The global biofertilizers market size was valued at USD 2.26 billion in 2023. The market is anticipated to expand from USD 2.53 billion in 2024 to USD 6.34 billion by 2032, exhibiting a CAGR of 12.17% during the 2024-2032 period.

Biofertilizers, also known as bioinoculants, are living microbes that enhance plant nutrition by colonizing the rhizosphere when applied through soil or seed. The rising demand for products is fueled by their role in promoting sustainable and environmentally friendly agricultural practices.

The COVID-19 pandemic related challenges, including difficulties in procuring raw materials, had a notable impact on biofertilizer production, impacting the broader agricultural sector.

Fortune Business Insights™ provides this information in its research report, titled “BiofertilizersMarket, 2024-2032”.

Information Source - https://www.fortunebusinessinsights.com/industry-reports/biofertilizers-market-100413 

Segmentation:

Nitrogen-fixingSegment to Dominate owing to Enhanced Crop Nitrogen Uptake

By type, the market is divided into phosphate solubilizers and nitrogen fixing. Nitrogen-fixing segment leads as it contributes significantly to improved nitrogen levels in the soil, fostering optimal growth for high-demand crops such as rice, oilseeds, and wheat.

RhizobiumSegment Lead the Market owing to Nitrogen Enrichment for Crop Growth

By microorganism, the market is divided into rhizobium, azotobacter, azospirillum, pseudomonas, bacillus, vam, and others. Rhizobium dominates the market. Rhizobium's prominence lies in its role as a major nitrogen source, enhancing soil fertility and fostering crop productivity, thereby reducing reliance on costly synthetic fertilizers.

Seed TreatmentSecured the Highest Market Share owing to Enhanced Crop Protection

In terms of application, the market is divided into seed treatment and soil treatment. The seed treatment segment captured the highest biofertilizers market share. Seed treatment's dominance is bolstered by its wide utilization in biofertilizers, providing efficient protection against viral and bacterial threats, ultimately preserving crop yield.

Cereal Segment to Dominate owing to Health-Driven Applications

By crop type, the market is divided into cereals, pulses & oilseeds, fruits & vegetables, and others. The cereal segment is anticipated to retain its dominant position throughout the forecast period. The growth can be credited to the high application of organic fertilizers, meeting the escalating demand for organic cereals driven by consumer health awareness, fostering sustained market growth.

In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

Offering a detailed analysis, the report provides a holistic view of the market, encompassing microorganism, type, application, crop type, and region. Key insights include competitive trends, recent industry developments, and market dynamics.

Drivers and Restraints:

Expansion in Production of Horticulture Crops and Cereal Crops to Spur Market Growth

Utilizing biofertilizers replenishes microbial populations in soil, improving fertility and countering the negative impacts of intensive cultivation and chemical fertilizers. Moreover, according to the reports of European Journal of Horticultural Science, biofertilizers, particularly arbuscular mycorrhizal fungi (AMF), have demonstrated success in increasing yields and nutrient content in horticultural crops, as evidenced in field trials, establishing them as a reliable option for enhancing crop productivity and quality.

However, biofertilizer efficacy varies due to diverse soil and crop types, necessitating region-specific studies for optimal performance, hindering biofertilizers market growth.

Regional Insights:

North America Dominate the Market Owing to Consumer Preference for Organic Agriculture

North America is the leading region in the market as there is a heightened demand for organic products in the region. The U.S. witnessed a humongous sales of organic products exceeding USD 60 billion in 2022 according to the data provided by World Trade Magazine. This reflects a strong consumer shift toward sustainable and eco-friendly choices.

Supportive policies from the European government, encouraging the substitution or optimization of chemical fertilizers with bio alternatives are anticipated to drive regional growth.

Competitive Landscape:

Major Leaders Are Enhancing Production Facility to Expand their Customer Base

Market leaders are actively increasing production facilities, exemplified by ongoing initiatives from major companies. This focus on scaling up production capabilities contributes significantly to the overall advancement of the global market.

Key Industry Development:

April 2023- Kakani Govardhan Reddy, Andhra Pradesh Agriculture Minister, urges farmers to enhance yields with high-quality biofertilizers, emphasizing the promotion of natural fertilizers.

List of Key Players Mentioned in the Report:

• Lallemand Inc. (Canada)
• National Fertilizers Limited (India)
• IPL Biologicals (International Panaacea Limited) (India)
• Bioceres S.A. (Argentina)
• BioWorks Inc. (U.S.)
• SOM PHYTOPHARMA (INDIA) LIMITED (India)
• American Vanguard Corporation (U.S.)
• Gujarat State Fertilizers & Chemical Ltd. (India)
• Symborg (Spain)
• Novozymes (Denmark)