PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489942
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489942
US Biofertilizers Market is valued approximately at USD 409.38 million in 2023 and is anticipated to grow with a healthy growth rate of more than 14.64% over the forecast period 2024-2032. Biofertilizers consist of live microorganisms that, upon application to seeds, plant surfaces, or soil, establish themselves in the rhizosphere or within the plant itself. By augmenting the supply or accessibility of essential nutrients to the host plant, they stimulate growth. These microorganisms, including bacteria, fungi, or algae, play pivotal roles such as nitrogen fixation from the atmosphere, phosphorus solubilization, and mobilization of various nutrients. Consequently, they bolster both plant growth and soil fertility. Additionally, with increasing awareness about environmental sustainability and health concerns related to chemical fertilizers, there's a rising demand for organic farming practices. Biofertilizers align with this trend as they offer a natural and eco-friendly alternative to conventional fertilizers.
Moreover, farmers are increasingly recognizing the advantages of biofertilizers for soil health, crop yield, and sustainable farming practices, leading to a surge in their adoption. Essential educational initiatives, such as programs, workshops, and demonstrations, are pivotal in expanding the market by showcasing the benefits of biofertilizers. Also, with growing health consciousness and concerns about environmental sustainability, there is a rising demand for organic food. Biofertilizers, being organic in nature, are preferred by organic farmers as they help in improving soil fertility and crop yield without harmful effects on the environment. However, the Poor infrastructure and high initial investment are expected to hinder the market growth during the forecast period 2024-2032.