- Rise in usage of biofertilizers in cereals and grains is anticipated to drive the global Biofertilizers Market in the next few years
- High usage of phosphorus mobilizing and nitrogen-fixing biofertilizers is anticipated to boost the global market.
WILMINGTON, Del., Dec. 6, 2022 /PRNewswire/ -- The value of global Biofertilizers Market stood at US$ 2.9 Bn in 2020 and is expected to reach US$ 5.2 Bn by 2031. The market report estimates growth at a CAGR of 12.2% during the forecast period. Usage of biofertilizers has increased significantly owing to a high demand for cereals and grains throughout the world. Rise in cereal and grain output is anticipated to boost market value. Biofertilizers provide sufficient amount of nutrients to plants, which stimulates plant development and enhances crop quality as well as output.
Utilizing biofertilizers expands the surface area that can absorb nutrients outside of the depletion zone of the root. Biofertilizers not only last longer but also have reduced contamination rates, offering better soil and seed germination rates. These have significant commercial value and high export potential. These factors are likely to propel the global market size.
Biofertilizers aid in fixing atmospheric nitrogen in the root nodules of legume crops and soil. Rhizobium is utilized as a biofertilizer and also as a crop enhancer to boost grain output. Researchers have shown that rhizobia can create associations with gramineous plants, including millets, wheat, barley, maize, rice, and other cereals, without developing any nodule-like structures or exhibiting any disease signs. Such developments are anticipated to drive the industry growth in the near future.
Businesses in the biofertilizer industry can spread awareness about the advantages of using biofertilizers, such as reduced environmental toxicity and cost-effectiveness. Governments in different countries are encouraging the usage of biofertilizers to address diminishing soil quality. Degradation of soil quality is caused by excessive utilization of chemical fertilizers, which also has potential adverse effects on human health. Governments in a number of agrarian nations are implementing a number of programs, schemes, and other activities to motivate farmers to use biofertilizers.
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Key Findings of Market Report
- The nitrogen-fixing segment led the global Biofertilizers Market in terms of revenue share in 2020. This is largely due to rise in the demand for biofertilizers for a large number of crops, such as oil seeds & pulses, fruits & vegetables, cereals & grains, and others to fix nitrogen.
- Based on application, the cereals & grains category is anticipated to dominate the global biofertilizers industry during the forecast period. Rise in usage of biofertilizers in cereal and grain fields is expected to propel the category in the near future.
Global Biofertilizers Market: Growth Drivers
- Living microbes found in biofertilizers increase soil nutrient supply or activate it for plants, improving plant nutrition. Rise in usage of biofertilizers in cereals and grains is a major factor anticipated to drive the global Biofertilizers Market in the near future.
- The phosphate-mobilizing segment accounted for significant share of the global market in 2020. Phosphate-solubilizing microorganisms (PSMs) and phosphate-solubilizing bacteria (PSB) are associated with phosphate mobilization. These bacteria improve plant performance and growth but do not supply nutrients to plants.
- Growing concerns over diminishing soil quality owing to excessive use of chemical fertilizers and their potentially negative effects on human health have prompted governments of different countries to encourage the usage of biofertilizers. The biofertilizer industry is propelled by rise in awareness about wholesome eating habits and its benefits.
- Governments in a number of agriculture dominant nations are implementing various services, programs, strategies, and other measures to motivate farmers to use biofertilizers
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Global Biofertilizers Market: Key Competitors
- Rashtriya Chemicals and Fertilizers Limited
- Camson Biotechnologies Limited
- Rizobacters Argentina S.A.
- Gujarat State Fertilizers and Chemicals Ltd
- Mapleton Agri Biotech Pty Ltd.
- T. Stanes & Company Limited
Global Biofertilizers Market: Segmentation
Product
- Nitrogen-fixing
- Phosphate-mobilizing
- Potassium-mobilizing
Application
- Cereals & Grains
- Fruits & Vegetables
- Oil Seeds & Pulses
- Others
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