Biofertilizers Market Competitive Dynamics & Global Outlook 2021-2026

The global biofertilizers size is estimated to be valued at USD 2.6 billion in 2021 and is expected to reach a value of USD 4.5 billion by 2026, growing at a CAGR of 11.9% in terms of value during the forecast period. Factors such as adoption of precision farming and protected agriculture along with increase in the environmental concerns are some of the factors driving the growth of the biofertilizers market.

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Driver: Growth in the organic food industry

Consumers nowadays are becoming highly concerned about food safety issues, the rising residue levels in food, and environmental issues, due to the rising concerns about their health. This rise in awareness has induced them to prefer chemical-free food products. As a result, major supermarket chains such as Wal-Mart and Cosco are increasing their product offerings of organic foods. The restaurant industry in many developed countries is also offering organic food menus to serve health-conscious consumers. The growth in the organic food industry is triggering the demand for biofertilizers and organic manures, as these are pre-requisites of organic farming. With the outbreak of the COVID-19 pandemic, people have become more conscious about healthy organic food products, which has driven the market growth of biological inputs, such as biofertilizers. These factors have increased organic retail sales in many countries, such as the US, Germany, China, Switzerland, and Denmark.

Restraint: Environmental and technological constraints

Biofertilizer products have a limited shelf-life and run a high risk of contamination. The microorganisms used as biofertilizers become non-viable when exposed to high temperatures. Therefore, it is very important to store them in a cool and dry place. The major problem in the agricultural inoculation technology is the survival of microorganisms during storage; other challenges revolve around several parameters such as culture medium, physiological state of the microorganisms when harvested, dehydration process, rate of drying, temperature maintenance during storage, and water activity of inoculants. These challenges influence the shelf-life of microbes. The market also has less availability of research & development and testing labs, which is hindering the growth of the biofertilizers market. There is also a need for a quality management system to provide better microbial products to farmers.

Opportunity: New target markets: Asia Pacific & Africa

The Asia Pacific and African regions are the largest consumers of fertilizers. The increasing rate of population, especially in Asia, has resulted in the increasing demand for food, which would, in turn, lead to the increased consumption of fertilizers. However, the major concerns in this region are pollution and contamination of soil as well as their harmful effects on human beings. To combat the harmful effects of chemical fertilizers, governments in these regions are emphasizing the use of environmental-friendly fertilizers, such as biofertilizers and organic manure.

Key players in the agricultural sector have started investing in biotechnology and software technologies in emerging markets of the Asia Pacific region. For instance, in April 2019, Kiwa Biotech entered into an agreement with Yu Tian Weather Technology Co., Ltd (China). This agreement would focus on resource sharing and cooperation for market development, product upgrades, and service enhancements, based on the technology, products, and services of the two companies.

Challenges: Lack of awareness & low adoption rate of biofertilizers

The lack of awareness in farmers about biofertilizers in underdeveloped and developing countries is creating a challenge for the market. They prefer using chemical fertilizers, as they are easy to handle. This can be attributed to a lack of training and information. Furthermore, the established nature of the chemical fertilizers market is also one of the reasons for the slow adoption of biofertilizers, as conventional fertilizer companies hold a wide range of product offerings and have a strong distribution network. Moreover, there is increasing unawareness about the various brands, as the market is highly fragmented at the regional level. This lack of knowledge is creating confusion among farmers. For instance, farmers are not aware that the shelf-life of biofertilizers is usually limited to 6-12 months if they are provided in powder carrier-based formulations; for liquid-based formulations, the shelf-life of biofertilizers is only 3-6 months.

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Key players in this market include Novozymes A/S (Denmark), Vegalab SA (Switzerland), UPL Limited (India), Chr. Hansen Holding A/S (Denmark), Kiwa Bio-Tech (China), Lallemand Inc. (US), Rizobacter Argentina S.A. (Argentina), T. Stanes & Company Limited (India), IPL Biologicals Limited (India), Nutramax Laboratories Inc. (US), Symborg (Spain), Kan Biosys (India), Mapleton Agri Biotech Pty Ltd (Australia), Seipasa (Spain), AgriLife (India), Manidharma Biotech Pvt Ltd (India), Biomax Naturals (India), Jaipur Bio Fertilizers (India), Valent BioSciences (US), Aumgene Biosciences (India), Agrinos (US), Criyagen (India), LKB BioFertilizer (Malaysia), Varsha Bioscience and Technology India Pvt Ltd. (India), and Valagro (Italy).

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