The new report by Expert Market Research titled, ‘Global Biofertilisers Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global biofertilisers market, assessing the market based on its segments like type, crop, microorganisms, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 2.37 Billion
- Forecast CAGR (2023-2028): 12.8%
- Forecast Market Size (2028): USD 4.33 Billion
Asia Pacific is the front runner in biofertilisers market with an increasing share in the global market. Owing to the large population and agriculture activities and with the rise in popularity of organic farming, the Asia Pacific region comes out to be a key driver for the demand of biofertilisers. It helps in enriching the soil with essential nutrients which promote healthy plant growth.
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Additionally, governments in different countries are promoting use of sustainable farming practices through their policies. For instance, the government of India is encouraging use of biofertilisers in agriculture vis their National Sustainable Development Mission (NMSA) and other rural agricultural programs by providing all forms of support to farmers and increasing awareness about the advantages of using biopesticides among farmers.
Industry Definition and Major Segments
Biofertilizers are the substance that contains microbes, which helps in promoting the growth of plants and trees by increasing the supply of essential nutrients to the plants and improve the overall soil fertility. It comprises of micro living organisms which decompose organic matter and break complex minerals for fast plant absorption.
Biofertilisers based on type include:
- Nitrogen-Fixing Biofertilisers
- Phosphate-Fixing Biofertilisers
Based on crop, the market is segmented into:
- Cereals and Grains
- Pulses and Oilseeds
- Fruits and Vegetables
Different microorganasims in the market are:
- Phosphate Solubilizing Bacteria
The market is divided into the following, based on application:
- Seed Treatment
- Soil Treatment
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
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Safeguarding environment and commitment towards sustainable future is driving the market for biofertilizers. Adverse environmental concerns like soil degradation and emissions due to chemical fertilizers is pushing the switch towards biofertilisers. Seed treatment is the leading application segment as it helps to protect seeds from pathogens and insects and improves overall seedling establishment and early plant growth.
This is more cost-effective and user-friendly against other modes. In addition to this, consumers are also changing their preferences and demanding organic fruits and vegetables. This shift owes to the rise in health consciousness among them which further is strengthening the biofertilisers market globally.
Key Market Players
The major players in the market are Novozymes A/S, National Fertilizers Limited, Rizobacter Argentina S.A., Gujarat State Fertilizers & Chemicals Ltd., Lallemand Inc., Madras Fertilizers Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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