The global biofertilizers market was valued 2.8 billion in 2022 and is projected to reach USD 5.2 billion by 2028, growing at a CAGR of 10.9% during the study period. The market Size is estimated to be valued at USD 3.1 billion in 2023
The global biofertilizers market is on a remarkable growth trajectory, with an estimated valuation of USD 3.1 billion in 2023, projected to soar to USD 5.2 billion by 2028, indicating a robust Compound Annual Growth Rate (CAGR) of 10.9% from 2023 to 2028. The market, which was valued at USD 2.8 billion in 2022, is witnessing this accelerated expansion due to the rising adoption of modern agricultural techniques, precision farming, and protected agriculture.
Modern agriculture practices, including precision farming and protected agriculture, have revolutionized the agricultural landscape, driving the biofertilizers market towards substantial growth. Moreover, the surging demand for packaged organic and sustainably sourced food products, particularly in urban areas, is further propelling market expansion.
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Phosphate Solubilizing and Mobilizing Biofertilizers Lead Growth:
The segment of phosphate solubilizing and mobilizing biofertilizers is anticipated to experience the fastest growth during the forecast period. Phosphorus, an essential element for crop productivity, plays a crucial role in enhancing crop quality and yield.
It promotes robust root growth, supports seed and flower formation, and enhances resistance to pests and diseases. Notably, crops such as sugarcane, rice, fruits, and vegetables reap significant benefits from these biofertilizers.
Their utilization in modern agricultural methods such as Hydroponics, Aquaponics, and protected cultivation further fuels the demand for phosphate solubilizing and mobilizing biofertilizers.
Pulses and Oilseeds Segment Emerges as a Growth Leader:
The pulses and oilseeds segment is poised to be the fastest-growing category during the research period. This is primarily attributed to the growing international trade significance of pulses, contributing substantially to export revenues.
Crops like chickpeas and pigeon peas often require abundant soil nutrients for proper development, making rhizobium inoculation a recommended practice to enhance nitrogen availability in the soil. Rhizobium and Azotobacter are well-suited for promoting the growth of pulses and oilseeds, thereby boosting the biofertilizers market.
Seed Treatment Accelerates Market Growth:
Seed treatment, known for encapsulating functional microbes in small quantities, facilitates the delivery of nitrogen for root nutrient absorption. It is widely employed for legume seeds to enhance nitrogen fixation.
Compared to soil treatment, seed treatment is cost-effective and less labor-intensive, making it a preferred method for combining seeds with biofertilizers. Beyond cost efficiency, seed treatment elevates agricultural yields by 20% to 30%, bolstering farmers' profitability while maintaining crop output.
It also brings about benefits such as improved crop quality, enhanced plant stress tolerance, and increased water and nutrient absorption, driving growth in this segment.
Europe Leads as the Fastest Growing Region:
Europe takes the lead as the fastest-growing region in the global biofertilizers market. This growth is attributed to the widespread use of advanced technologies and machinery in the agricultural sector.
Europe's expanding agricultural industry has positioned it as a major producer and exporter of essential agricultural commodities. The region's biofertilizers market has witnessed significant expansion due to a growing economy and increasing consumer demand.
Europe's prominent position as a leading consumer of fertilizers further fuels its rapid growth in the biofertilizers market.
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Key Players in the Biofertilizers Market:
Eminent players in the biofertilizers market include Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), IPL Biologicals Limited (India), T.Stanes and Company Limited (India), Lallemand Inc (Canada), Rizobacter Argentina S.A.
(Argentina), Vegalab SA (Switzerland), and Kiwa Bio-tech Product Group Cooperation (China). These industry leaders are at the forefront of innovation, shaping the biofertilizers landscape with sustainable and environmentally friendly solutions.
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