Market Overview:
The bio fertilizers market has been expected to boost at a CAGR of 14.42%, with a value of USD 2,653.48 million during the projected the forecasting year of 2027.
The bio fertilizers are made from biological waste that contains living microorganisms. Unlike chemical fertilizers, which offer direct nutrition to the plant, bio fertilizers help improve overall soil fertility. The microorganisms present in these fertilizers decompose organic matter and break down complex minerals for easy absorption by plants. This process enriches the soil with nutrients, promoting healthy plant growth. Moreover, bio-fertilizers do not allow pathogens to grow, which helps in preventing crop diseases. The several advantages offered by bio fertilizers over their chemical counterparts have led to their rapid adoption in the agriculture sector.
Although the penetration of bio fertilizers is still at a nascent stage, both the developing and emerging markets are expected to provide numerous growth opportunities over the next few years. Understanding the environmental hazards caused by synthetic agrichemicals, primarily the pollution and contamination of the soil and the food chain has pushed the demand for biological products. Growing health concerns have also urged people to adopt organic foods and other agricultural products. Another major factor driving the sales of bio fertilizers is the increasing implementation of favorable regulatory policies by various governments. The increased practice of organic farming, the need for improving soil organic matter, and favorable regulatory structure are the major factors driving the market. Also, with the advent of integrated pest management programs that promote bio fertilizers, the agriculture sector is expected to witness increased use of bio fertilizers.
Biofertilizers Market Key Players:
Many global and national players provide biofertilizers for various types of crops worldwide. The major manufacturers are present in Asia and North America. The main companies in the market are Mapleton Agribiotech (Australia), T Stanes & Company Ltd., SOM Phytopharma Ltd. (India), Novozymes (Denmark), Kan Biosys (India), International Panaacea Limited (India), Rashtriya Chemicals & Fertilizers Ltd, (India), Kiwa Biotech (China), Madras Fertilizers Limited (India), Symborg (Spain), Gujarat State Fertilizers & Chemicals Ltd. (India), National Fertilizers Limited (India), Lallemand Inc. (Canada), and Rizobacter Argentina SA (Argentina).
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Market Segmentation:
The global bio fertilizers market has been divided into form, type, application mode, and regional basis. The market is divided into four sections with the form section: seed treatment, carrier-based bio-fertilizer, liquid and soil treatment. With the type section, the market is divided into eight sections: bio fertilizers for potassium solubilization and mobilization, vegetable fruits, nitrogen-fixed bio-fertilizers, vegetables and oilseeds, kind of culture, phosphate solubilization and mobilization bio-fertilizers, cereals and grains and others. On a regional basis, the bio fertilizers market is further divided into five sections Asia-Pacific, Europe, North America, South America, and Middle East & Africa.
Regional Analysis:
The US Department of Agriculture launched a National Organic Program to certify farmland for the growers that were switching to organic in 2017. According to the Organic Trade Association, through the certification, farmers may be able to sell products for higher prices than conventionally-grown goods. Such programs are expected to expand the use of bio fertilizers, subsequently expanding the bio fertilizers market in the United States. The rhizobium-based bio fertilizers occupy the major share of bio fertilizers used in the country. The genera popularly used are Brady rhizobium, Sino rhizobium, azorhizobium, mesorhizobium, and all rhizobium. The major players are expanding their presence in the country through various business strategies, such as mergers and acquisitions, partnerships, and new product launches. For instance, in 2019, Valent Biosciences launched its new product called MycoApply Ultrafine Endo or Ecto.
The greenhouse vegetable sector is the fastest-growing sector in Canadian horticulture. In 2019, there were 838 commercial greenhouse vegetable operations with 17.6 million square meters of production area.
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Industrial News:
Kiwa Bio-Tech Products Group Corporation, Lallemand Inc., Bayer CropScience, Rizobacter, and BASF SE are major companies in the market. These major players are investing in new products and improvisation of products, expansions, and acquisitions for business expansions
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