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Market Research Future Insights
Biofertilizers Market Size was valued at USD 1.8 Billion in 2022. The Biofertilizers market industry is projected to grow from USD 2.0 Billion in 2023 to USD 5.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.24% during the forecast period (2023 – 2032).
The biofertilizers market refers to the industry involved in the production, distribution, and use of biofertilizers. Biofertilizers are substances containing living microorganisms that enhance plant growth by increasing nutrient availability in the soil.
They are considered eco-friendly alternatives to chemical fertilizers, as they improve soil fertility and reduce the reliance on synthetic inputs. The COVID-19 pandemic has had both positive and negative impacts on the biofertilizers market. On one hand, the increased focus on sustainable agriculture and the demand for organic products has created opportunities for biofertilizer companies.
Many farmers have started adopting organic farming practices, leading to a higher demand for biofertilizers. On the other hand, the pandemic disrupted supply chains and caused logistical challenges, affecting the production and distribution of biofertilizers. Lockdown measures and restrictions on movement impacted the availability of labor and transportation, leading to delays in manufacturing and delivery.
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Key Players
Some of the market key players are Camson Bio Technologies Limited, National Fertilizers Ltd., Monsanto BioAg, T Stanes & Company Limited, Rashtriya Chemicals & Fertilizers Ltd, Gujarat State Fertilizers & Chemicals Ltd, Madras Fertilizers Limited, Agri Life, Mani Dharma Biotech Pvt. Ltd. and Biomax Naturals, among others
Market Segmentation
The Global Biofertilizers market has been segmented into type, Crop Type, Form, Application and Microorganism
Based on Type: Nitrogen Fixing, Phosphate Solubilizing and Others
Based on Crop Type: Cereals & Grains, Pulses & Oilseeds and Fruits & Vegetables
Based on Form: Dry and Liquid
Based on Application: Leaf Treatment, Root Immersion, Plant Rooting and Others
Based on Microorganism: Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM and Others
Regional Analysis
The North American biofertilizers market is driven by the increasing adoption of organic farming practices and the rising demand for sustainable agriculture. The United States and Canada are the key markets in this region. Europe has a well-established market for biofertilizers due to stringent regulations on chemical fertilizers and growing consumer awareness about environmental sustainability. Countries like Germany, France, and the Netherlands are the major contributors to the market. The Asia Pacific region holds significant potential for biofertilizers due to the large agricultural sector and increasing adoption of organic farming practices. India, China, and Japan are the major markets in this region. Countries like Brazil and Argentina are driving the biofertilizers market in Latin America. The favorable climate conditions for agriculture and the growing demand for organic products are contributing to market growth. The biofertilizers market in this region is gradually developing, driven by the need for sustainable agricultural practices and increasing investments in agricultural technologies. South Africa and countries in the Middle East are witnessing growth in the adoption of biofertilizers.
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