DUBLIN--(BUSINESS WIRE)--The "Global Biofertilizers Market by Form (Liquid, Carrier-based), Mode of Application (Soil Treatment, Seed Treatment), Type (Nitrogen-fixing, Phosphate Solubilizing & Mobilizing, Potash Solubilizing & Mobilizing), Crop Type, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global biofertilizers market is estimated to be valued at USD 2.6 billion in 2021 and is expected to reach a value of USD 4.5 billion by 2026, growing at a CAGR of 11.9% in terms of value during the forecast period.
Factors such as increase in organic farm area, rising initiatives by government agencies and increasing awareness about the need for sustainability in modern agriculture and increase in the production and yield of crops are some of the factors driving to the growth of the biofertilizers market.
The market for carrier-based biofertilizers is projected to grow at the highest CAGR between 2021 and 2026 in Asia Pacific region
The market for carrier-based biofertilizers as form segment is growing at the fastest rate during the forecast period in Asia Pacific region. Carrier-based biofertilizers are added to the soil to enrich soil fertility. The carrier is a medium that is being used to support the viability of the microorganisms in sufficient quantities. Carrier materials must be cost-effective, non-toxic, readily available in abundant supply and easy to apply. Also, an acceptable carrier must have suitable pH buffering and high water-holding capacity and chemical and physical uniformity to support the optimal growth of microbial species. Carrier materials occur in the form of solids/tablets, granules, or powders.
Fruits & vegetables is the fastest growing market during the forecast period
Fruits & vegetables consumption is gaining more popularity these days as it serves an array of important functions in the body. The use of biofertilizers is one of the crucial element of fruits & vegetable sustainable production. According to WHO 2019, insufficient intake of fruits & vegetables is estimated to cause around 14% of deaths from gastro-intestinal cancer worldwide.
Due to the increasing health concerns, there is increasing production & consumption of fruits & vegetables, specifically organic. In order to improve the quality, shelf-life, and yield of fruits & vegetables, various inputs such as biofertilizers are being incorporated. The increase in trend in the cultivation of organic fruits & vegetables and those under IPM practices has created a positive impact on the growth of biofertilizers market.
Soil treatment dominates the biofertilizers market during the forecast period
Soil treatment is a method, in which certain bacteria, fungi, and other microorganisms, such as algae and protozoa, are mixed with ploughed soil or organic fertilizers to enrich the soil microbiome. The use of biofertilizers in soil depends upon the nutrient content and the type of crops that need to be grown. When these helpful microorganisms are introduced in the soil, they help the plant to receive adequate nutrients, which are insoluble and absorbable forms. In addition, these biofertilizers do not impact the soil fertility adversely but help to enhance its microbial content.
South America market for biofertilizers is projected to grow at the second-highest CAGR during the forecast period
The growth of the biofertilizers market in this region is significantly contributed by the economic growth in Brazil and Argentina; the markets in these countries are projected to grow well above the regional average. The availability of arable land and the expansion of farmlands, especially in Brazil, Argentina, and Chile, ensure the growth of this market.
The crop production in South America has risen dramatically in recent decades, and its production is expected to continue to rise, as growers in countries such as Brazil continue to expand the planted area and push for higher yields. This, in turn, will support the increased biofertilizer consumption. Thus, the need to improve per-hectare crop yield is another opportunity for the growth in demand for biofertilizers in South America.
Market Dynamics
Drivers
- Growth in the Organic Food Industry
- Initiatives by Government Agencies and Increase in Awareness Pertaining to the Need for Sustainability in Modern Agriculture
- Hazards of Using Chemical Fertilizers
- Increase in the Usage of Biofertilizers in Ranch and Private Farms
- Adoption of Precision Farming and Protected Agriculture
- Increase in Environmental Concerns
Restraints
- Environmental and Technological Constraints
- Poor Infrastructure and High Initial Investment
Opportunities
- New Target Markets: Asia-Pacific & Africa
- Increase in the Production and Yield of Crops
Challenges
- Lack of Awareness and Low Adoption Rate of Biofertilizers
- Unfavorable Regulatory Standards
- Supply of Counterfeit and Less-Effective Products
Companies Mentioned
- Agrilife
- Agrinos
- Aumgene Biosciences
- Biomax Naturals
- Chr. Hansen Holding A/S
- Criyagen
- IPL Biologicals Limited
- Jaipur Biofertilizers
- Kan Biosys
- Kiwa Bio-Tech
- Lallemand Inc.
- LKB Biofertilizer
- Manidharma Biotech Pvt. Ltd.
- Mapleton Agri Biotech Pty. Ltd.
- Novozymes A/S
- Nutramax Laboratories, Inc.
- Rizobacter Argentina S.A.
- Seipasa
- Symborg
- T.Stanes & Company Limited
- UPL Limited
- Valagro
- Valent Biosciences
- Varsha Bioscience and Technology India Pvt. Ltd.
- Vegalab SA
For more information about this report visit https://www.researchandmarkets.com/r/s22o3z
