Biofertilizers Market to Witness 12.3% CAGR During 2021 to 2028
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Growing prices of synthetic and chemical-based fertilizers and increasing adoption of chemical-free foods globally are projected to remain key factors boosting the consumption of biofertilizers in the coming years. With the rapidly rising global population, food scarcity remains a critical issue for governments around the globe. This has led to innovations in terms of product development in the bio-based fertilizer sector and the promotion of environment-friendly agricultural solutions to the major agrarian economies. Hence, the aforementioned factors are anticipated to augment the demand for biofertilizers across all agricultural economies over the forecast period.
The COVID-19 limited the chemicals & materials industry's operations, hampering many businesses globally. Supply chain disruptions and difficulty in procuring raw materials have restrained the biofertilizers market to some extent. However, the biofertilizers market overcame this challenge and regained its operations to normalcy. During the COVID-19 pandemic, people worldwide became more health-conscious. They adopted organic food, which is boosting the biofertilizers market growth and is expected to increase its revenue in the coming years.
AgriLife; Biotech International Ltd.; Kiwa Bio-Tech Products Group Corporation; Mapleton Agri Biotec Pt Ltd; Novozymes; Rizobacter; Symborg; T.Stanes and Company Limited; UPL; and Vegalab SA. are the key players in the Biofertilizers market.
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Organic farming is basically a method that includes growing and nurturing crops with the utilization of biological materials and products and eliminates the use of synthetic-based fertilizers and pesticides. Organic farming is being increasingly adopted as it provides healthy and high-quality food products. Along with this, organic farming provides several environmental benefits such as it improves soil fertility, combating soil erosion, and reducing greenhouse gas emissions. The demand for organic products is increasing which is not only due to the increase in conscientious consumers but also due to rising incomes which has increased the area under organic farming. According to the report of World of Organic Agriculture, by the Research Institute of Organic Agriculture (FiBL) and IFOAM, in 2019, 72,3 million hectares were under organic agricultural management across the world.
Biofertilizer is one of the essential components of organic farming practices because it combines the naturally occurring microorganisms with organically derived, nutrient-rich fertilizers which provide the plants and soils with a healthy growing environment that is sustainable for future growing seasons. Biofertilizers also help in enhancing the plant's resistance against pests and abiotic stressors such as drought, excess water, and extreme temperature changes. Thus, rapid growth in organic farming due to an increased adoption of organic products by the consumers across the world is driving the growth of biofertilizers market.
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