PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464682
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464682
Biofertilizers Market size was valued at USD 2,988.9 Million in 2023, expanding at a CAGR of 10.5% from 2024 to 2032.
Biofertilizers are composed of microbes that aid in enhancing plant and tree growth by boosting the supply of essential nutrients. These living organisms, such as mycorrhizal fungi, blue-green algae, and bacteria, facilitate natural processes like nitrogen fixation, phosphorus solubilization, and the production of growth-promoting substances. By supporting the soil's natural nutrient cycle and increasing organic matter, biofertilizers contribute to the development of healthy plants and improve soil sustainability. While biofertilizers may reduce the reliance on synthetic fertilizers and pesticides, they are unlikely to completely replace them. For instance, Rhizobium, a crucial nitrogen-fixing bacteria, forms a symbiotic relationship with plants, exchanging fixed nitrogen for shelter and nutrients.
Biofertilizers Market- Market Dynamics
Growing adoption of the global agricultural industry with rising concerns for food safety is anticipated to propel the market growth
Biofertilizers offer a sustainable and environmentally friendly option compared to traditional chemical fertilizers, meeting the demand for safer agricultural practices. With increasing awareness of the potential health and environmental hazards linked to chemical fertilizers and pesticides, there is a noticeable shift towards organic and eco-friendly farming techniques. The agricultural sector in the United States encompasses various farm-related industries, contributing 5.5 percent to the country's gross domestic product and supporting 10.4 percent of employment. Americans typically allocate 12.8 percent of their household budgets to food expenses, according to the U.S. Department of Agriculture. Furthermore, advancements in biotechnology, microbiology, and nanotechnology are anticipated to improve the efficiency and versatility of biofertilizers, thus broadening their market opportunities. Nevertheless, challenges related to initial investments and transition costs may hinder the growth of this market.
Biofertilizers Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.5% over the forecast period (2024-2032)
Based on product type segmentation, Nitrogen Fixing was predicted to show maximum market share in the year 2023
Based on microorganism segmentation, Rhizobium was the leading type in 2023
Based on crop type segmentation, Fruits & Vegetables was the leading type in 2023
Based on application segmentation, Seed Treatment was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Biofertilizers Market is segmented based on Product Type, Microorganism, Crop Type, Application, and Region.
The market is segmented into two groups according to product type: Nitrogen Fixing, Phosphate Solubilizing, and Others. Nitrogen Fixing holds the largest share in the market. Nitrogen-fixing biofertilizers consist of beneficial microorganisms like rhizobia bacteria for leguminous crops or cyanobacteria for non-leguminous crops, which can convert atmospheric nitrogen into a form that plants can utilize.
The market is segmented into six groups according to Microorganism: Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM, and other microorganisms. Rhizobium holds the largest share in the market. Due to the growing recognition of the advantages of biological nitrogen fixation and the favorable regulations from governments and agricultural institutions, Rhizobium biofertilizers are projected to have a significant impact on the shift towards more sustainable and robust agricultural practices.
The market is categorized into three sections according to Crop Type: Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, and Others. Fruits & Vegetables hold the majority share in the market. To achieve optimal growth and high-quality yield, fruits and vegetables rely on nutrient-rich soil. Biofertilizers, particularly those that contain beneficial microorganisms such as mycorrhizal fungi and plant growth-promoting rhizobacteria (PGPR), play a significant role in enhancing soil health. They improve nutrient availability, enhance soil structure, and stimulate root growth.
The market is segmented into two categories according to Application: Seed Treatment, Soil Treatment, and Other applications. Seed Treatment holds the largest market share. Utilizing biofertilizers for seed treatment is an efficient and economical approach to providing seeds with beneficial microorganisms and nutrients.
Biofertilizers Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The market is predominantly led by North America, attributed to the production of organic products. In recent years, North America has experienced significant growth in organic farming, largely fueled by the increasing consumer demand for organic food products perceived as healthier and more environmentally friendly. Organic food statistics indicate that 46% of US consumers purchased organic food in 2020. Following North America, Europe stands as the second-largest region for market growth, driven by the expansion in the production of horticulture and cereal crops.
In the biofertilizers market, companies differentiate their products by taking into account various factors such as the types of microbial strains used, nutrient composition, formulation (liquid, granular, powder), and specific advantages. To stay ahead of the competition, companies allocate substantial resources to research and development (R&D). This investment is aimed at developing new microbial strains, optimizing formulation techniques, and improving product effectiveness and performance through scientific advancements. By consistently prioritizing R&D, companies can introduce enhanced products that offer superior agronomic benefits, thereby strengthening their market position.
In September 2022, Corteva, Inc. revealed its acquisition of Symborg, a leading microbiological technologies company located in Murcia, Spain. Symborg is highly regarded in the biologicals sector, boasting a varied portfolio, a growing biocontrol pipeline, and a talented workforce equipped with strong technical skills and expertise in demand generation.
GLOBAL BIOFERTILIZERS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
CBF China Biofertilizers
Novozymes A/S
AgriLife
Mapleton Agri Biotec
Biomax
Rizobacter Argentina SA
Symborg S.L.
National Fertilizers Ltd.
Antibiotice S.A.
Lallemand Inc.
Labiofam SA
Sigma Agri-Science, LLC
Agrinos Inc.
Fertilizers USA LLC
Kiwa Bio-Tech Products Group Corporation
Others