DUBLIN--(BUSINESS WIRE)--The "Biofertilizers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Microorganism, Crop Type, and Application" report has been added to ResearchAndMarkets.com's offering.
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.
Growing prices of synthetic and chemical-based fertilizers and increasing adoption of chemical-free foods globally are projected to remain key factors boosting the consumption of biofertilizers in the coming years. With the rapidly rising global population, food scarcity remains a critical issue for governments around the globe.
This has led to innovations in terms of product development in the bio-based fertilizer sector and the promotion of environment-friendly agricultural solutions to the major agrarian economies. Hence, the aforementioned factors are anticipated to augment the demand for biofertilizers across all agricultural economies over the forecast period.
The COVID-19 limited the chemicals & materials industry's operations, hampering many businesses globally. Supply chain disruptions and difficulty in procuring raw materials have restrained the biofertilizers market to some extent. However, the biofertilizers market overcame this challenge and regained its operations to normalcy.
During the COVID-19 pandemic, people worldwide became more health-conscious. They adopted organic food, which is boosting the biofertilizers market growth and is expected to increase its revenue in the coming years.
Key players in the Biofertilizers market include:
- AgriLife
- Biotech International Ltd.
- Kiwa Bio-Tech Products Group Corporation
- Mapleton Agri Biotec Pt Ltd
- Novozymes
- RIZOBACTER
- Symborg
- T.Stanes and Company Limited
- UPL
- Vegalab SA
Key Market Dynamics
Market Drivers
- Rapid Growth of Organic Farming
- Initiatives by government agencies and increase in awareness pertaining to the need for sustainability in modern agriculture
Market Restraints
- Lower shelf life of biofertilizer
Market Opportunities
- Increase in the production and yield of crops
Future Trends
- Innovations related to biofertilizers
For more information about this report visit https://www.researchandmarkets.com/r/jpwsml
