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Biofertilizers Market Insights
According to marker research future insights analysis, the global Biofertilizers Market is expected to register a CAGR of 12.24% from 2022 to 2030 and hold a value of over USD 4.51 billion by 2030.
Increased government efforts to raise public awareness of the benefits of using biofertilizers, growing industrial effects of chemical fertilizers, and rising ranch and home farm usage are a few of the factors that could support the growth of the market during the forecast period. On the other hand, increasing demand from developing nations may increase the number of opportunities, leading to the growth of the biofertilizers market. The market for biological products has increased due to awareness of the environmental risks associated with synthetic agrichemicals, particularly soil pollution and food chain contamination. In addition to this, individuals have been advised to adopt organic foods and other agricultural products due to growing health concerns. The increasing adoption of beneficial regulatory policies by various governments is another important factor influencing the sales of biofertilizers. However, the development of the biofertilizers market during the forecast period may be constrained by escalating technological and environmental issues, a lack of infrastructure, the requirement for high capital expenditures, and these factors combined.
Regional Analysis
North America dominated the market for bio fertilizers in 2021. The dominance can be attributed to the greater government involvement in local farming practices, which led to significant changes in agriculture practices across the US and Canada. A strict regulatory environment and a rising preference for biofertilizer products have contributed to the industry’s positive growth. In North America, industrialization, mining, and urbanization brought about the loss of arable land.
Asia Pacific is expected to register lucrative growth in the market for bio fertilizers. The region to which this is attributed is Asia-Pacific, where fertilizer consumption is highest. Population growth, particularly in Asia, has increased market demand for food, which will result in increased fertilizer use. However, pollution and soil contamination, along with their negative effects on people, are major issues in this area. Governments in these regions are promoting environmentally friendly fertilizers like biofertilizers and organic manure to offset the detrimental effects of chemical fertilizers.
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Market Segmentation
The global Biofertilizers Market has been segmented into type, mode of application and form.
Based on type, the market has been segmented into nitrogen-fixing microbes, phosphate solubilizing and mobilizing microbes, potassium solubilizing and mobilizing microbes and other types (zinc, silica, and sulfur solubilizing biofertilizers). The nitrogen-fixing microbes category accounted for the largest share of the market in 2021. High-demand crops, including wheat, rice, oilseeds, and others, have been produced using biological fertilizers that solubilize phosphate and fix nitrogen. Nitrogen-containing biological fertilizers can balance out the soil’s nitrogen content, which helps the crop thrive. The three main types of nitrogen bio-fertilizers are free-living, symbiotic, and associative symbiotic. On the other hand, the phosphate solubilizing and mobilizing microbes category is anticipated to grow significantly. The ability of phosphate solubilizers to increase crop quality and yield is expected to drive demand for them at a reasonable rate. The essential nutrient phosphate is necessary for plants to function properly and at all stages of plant growth and development.
Based on the mode of application, the market has been segmented into soil treatment, seed treatment, fruits & vegetables and other crop types (turf & ornamentals, plantation crops, and silage & forage crops). The seed treatment category accounted for the largest revenue share in 2021 in the Biofertilizers Market. Crop yield is significantly decreased by the biofertilizer treatment applied to plant and crop seeds to prevent viral or bacterial attacks. Furthermore, the biological fertilizers applied to the seeds encourage atmospheric nitrogen fixation and allow the cropaccess it easily. On the other hand, the soil treatment category is anticipated to grow at a significant rate. It involves applying bio-based fertilizers directly to the soil by spraying them on agricultural land. To fix nitrogen and retain moisture in the soil, symbiotic bacteria work with plant root nodules when biological fertilizers are sprayed on the soil. This element encourages robust plant growth and guards against erosive soil erosion.
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Based on form, the market has been segmented into liquid and carrier-based. The liquid category accounted for the largest revenue share in 2021 in the market for bio fertilizers. The technology of liquid biofertilizers is replacing the conventional form of carrier-based biofertilizers. In addition to the essential microorganisms and their nutrients, liquid biofertilizers are precisely prepared and contain components that can maintain stable storage conditions, extending the shelf life of latent spores and cysts.
Key Players
Some key market players are CBF China Biofertilizers; Lallemand Inc.; Novozymes A/S; Fertilizers USA LLC; AgriLife; Symborg SL.
Read Our Related Report –
Liquid Fertilizer Market Research Report Forecast Till 2027
Organic Fertilizers Market Research Report Forecast to 2030
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