Biofertilizers
are eco-friendly products containing live or latent microorganisms that help
enhance overall soil fertility and health. They promote waste decomposition,
nutrient cycling, and soil structure. Biofertilizers help boost plant growth by
improving soil nutrient availability and modulating plant hormone balance. They
are a sustainable alternative to chemical fertilizers as they reduce the use of
agrochemicals and help restore the soil microbiome. The global biofertilizers
market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to
exhibit a CAGR of 4.8% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increased demand for organic food products has been a key driving factor
for the biofertilizers market over the past few years. As consumers become more
concerned about chemical residue in food, the demand for organic farming and
correspondingly biofertilizers is rising. Organic farmed foods cannot utilize
chemical fertilizers and have to strictly follow organic farming protocols
which involve the use of biofertilizers. According to the Organic Trade
Association, sales of organic food products reached over US$ 50 billion in the
U.S. in 2017 demonstrating strong consumer appetite for organic offerings free
from chemicals and synthetic inputs. This rising consumer preference for
organic has pushed farmers to increasingly adopt biofertilizers to sustainably
grow crops organically without compromising on yields.
Segment Analysis
The
global
biofertilizers market size is dominated by the nitrogen fixing segment,
which accounts for over 40% of the market share. Nitrogen fixing biofertilizers
enrich the soil by converting atmospheric nitrogen into forms that can be
utilized by plants. They are effective in increasing crop yields without
creating a negative environmental impact. The mycorrhiza segment is expected to
witness the highest growth during the forecast period due to rising application
of mycorrhizal fungi in enriching and protecting plant roots.
Key Takeaways
The global biofertilizers market is expected to witness high growth during
the forecast period of 2023 to 2030. The market size is projected to reach US$
2.26 Billion by 2024.
Regional analysis: Asia Pacific region currently dominates the global
biofertilizers market with over 35% share. Countries such as India and China
have witnessed increased application of biofertilizers due to growing organic
farming practices. North America is projected to be the fastest growing regional
market owing to rising awareness about the environmental benefits of
biofertilizers among farmers in the US and Canada.
Key players operating in the biofertilizers market are Sanofi SA, Reckitt
Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson &
Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd.,
among others.
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more insights on this topic: https://www.newsstatix.com/biofertilizers-market-share-and-opportunity-analysis/
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