Biofertilizers Market is predicted to rise at 11.5% CAGR during 2022-2029, reaching USD 5.0 billion | Size, Share, Growth, Trend & Analysis

Biofertilizers Market was valued at USD 2.1 billion in 2021 and is forecast to touch USD 5.0 billion in 2029, growing at a CAGR of 11.5% from 2022-2029

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The factors driving the growth of Biofertilizers Market includes rising awareness about the benefits of biofertilizers, growing demand for organic food and beverages around the world, increasing concerns related to pollution and contamination of soil and improvements in the living standards. According to the report published by Statista, the revenue generated from the sales of organic food in the international markets has increased from USD 106 billion in 2019 to 120 billion in 2020, which is expected to accelerate the Global Biofertilizers Market in the approaching years. Moreover, Government schemes promoting the use of biofertilizers, growing popularity of digital farming and precision farming practices, increasing prices of synthetically cultivated food products and rapid urbanization, are some of the additional factors supplementing the Biofertilizers Market size. In addition, the increasing investments by major corporations on research and development, strategic mergers, and collaborations between key companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Biofertilizers Market is hindered attributed to limited shelf life of biofertilizers and limited availability of testing labs. 

The major players operating in the market are Kan Biosys, Chr. Hansen Holding A/S, T.Stanes & Company Limited, Rizobacter S.A., Novozymes, Vegalab S.A., Kiwa Bio-Tech Products Group Corporation, Lallemand Inc., IPL Biologicals and Nutramax Laboratories, Inc., among others.

Based on Type, the Nitrogen-Fixing Biofertilizers segment is predicted to grow at a robust CAGR during the forecast period

Nitrogen-fixing biofertilizers enhances the presence of microbes in the soil and are rich in phosphorus content, are some of the features propelling growth of the segment.

Based on Application, the Soil Treatment segment is projected to expand at a remarkable CAGR over the forecast period

Biofertilizers enhances the productivity of crop and helps the symbiotic bacteria to interact with root nodules of the plant, are some of the factors responsible for the segment's growth.

Based on Region, the North American region is anticipated to capture the largest market share during the forecast period

Growing adoption of organic farming practices by farmers, presence of the major players such as Nutramax Laboratories, Inc., Lallemand Inc. and Kiwa Bio-Tech Products Group Corporation, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.

Key Developments

In 2020, Kiwa Bio-Tech Products Group Corporation signed an agreement with Huaxialitai Co., Ltd., to promote Kiwa Bio-Tech's products across China.
In 2020, Hansen Holding A/S completed the acquisition of UAS Laboratories to bolster its microbial platform and product offerings. This acquisition is planned to strengthen and expand their global microbial platform, that is aligned with the strategy of pursuing bolt-on acquisition that fit into the microbial platform.

Market Segmentation

Segmentation by Type

Nitrogen-Fixing Biofertilizers
Phosphate Solubilizing & Mobilizing Biofertilizers
Potassium Solubilizing & Mobilizing Biofertilizers
Others

Segmentation by Form

Liquid Biofertilizer
Carrier-based Biofertilizer

Segmentation by Mode of Application

Soil Treatment
Seed Treatment
Others

Segmentation by Crop Type

Cereals & grains
Pulses & Oilseeds
Fruits & vegetables
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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