Market Overview:
The Global Biofertilizers Market size is expected to grow from USD 2.64 billion in 2023 to USD 6.34 billion by 2032, at a CAGR of 10.2% during the forecast period (2024-2032).
Biofertilizers are living microorganisms applied to seeds, plants, or soil to promote plant growth by enhancing nutrient uptake and root development. They play a vital role in addressing the challenges posed by the growing global demand for food and the widespread use of chemical fertilizers in agroecosystems. The application of Biofertilizers has already demonstrated its effectiveness in improving agricultural productivity and product quality, driving the growth of the Biofertilizers market. The increasing adoption of microbes in Biofertilizers for sustainable farming practices and ensuring food safety is a key factor contributing to the growth of the global Biofertilizers market.
Top Key Players Covered In The Biofertilizers Market:
- Novozymes A/S (Denmark)
- Bayers(Germany)
- UPL Limited (India)
- Gujarat State Fertilizers & Chemicals Ltd (India)
- Rizobacter Argentina S.A. (Argentina)
- Rashtriya Chemicals & Fertilizers Limited (India)
- T. Stanes & Company Limited India
- National Fertilizers Limited (India)
- Madras Fertilizers Limited (India)
- Alltech Inc (Kentucky)
- Blacksmith BioScience (US)
- EnviroKure Liquid Organic Fertilizer (Philadelphia) And Other Major Players.
Market Dynamics and Factors:
The organic food industry is experiencing dynamic growth due to increasing consumer concerns about health, environmental issues, and the use of chemical fertilizers in crop production. This heightened awareness has led consumers to prioritize chemical-free food products, prompting major supermarket chains like Cosco and Walmart to expand their offerings of organic foods. Similarly, the restaurant and catering industry in many countries is also catering to health-conscious consumers by incorporating organic food menus known for their great taste and quality. The growth in the organic food industry has created a surge in demand for organic manures and Biofertilizers, which are essential components of organic farming.
The extensive use of chemical fertilizers has raised concerns about soil contamination, pollution, and their negative impact on human health. In response, governments in these regions are encouraging the adoption of environmentally-friendly fertilizers, including organic manures and Biofertilizers, to mitigate these issues. To tap into the growing demand for sustainable agricultural practices, key players in the agricultural sector are investing in software technologies and biotechnology in emerging markets within the Asia Pacific region.
The Biofertilizers Market Report Highlight:
- By Form, the Liquid segment is anticipated to lead the market growth throughout the forecast period. One of the main factors propelling the segment's growth is Liquid Biofertilizers are formulated with specific microorganisms and compounds that enhance their shelf-life by providing optimal storage conditions for resting cysts and spores.
- By Product Type, the Nitrogen-Fixing segment is expected to dominate the market over the projected period. Plants rely on nitrogen to produce essential compounds such as amino acids, nucleic acids, vitamins, and other nitrogenous substances. The conversion of nitrogen into organic compounds by plants plays a crucial role in the Biofertilizers market's rapid growth.
- By Application, the seed treatment segment is expected to dominate the market over the projected period. The application of Biofertilizers such as Azotobacter, Rhizobium, and Azospirillum as seed coatings is a popular and convenient method in seed treatment. This widely utilized approach is effective and suitable for various conditions, contributing to the growth of the seed treatment segment in the market.
- North America is expected to be the largest market because of increasing acceptance of Biofertilizers among rural farmers, rising demand for organic products, and high adoption of advanced irrigation systems such as sprinkler and drip irrigation.
Key Industry Development:
In January 2024, the Indian Biogas Association (IBA), a non-profit organization based in Haryana, announced a demand for incentives for the Biogas-Fertilizer Fund”, as a part of the Wishlist for the Union Budget, 2024. The aim of the association is to promote the use of organically grown fertilizers and accelerate the bio-compressed natural gas industry’s growth.
In December 2023, IPL Biologicals, a subsidiary based in Gurugram, Haryana, signed a memorandum of understanding (MoU) with the Gujarat Government for opening a new production facility of bio-pesticide and bio- fertilizers in the state. The MoU was signed for 4000 million and would focus on minimizing the usage of chemicals in the Agri-industry.
Biofertilizers Market Segmentation:
By Form
- Liquid
- Carrier-based
By Product Type
- Phosphate solubilizing
- Nitrogen fixation
- Others
By Application
- Seed treatment
- Soil treatment
For this report, Introspective Market Research has segmented the Biofertilizers Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2024-2032)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
