Biofertilizers Market | 2031 Strategic Insights | Recent updates
The biofertilizers market size is projected to reach US$ 6.4 billion by 2031 from US$ 2.4 billion in 2023. The market is expected to register a CAGR of 12.2% during 2023–2031. The increasing focus of manufacturing companies on innovation and providing new products to enhance the customer's experience are likely to remain key trends in the biofertilizers market.
Biofertilizers Market Analysis
Organic farming method includes the growth and nurturing of crops with the utilization of biological materials by eliminating the use of synthetic-based fertilizers. Organic farming is being increasingly adopted for achieving healthy and high-quality food products. Along with this, organic farming provides several environmental benefits; for example, it improves soil fertility, helps combat soil erosion, and reduces greenhouse gas emissions. Biofertilizer is one of the essential components of organic farming practices because it combines naturally occurring microorganisms with organically derived, nutrient-rich fertilizers that provide healthy growing environment to plants and soils. Biofertilizers also help enhance the plant’s resistance against pests and abiotic stressors such as drought, excess water, and extreme changes in temperature. Thus, rapid growth in organic farming due to increased adoption of organic products by consumers across the world is driving the biofertilizers market growth.
Biofertilizers Market Overview
Biofertilizers consist of microbes and living bacteria that promote the fertility of the soil and the growth of plants. These microbes support the process of nitrogen fixation to produce the components essential for the plant’s growth. Biofertilizers are well known for their cost-effectiveness, and environment-friendly nature. The biofertilizers market is witnessing high demand due to a shift in trend toward sustainable agriculture. The growing interest and government support in organic agriculture has brought a boom in the biofertilizer industry. Thus, the biofertilizer market is expected to bolster its growth during the forecast period.
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Biofertilizers Market: Strategic Insights
Market Size Value in US$ 2,214.93 million in 2022 Market Size Value by US$ 4,474.43 million by 2028 Growth rate CAGR of 12.2% from 2021 to 2028 Forecast Period 2022-2028 Base Year 2022
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Biofertilizers Market: Strategic Insights
| Market Size Value in | US$ 2,214.93 million in 2022 |
| Market Size Value by | US$ 4,474.43 million by 2028 |
| Growth rate | CAGR of 12.2% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Biofertilizers Market Drivers and Opportunities
Rising Government Initiatives and Increase in Awareness Regarding Sustainable Agriculture Technique
Governments of various countries are taking initiatives to propel the adoption of biofertilizers. For instance, in India, various state governments have been supporting the use of biofertilizers over chemical or synthetic fertilizers through programs or schemes such as “Paramparagat Krishi Vikas Yojana (PKVY)” and “Mission Organic Value Chain Development for Northeastern Region (MOVCDNER).” Further, the “Common Agricultural Policy” by the European Union (EU) aims to promote the use of biological resources across the region. Thus, government initiatives, along with the increased inclination toward sustainability in modern agriculture, trigger the demand for biofertilizers across the world.
Increase in Production and Yield of Crops
The application of biofertilizers is one of the potential technologies for sustainable farming systems. Famers are widely using nitrogen-fixing phosphate solubilizing bio-fertilizers to produce high-demand crops such as wheat, oilseeds, and rice. Thus, different microorganisms are included in biofertilizers to help increase the production and yield of crops, thereby providing various growth opportunities for the biofertilizers market across the world.
Biofertilizers Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Biofertilizers Market analysis are product type, microorganism, crop type, and application.
- Based on product type, the biofertilizers market is divided into nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and others. The nitrogen fixing segment held the largest market share in 2023.
- By microorganism, the market is segmented into rhizobium, azotobacter, phosphate solubilizing bacteria, and others. The rhizobium segment held the largest share of the market in 2023.
- In terms of crop type, the market is segregated into cereals and grains, oil seeds and pulses, fruits and vegetables, and others. The cereals and grains segment dominated the market in 2023.
- By application, the market is segregated into seed treatment, soil treatment, and others. The seed treatment segment dominated the market in 2023.
Biofertilizers Market Share Analysis by Geography
The geographic scope of the biofertilizers market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the biofertilizers market. North America is one of the prominent regions for the biofertilizers market owing to the increasing consumption of chemical-free and organic food across the region. Moreover, the US is among the significant producers of biofertilizers around the world; although chemical fertilizers are not usually labelled ‘healthy,’ consumers look for healthier alternatives such as biofertilizers. One of the market drivers, according to DOE and USDA, is the abundant supply of biomass raw materials. These are some of the factors boosting the demand for biofertilizers in the North American countries. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Biofertilizers Market Report Scope
Biofertilizers Market News and Recent Developments
The biofertilizers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders:
- Syngenta Biologicals and Unium Bioscience announce a collaboration to bring breakthrough biological seed treatment solutions based on NUELLO® iN to farmers across northwest Europe. (Source: Syngenta, Newsletter, 2023)
- Performance Nutrition introduced its NutriWise brand, a granular fertilizer and water-soluble powder that will replace the old NutriSmart product line. The new products are available for the agricultural, turf and ornamental markets. (Source: LidoChem, Inc., Press Release, 2022)
Biofertilizers Market Report Coverage and Deliverables
The “Biofertilizers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Microorganism, Crop Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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