The biofertilizers market size was valued at 2.8 billion in 2022 and is projected to reach $5.2 billion by 2028, growing at a CAGR of 10.9% during the study period. The market is estimated to be valued at USD 3.1 billion in 2023. Through natural processes such as nitrogen fixation, phosphate solubilization, and the production of compounds that stimulate growth, biofertilizers provide nutrients to plants. They boost soil organic matter and aid in restoring the soil's natural nutrition cycle. By using biofertilizers, growers can increase the sustainability and health of the soil and cultivate healthy crops. Only bacteria and other biological elements that are not damaging to the environment are present in biofertilizers. As a result, they contribute to reducing pollution brought on by agricultural activities, particularly soil pollution.
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Phosphate solubilizing and mobilizing biofertilizers is estimated to be the fastest segment during the forecast period
Phosphorus is considered the most essential element for higher crop productivity. Phosphorous helps in the better growth of crops, which helps in enhancing the quality and yield of plants. It is also responsible for improving root growth, improving seed and flower formations, and making the plants resistant to various pests and diseases. Better results are seen in crops such as sugarcane, rice, fruits, vegetables, etc. These are also being utilized in modern agricultural methods such as hydroponics, aquaponics, and protected cultivation. These are the factors that are considered to drive the market for phosphate solubilizing and mobilizing biofertilizers.
By form, the liquid segment is forecasted to gain the major share in the biofertilizer market during the review period.
Liquid biofertilizers can be used with modern machinery, can withstand high temperatures up to 45 °C, are easy to handle and use, are easy to add ingredients that enhance the growth of microbial strains, are easy to apply on both seeds and soil, and have a longer shelf life of 1.5 to 2 years; hence, liquid biofertilizers are more desirable than solid inoculants. Moreover, liquid biofertilizers have higher microbial densities than carrier-based ones, allowing for lower dosages while still producing the same results.
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North America is projected to gain the largest market share in the global biofertilizer market.
North America is projected to gain the largest market share in the global biofertilizer market. The presence of a large number of farmers and growers in the region allows them access to a wide range of products at competitive prices. The governments in the region are promoting the use of agricultural inputs which cause less environmental degradation, and hence are encouraging the use of biofertilizers. In countries such as the US and Canada, farmers are focused on producing cash crops on a larger scale, which is also driving the market in the region.
Key players in this market include Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc (Canada), Rizobacter Argentina S.A. (Argentina), Vegalab SA (Switzerland), IPL Biologicals Limited (India), and Kiwa Bio-tech Product Group Cooperation (China).
