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Biofertilizers Market size exceeded USD 2 billion in 2022. The industry is anticipated to grow at more than 8% CAGR between 2023 and 2032 driven by soaring demand for organic production of plants and vegetables.
Increasing efforts by governments from various nations to promote bio-based agricultural inputs are fueling the market progress. Farmers are using more bio-based products as a result of the escalating inclination towards sustainable farming methods, which has increased the number of government programs to promote the use of biofertilizers. For instance, the U.S. Department of Agriculture announced an investment of nearly USD 300 million in the new Organic Transition Initiative to ensure farmers’ transition journey and support them in providing organic products in supermarkets.
Report Attribute | Details |
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Base Year: | 2022 |
Biofertilizers Market Size in 2022: | USD 2 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 8% |
2032 Value Projection: | USD 4.5 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 450 |
Tables, Charts & Figures: | 720 |
Segments covered: | Product, Application, Form, Crop, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The demand for synthetic fertilizers continues is impeding the biofertilizers market expansion owing to the consistent supply of precise nutrients to the soil. Slow release of nutrients through biofertilizers results in insufficient production capacity as compared to rapid delivery of chemical fertilizers that directly supply nutrients to plants. Another significant obstacle for the market is the easy availability of synthetic fertilizers due to their extensive sales and distribution networks. Nonetheless, burgeoning environmental concerns are likely to promote the uptake of biofertilizers in the upcoming years.
In terms of product, the biofertilizers market from the nitrogen-fixing segment is primed to reach a valuation of USD 3.5 billion by 2032. Nitrogen-fixing is categorized into symbiotic nitrogen fixation, which includes Frankia with trees, legume Rhizobium, and cyanobacteria with fungi, all derived from flora, and non-symbiotic fixation consisting of anaerobic free living, microaerophilic, and aerobic free-living nitrogen-fixing. Nitrogen consists of protein and nucleic acid, which is highly important for crop germination, however, direct nitrogen can impose harmful effects on seeds. Nitrogen-fixing eases protein multiplication in the form of an edible source of dietary protein.
The biofertilizers market from the seed treatment segment was valued at more than USD 1.5 billion in 2022 and is likely to observe notable progress between 2023 and 2032 owing to complex applications of biological, physical, and chemical agents on seeds for effective protection and production improvement, which can be achieved efficiently by biofertilizers securing them from soil-borne diseases. Moreover, supportive government regulations, such as the Indian Integrated Plant Nutrition Management Bill initialized in 2022, are also discouraging the use of chemical fertilizers, shifting consumer focus towards eco-friendly and organic seed treatment methods.
Biofertilizers market from dry segment is set to garner a valuation of more than USD 3 billion by 2032. The extensive diversity and availability of dry biofertilizers due to their physical consistency varying from large grains to a very fine, powdered form, is receiving positive attention from consumers. Dry biofertilizers are often sprayed on the soil and slowly released to the plants, which makes them an easy option for providing extra nourishment during crop life cycles in contrast to liquid fertilizers. Their slow-release technique aids the plant in breathing while avoiding the inundation of nutrients simultaneously.
Based on crop, the biofertilizers market from the cereals & grains segment is expected to grow at over 8.5% CAGR from 2023 to 2032 propelled by the rising demand for high nutrients, including nitrogen, to support growth and development in cereal plants due to the instability of natural nitrogen. Biofertilizers are widely regarded as an alternative to nitrogen-based fertilizers since they contain microbial inoculants that can increase the productivity of grains and cereals as well as plant growth.
North America biofertilizers market is speculated to reach over USD 1.8 billion in revenue by 2032 attributed to the booming agriculture technology sector. Additionally, recent advancements in microbiology with the beneficial use of bio-organisms for long-term soil fertility are fueling regional growth. Recently, a team of researchers found that biofertilizers with 40% reduced nitrogen produced superior results compared to mineral-based fertilizers and biofertilizers combined with plant growth-promoting rhizobacteria (PGPR) promoted fungal association with sugarcane, enhancing production capacity.
Limited are some of the key participants involved in the market majorly engaging in strategic acquisitions and mergers to stay ahead in the competitive landscape.
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