Biofertilizers Market is Projected to Reach $3.2 Billion by 2029
According to a new market research report titled, 'Biofertilizers Market by Microorganism Type (Nitrogen-fixing Microbes {Rhizobia Bacteria}, Phosphate Solubilizing Microbes), Crop Type (Cereals & Grains, Oilseeds & Pulses), Mode of Application (Seed Treatment, Fertigation), and Form - Global Forecast to 2029,' the biofertilizers market is projected to reach $3.2 billion by 2029, at a CAGR of 11.5% during the forecast period.
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Biofertilizers contain various microbes that can enhance plant nutrient uptake by colonizing the rhizosphere and making the nutrients easily accessible to plant root hairs. Biofertilizers offer a sustainable solution to reduce chemical fertilizer use while meeting the growing population's demand. Applying biofertilizers reduces the impact on soil, air, and water and supplies useful microbes to the soil.
The growth of this market is attributed to the growth in organic farming & the rising demand for organic food, growing concerns regarding environmental safety, increasing government initiatives to promote the use of biofertilizers and market players' increasing focus on inorganic growth strategies. However, the high demand for synthetic fertilizers and the high cost of biofertilizer production may restrain the growth of this market to a certain extent.
Growing Concerns Regarding Environmental Safety to Drive the Growth of the Biofertilizers Market
The global population is growing rapidly; therefore, there is a need to increase agricultural production to fulfill the food requirements of the growing population. The use of chemical fertilizers to enhance agricultural production has become a common practice across the globe. However, there is a rising awareness about the adverse effects of agrochemicals on plant physiology, soil quality, animals, and human beings. Also, their extensive use directly affects the environment as chemical residues from fertilizers may remain in the soil and cause soil pollution, contaminate the surface or groundwater, or get released into the atmosphere through vitalization. Residues left in the soil emit ammonia, methane, nitrous oxide, and elemental nitrogen into the environment.
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Agricultural chemicals have been linked to adverse impacts on human health, ranging from short-term impacts such as headaches and nausea to chronic impacts such as cancer, reproductive health conditions, and endocrine disruption. Nitrogen and other chemicals in fertilizers can contaminate groundwater and cause blue baby syndrome after drinking. Therefore, farmers are increasingly adopting biofertilizers as an alternative to chemical fertilizers.
Several organizations such as the Organic Trade Association (OTA), the International Federation of Organic Agriculture Movements (IFOAM), the International Society of Organic Agriculture Research (ISOFAR), the Midwest Organic and Sustainable Education Service (MOSES), the Northeast Organic Farming Association (NOFA), the Organic Federation of Australia (OFA), the Organic Federation of Canada, and the Organic Growers School provide education, resources, and practical advice to create awareness regarding organic farming.
Biofertilizers are formulated using natural plant residues & waste, animal manures & excreta, micro-organisms, and botanical extracts to enhance agricultural production. Biofertilizers decompose quickly without any negative effects on the surface and groundwater; thus, they are less hazardous to living beings. These fertilizers remain effective for a long time and improve the soil structure while increasing its water & nutrient-holding capacity. They are slow-releasing, non-toxic fertilizers that do not leave any residues in the food; hence, they are preferred for producing residue-free agricultural yield. Therefore, factors such as the growing need to increase agricultural production and awareness about the harmful effects of chemical inputs and the benefits of biofertilizers are driving the global demand for biofertilizers.
The global biofertilizers market is segmented by microorganism type (nitrogen-fixing microbes, phosphate solubilizing & mobilizing microbes, potassium solubilizing & mobilizing microbes, other microorganism types), crop type (cereals & grains, oilseeds & pulses, fruits & vegetables, other crop types), mode of application (fertigation, foliar application, seed treatment, other modes of application), and fromulation (dry biofertilizers, liquid biofertilizers). The study also evaluates industry competitors and analyzes the regional and country-level markets.
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Based on microorganism type, in 2022, the nitrogen-fixing microbes is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is attributed to the hazards associated with the use of chemical fertilizers, the rising number of initiatives by government agencies along with increasing awareness about the need for sustainability in modern agriculture, the rising adoption of advanced farming with drip irrigation and sprinklers, and the growing health concerns. In addition, nitrogen-fixing microbes are a more economical, ecological, and profitable solution to provide nitrogen to plants contributing to their increased adoption. However, this segment is also projected to register the highest CAGR during the forecast period.
Based on crop type, in 2022, the cereals & grains segment is expected to account for the largest share of the global biofertilizers market. However, oilseeds & pulses segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the rising demand for organic oilseeds & pulses, the increase in the area under organic oilseed & pulses cultivation, and the rising demand for plant-based foods.
Based on mode of application, in 2022, the seed treatment is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is attributed to the several advantages of seed treatment in biofertilizers, such as increasing seed germination and decreased incidence of foot and root rot. It also helps to solubilize phosphorous in the soil and improve its availability. The increasing use of biofertilizers in seed treatment of cereals such as rice, wheat, sorghum, and maize and oilseeds such as groundnut, sunflower, and soybean are driving the biofertilizers market. However, foliar spray segment is projected to register the highest CAGR during the forecast period.
Based on formulation, in 2022, the dry biofertilizers segment is expected to account for the largest share of the global biofertilizers market. However, liquid biofertilizers segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the benefits offered by liquid biofertilizers, such as high efficiency & absorbability, ease of use, cost-effectiveness, and uniform application.
Based on geography, the biofertilizers market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is attributed to the increasing demand for organic products, the increasing health awareness among consumers, the growing acceptance of biofertilizers among rural farmers, continuously growing areas under organic cultivation, and the high adoption rate of advanced irrigation systems, such as drip & sprinkler irrigation for fertigation.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is mainly driven by the huge areas under organic cultivation, rapid population & income growth, increasing mechanization and irrigation facilities, and the presence of several organic operators. Furthermore, supportive government policies and initiatives by organizations to promote and expand the organics industry contribute to the growth of the biofertilizers market in this region.
Some of the key players operating in the global biofertilizers market are AgriLife (India), American Vanguard Corporation (U.S.), Chr. Hansen Holding A/S (Denmark), IPL Biologicals Limited (India), Koppert B.V. (Netherlands), Lallemand Inc. (U.S.), Mapleton Agri Biotec Pt Ltd (Australia), National Fertilizers Limited (India), Novozymes A/S (Denmark), Rizobacter Argentina SA (Argentina), Symborg Corporate, SL (Spain), UPL Limited (India), and Vegalab SA (Switzerland).
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