Europe Biofertilizer Market Is Expected To Reach US$ 1,158.9 Million by 2028 - IMARC Group

According to the latest report by IMARC Group, titled, "Europe Biofertilizer Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The Europe biofertilizer market size reached US$ 521.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,158.9 Million by 2028, exhibiting a growth rate (CAGR) of 14.81% during 2023-2028.

Industry Definition and Application:

Biofertilizer refers to substances rich in microorganisms that promote plant growth by improving nutrient acquisition. It includes organic, compost, mycorrhizae, algal, nitrogen, and phosphorous biofertilizers. They are comprised of various microorganisms such as azospirillum, blue-green algae, azotobacter, acetobacter, and potassium, zinc, and sulfur solubilizing bacteria. Biofertilizer is widely used in farming to increase crop yield, improve soil fertility, reduce production costs, stimulate plant growth, and minimize the adverse impact of chemical fertilizers. It increases plant vigor, improves nutrient use efficiency, and provides biotic and abiotic stress tolerance. As compared to chemical fertilizers, biofertilizer is cost-effective, eco-friendly, improves soil texture, prevents pathogens' growth, and protects crops from drought and diseases

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Europe Biofertilizer Market Trends and Drivers:

The increasing adoption of organic farming practices is one of the primary factors driving the market growth in the region. Biofertilizers are cost-effective and environmentally friendly substances extensively used in organic farming to improve soil fertility, combat soil erosion, reduce greenhouse gas (GHG) emissions, offer high profitability to producers, and achieve maximum production yield. In addition to this, rising awareness among farmers regarding the adverse impact and toxicity of synthetic fertilizers is acting as another growth-inducing factor. Furthermore, growing consumer demand for organic food products that are healthy and produced from sustainable farming practices, owing to the rising health consciousness, is favoring the market growth. Apart from this, various initiative by the European Union (EU), such as the common agricultural policy (CAP), to promote the adoption of bio-based products and organic farming by providing direct subsidies and payments to farmers is positively influencing the market growth. In line with this, several regional governments are providing institutional support to farmers to increase the area under organic farming, which, in turn, is supporting the market growth.

Additionally, the recent development of innovative products, such as nano and biofilm-based biofertilizers that are eco-friendly, highly efficient, offer good field performance, and enhance productivity, is providing an impetus to the market growth. Other factors, including rising environmental concerns regarding conventional agricultural practices, increasing investments in research and development (R&D) activities to engineer innovative biofertilizer formulations, and the recent introduction of encapsulation technology for the controlled release of biofertilizers, are anticipated to drive the market growth.

Europe Biofertilizer Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

The report has segmented the market based on type, crop, microorganism and mode of application.

Breakup by Type:

Nitrogen-Fixing Biofertilizers
Phosphate-Fixing Biofertilizers
Others

Breakup by Crop:

Cereals and Grains
Pulses and Oilseeds
Fruits and Vegetables
Others

Breakup by Microorganism:

Cyanobacter
Rhizobium
Phosphate Solubilizing Bacteria
Azotobacter
Others

Breakup by Mode of Application:

Seed Treatment
Soil Treatment
Others

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Breakup by Country:

Germany
France
United Kingdom
Italy
Spain
Others

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Related Reports By IMARC Group:

Agricultural Films Market: https://www.imarcgroup.com/agricultural-films-market

Fertilizer Market: https://www.imarcgroup.com/fertilizer-market

Japan Biofertilizer Market: https://www.imarcgroup.com/japan-biofertilizer-market

Indian Bio Agriculture Market: https://www.imarcgroup.com/indian-bio-agriculture-industry

United States Feed Additives Market: https://www.imarcgroup.com/united-states-feed-additives-market

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