Biofertilizers Market, Global Industry Size & Growth Report, Forecast [Latest Report 2032]

As per the report published by The Brainy Insights, the global biofertilizers market is expected to grow from USD 1.4 Billion in 2020 to USD 4.71 Billion by 2030, at a CAGR of 13% during the forecast period 2021-2030. As a result of its dense population and high biofertilizer consumption, Asia-Pacific is the fastest growing market for biofertilizers.

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Biofertilizers Market Size by Product (Nitrogen Fixing, Phosphate Solubilizing, Others), Application (Soil Treatment, Seed Treatment), Crop Type, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2030

Leading companies in the industry include AgriLife, CBF China Biofertilizers, Fertilizers USA LLC, Lallemand Inc., Novozymes A/S and Symborg SL among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The product segment is divided into nitrogen fixing, phosphate solubilizing, others. The nitrogen fixing biofertilizers segment dominated the market with a market share of around 55.4% in 2020. Because plants lack the ability to convert atmospheric nitrogen into fixed nitrogen, which is necessary for their growth and development, nitrogen-fixing bacteria are the most often used biofertilizers. The application segment is divided into soil treatment, seed treatment. The seed treatment segment led the market with a market share of 66.2% in 2020. One of the most important elements of application is seed inoculation or seed treatment. The desired seeds are dipped in a mixture of phosphorus and nitrogen fertilizers before being treated. The seeds are then sun-dried before being planted in the fields. The inoculant coating on the seeds promotes rapid and healthy plant growth. The main goal of using biofertilizers during seed treatment is to increase the nutritional content of vegetables, fruits, cereals, and grains by inducing vital elements like sulfur, zinc, nitrogen, and phosphorus. The crop type segment is divided into cereals & grains, fruits & vegetables, oilseeds & pulses, others. Oilseeds and pulses are expected to develop at the fastest rate over the forecast period. Growing global demand for soybean, sunflower, and groundnuts is seen as a key benefitting element for the product's use in the oilseeds and pulses sector.

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Organic product demand is rising, due to improved incomes and better farming practices that boost organic yields. As a result of the growing demand for organic food around the world, the amount of land dedicated to organic farming has expanded. According to FiBL data, the area under organic farming in the world expanded from 58, 090.5 thousand hectares in 2016 to 72,285.6 thousand hectares in 2019. Increased organic agricultural practices resulted in better soil fertility, as well as widespread use of organic products such as biofertilizers. This has spurred an increase in demand for biofertilizers, which are organic and aid in maintaining ecological balance.

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