According to IMARC Group’s latest report, titled “Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global biofertilizer market reached a value of US$ 2.3 Billion in 2020. Biofertilizers are organic substances made from biological waste containing living microorganisms that aid in decomposing organic matter. They help in enriching the nutrient quality and soil fertility and also assist in soil mineralization by breaking down complex minerals for easy absorption by plants. Biofertilizers also aid in fixing atmospheric nitrogen in the root nodules of legume crops, etc. Consequently, they are widely utilized to promote plant health and significantly improve the yield. Moreover, biofertilizers are also employed in the agriculture sector to prevent the growth of pathogens, thereby preventing crop diseases.
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The growing awareness regarding the environmental hazards caused by the usage of synthetic agrichemicals, such as soil pollution and contamination of the food chain, is among the primary factors driving the biofertilizers market. Additionally, the changing lifestyle preferences and the inflating per capita incomes of consumers, especially those in rural areas, are further bolstering the market growth. Besides this, the increasing health concerns are encouraging the consumption of organic fruits and vegetables grown without synthetic chemicals, which is acting as a significant growth-inducing factor for bio-based agrichemical products, such as biofertilizers. Furthermore, the implementation of favorable regulatory policies by government bodies across the globe, including financial incentives for organic farming and educating farmers regarding the benefits of sustainable farming practices, is projected to catalyze the biofertilizers market over the forecasted period. Looking forward, IMARC Group expects the market to grow at a CAGR of around 18% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Novozymes A/S
- National Fertilizers Limited
- Madras Fertilizers Limited
- Gujarat State Fertilizers & Chemicals Ltd.
- Rizobacter Argentina S.A.
- Stanes & Company Limited
- Camson Bio Technologies Limited
- Rashtriya Chemicals & Fertilizers Ltd.
- Lallemand Inc.
- Nutramax Laboratories, Inc.
Breakup by Type:
- Nitrogen-fixing biofertilizers
- Phosphate-fixing biofertilizers
Breakup by Crop:
- Cereals and grains
- Pulses and oilseeds
- Fruits and vegetables
Breakup by Microorganism:
- Phosphate Solubilizing Bacteria
Breakup by Mode of Application:
- Seed treatment
- Soil treatment
- Asia Pacific
- North America
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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