According to The Insight Partners’ research, the Global Biofertilizers Market accounted for US$ 1,805.15 million in 2020 and is expected to reach US$ 4,469.57 million by 2028, expanding at a stellar annual growth rate of 12.2% from 2021 to 2028. Rapid growth of organic farming and initiatives by government agencies to increase the awareness about sustainable modern agriculture are the potential aspects booming the market.

Organic farming involves growing and nurturing of crops with biological material instead of synthetic fertilizers and pesticides. This practice has gained immense traction because it promotes high-quality crops. Major portion of the farmland now goes under organic farming. According to the FiBL survey, organic farmland increased by 2 million hectares and organic retail sales are approaching another all-time high. Consumers are more mindful of chemical-free food products. The resultant growth of organic food industry triggers the demand for biofertilizers and organic manures as prerequisites. Biofertilizers combine the microorganisms with nutrient-rich fertilizers. Besides, it enhances the plant’s resistance against pests, drought, excess water, and extreme temperature conditions.

Government initiatives encourage farmers to incline more toward organic farming. For an instance, several state governments in India are promoting the use of biofertilizers through various schemes such as Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North-East Region (MOVCDNER). The ‘Common Agricultural Policy’ of European Union also fosters the use of biofertilizers by providing up to 30% of the budget as a direct green payment to farmers for sustainable agricultural practices. Sustainable farming is the cornerstone of low-input agriculture, which conserves energy and water and lowers the susceptibility to drought-like conditions. Such conducive government initiatives catalyze the global biofertilizers market.

On the contrary, the lower shelf life of biofertilizers impedes the growth of global biofertilizers market.

Based on product type, the market is split into nitrogen-fixing, phosphorus solubilizing, potassium mobilizing, and others. The nitrogen-fixing segment held 66.8% market share in 2020 with a revenue total of US$ 1,205.49 million. It is estimated to be worth US$ 2,990.87 million by 2028 to rise at 12.2% CAGR during 2021–2028.

As per micro-organism, the global biofertilizers market domain is arrayed into rhizobium, azotobacter, phosphate solubilizing bacteria, and others. The rhizobium segment led the market in 2020 with 43.3% business share. It amassed US$ 781.07 million in 2020 and is forecasted to generate US$ 1,981.30 million by 2028 to grow at 12.5% CAGR during the forecast period.

According to crop type, the global biofertilizers market is fragmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The cereals & grains segment dominated the market in 2020 with 43.6% share of the domain. It garnered US$ 787.84 million in 2020 and is anticipated to accrue US$ 1962.09 million by 2028, developing at 12.1% CAGR during the forecast period.

In terms of application, the market segmentation comprises seed treatment, soil treatment, and others. The seed treatment segment occupied 65.5% share of the domain in 2020. It was evaluated at US$ 1182.00 million in 2020 and is slated to be worth US$ 2,956.50 million by 2028, propelling at 12.2% CAGR during the forecast period.

Our regional analysis states that North America captured 29.2% market share in 2020. It was assessed at US$ 527.10 million in 2020 and is likely to hit US$ 1,277.23 million by 2028, surging at 11.9% CAGR over the forecast period. Asia Pacific is growing rapidly at 12.6% CAGR. It was valued at US$ 442.26 million in 2020 and is predicted to be worth US$ 1,122.21 million by 2028.

Key players dominating the global biofertilizers market are Agrilife, Biotech International Ltd., Kiwa Bio-Tech Products Group Corporation, Mapleton Agri Biotec Pt. Ltd, Novozymes, Rizobacter, Symborg, T.Stanes and Company Limited, UPL, and Vegalab SA, among others.

·         In September 2021, Novozymes launched 5 robust biological solutions—BioniQ, TagTeam BioniQ Pro, TagTeam BioniQ Chickpea, Optimize FXC, and Taegro 2. These products will enable farmers to improve yield and fertility and enhance the application of biocontrol. In October 2021, the company partnered with Anuvia Plant Nutrients to use its microbial technology for granular fertilizer products.

·         In July 2021, Rizobacter and Marrone Bio announced that Rizonema, a biological seed treatment for nematodes and soil-dwelling insects, will be commercially available by 2023 planting season for the row crops in Brazil through an expanded distribution agreement.

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