argentina).
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Oct 2021 The Ministry of Electronics and Information Technology’s common services centers (CSCs) struck an agreement with KRIBHCO (Krishak Bharati Cooperative Limited) to offer farmers with fertilizers and agricultural inputs through a network of village-level businesses. KRIBHCO fertilizers such as imported urea, DAP, NPK/NPS, bio-fertilizers, city compost, zinc sulphate, certified seeds, hybrid seeds, and potash generated from molasses will be sold and distributed through CSCs, according to the MoU.
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