Biofertilizers Market is expected to reach US$ 4,744.43 Million by 2028

Published Date: 31 Jan 2022

Growing Demand for Organic Food Globally to Drive Biofertilizers Market During 2021–2028

 

According to our latest market study, titled "Biofertilizers Market to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)," The biofertilizers market was valued at US$ 1,996.13 million in 2021 and is projected to reach US$ 4,744.43 million by 2028. It is expected to grow at a CAGR of 12.3% from 2021 to 2028.

 

The world's population is increasing, and so are agricultural activities to match the growing demand for food. Conventional agricultural practices generally employ chemical-based fertilizers to increase crop yields; however, these fertilizers can adversely affect the environment and human health. At present, biofertilizers, which offer almost no adversity to the environment and human health, provide an ideal alternative to synthetic fertilizers. Biofertilizers hold immense potential as tools for sustainable crop production, especially in the wake of climate change and global warming. Biofertilizers are living microbes that enhance plant nutrition by mobilizing or increasing nutrient availability in soils. Various microbial taxa like beneficial bacteria and fungi are currently used as biofertilizers as they successfully colonize plants' rhizosphere, rhizoplane, or root interior. Thus, the sustainable crop productivity from biofertilizers without contaminating water and soil is pushing it as a great alternative to chemical fertilizers.

 

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 are the key manufacturers operating in the biofertilizers market.

 

Impact of COVID-19 Pandemic on Biofertilizers Market

The impact of COVID-19 on the biofertilizers market has been very minimal, and it has not disrupted the supply chain to a large extent. The revenue for the biofertilizer market has not been much impacted during the pandemic, and the demand has sustained throughout the year as seasonal crops have maintained sustainable growth during the pandemic. In addition to this, the reopening of major economies with relaxed lockdown norms is expected to fuel the growth of the biofertilizer market in the coming years.

Global Biofertilizers Market Breakdown –By Region

Global Biofertilizers Market Breakdown –By Region

Report : Biofertilizers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil Seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)

The report segments the Biofertilizers market as follows:

Based on product type, the global biofertilizers market is segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and others. Based on microorganism, the global biofertilizers market is segmented into rhizobium, azotobacter, phosphate solubilizing bacteria, and others. Based on crop type, the global biofertilizers market is segmented into cereals and grains, oil seeds and pulses, fruits and vegetables, and others. Further, based on application, the global biofertilizers market is segmented into seed treatment, soil treatment, and others.

 
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