Biofertilizers Market is Anticipated to Witness High Growth Owing to Rising Organic Farming Practices
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| Biofertilizers Market |
Biofertilizers are microorganisms that help in increasing the supply of plant
nutrients in the soil. They aid plant growth by means of several mechanisms
like nitrogen fixation, solubilizing phosphorus, stimulating plant growth
through the synthesis of growth-promoting substances. The growing trend of
organic farming is driving the demand for biofertilizers as they help enhance
soil fertility without using any chemicals. The rising health and environmental
consciousness has increased the cultivation of organic food worldwide.
Furthermore, depleting global resources, strict regulations on chemical
fertilizers, and the need for sustainable agricultural practices are other key
factors fueling the biofertilizers market growth.
The Global
biofertilizers market is estimated to be valued at US$ 2.61 Bn in 2024 and is
expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030.
Key Takeaways
Key players
operating in the biofertilizers market are Sanofi SA, Reckitt Benckiser Group
PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer,
Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others.
These key players are focusing on new product launches and expanding their
geographical presence through mergers and acquisitions to increase market
share.
The rising demand for organic foods and implementation of stringent laws
prohibiting the usage of chemical fertilizers present tremendous growth
opportunities for players in the Biofertilizers Market Size.
Additionally, the growing export demand for organic food from developed
countries of North America and Europe to the developing nations of Asia and
Latin America is fueling the global expansion of biofertilizers.
Market drivers and restrain:
Key driver- Growing awareness regarding environmental hazards of chemical
fertilizers is propelling farmers to shift to sustainable and organic farming
practices using biofertilizers. This is expected to drive the demand over the
forecast period.
Key restrain- High production costs and technical constraints in the
manufacturing process make biofertilizers expensive compared to chemical
fertilizers. This could hamper market growth.
Segment Analysis
The
biofertilizers market comprises of Nitrogen fixing biofertilizers, phosphate
solubilizing & mobilizing biofertilizers, and other types. Nitrogen fixing
biofertilizers dominates the market with a share of around 60% as they help in
nitrogen fixation and significantly reduce the requirement for chemical
nitrogen fertilizers in various crops including wheat, pulses, oilseeds and
vegetables. These biofertilizers improve soil health and fertility by fixing
nitrogen from atmosphere.
Global Analysis
In terms of regional analysis, North America will dominate the global
biofertilizers market during the forecast period. The demand for biofertilizers
is high in the US and Canada due to growing concerns regarding chemical
fertilizers and their severe impacts on soil and environment. The Asia Pacific
region will emerge as the fastest growing market owing to increasing population
and rising demand for organic foods. Countries like India and China are major
producers and consumers of agriculture outputs driving the need for sustainable
fertilizer options like biofertilizers.
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