Biofertilizers Market earned USD 2.1 billion and anticipated to reach USD 5.0 billion in 2029, registering a CAGR of 11.5%| Size, Growth & Analysis

The Biofertilizers Market touched USD 2.1 billion in 2021 and is expected to reach USD 5.0 billion in 2029, growing at a CAGR of 11.5%

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/biofertilizers-market/

The factors driving growth of the Biofertilizers Market includes growing concerns related to nitrate emissions, Government policies promoting the use of organic fertilizers, rising demand for organic food products, increasing soil and water pollution and improvements in the living standards. Biofertilizers are environment friendly, enhances crop yield by 20-30%, activates soil biologically, restores soil fertility, offers protection against drought, and are cost-effective, which is forecast to expand the Global Biofertilizer Market. Moreover, growing adoption of advanced technologies by manufacturers, rise in the launch of innovative products, increasing number of numbers of organic farms around the world and rapid urbanization, are some of the additional factors supplementing the Biofertilizers Market size. In addition, the increasing investments by major companies on research and development, strategic mergers, and collaborations between key industry players, rising population growth rates and growing disposable incomes, are further contributing to the market growth.  However, growth of the Biofertilizers Market is hindered because of its high production cost.

The prominent players operating in the Biofertilizers Market includes 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 helps in enhancing crop yield, and provides adequate nitrogen level to the crop, which are pushing the segment's growth.

Based on Mode of Application, the Soil Treatment segment is projected to grow at a higher CAGR over the forecast period

Farmers are focusing on spraying biological fertilizers on the soil because it allows symbiotic bacteria to retain moisture in the soil for its growth, which is propelling growth of the segment.

Based on North American region is anticipated to grow at a significant CAGR during the forecast period

As per the Biofertilizer Market Analysis, growing demand for organic food across United States and Canada, favourable Government policies, rising concerns related to soil and water pollution, 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., a China state-owned enterprise. This agreement states that Huaxialitai Co., Ltd. will promote Kiwa Bio-Tech's products throughout China.

In 2020, Hansen Holding A/S completed the acquisition of UAS Laboratories to bolster its microbial platform and product offerings. Through this acquisition, the company will strengthen and expand their global microbial platform, which 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

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

 

Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland

GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

This release was published on openPR.