Biofertilizers Market: Meticulous Research® Reveals Why This Market Is Projected to Reach $3.2 Billion by 2029, at a CAGR of 11.5%.

Biofertilizers are ready-to-use live formulates of beneficial microorganisms that, on application to seed, root or soil, mobilize nutrients through their biological activity in particular and help build the micro-flora and soil health in general. Biofertilizers play an important role in organic farming. They offer a sustainable solution to reduce the use of chemical fertilizer while meeting the growing population's demand. Applying biofertilizers reduces the harmful impact on soil, air, and water and supplies useful microbes to the soil.

The growing adoption of fertilizers in emerging economies is expected to provide significant opportunities for the growth of the biofertilizer market. However, the high demand for synthetic fertilizers and the high production cost of biofertilizers hinder the growth of this market. According to the latest publication on the biofertilizers market by Meticulous Research®, this market is projected to reach $3.2 billion by 2029, at a CAGR of 11.5% during the forecast period 2022-2029.

Based on geography, the biofertilizers market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is attributed to the increasing demand for organic products, the increasing health awareness among consumers, the growing acceptance of biofertilizers among rural farmers, continuously growing areas under organic cultivation, and the high adoption rate of advanced irrigation systems, such as drip & sprinkler irrigation for fertigation.

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However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is mainly driven by the huge areas under organic cultivation, rapid population & income growth, increasing mechanization and irrigation facilities, and the presence of several organic operators. Furthermore, supportive government policies and initiatives to promote and expand the organics industry contribute to the growth of the biofertilizers market in this region.

Based on microorganism type, in 2022, the nitrogen-fixing microbes segment is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is attributed to the hazards associated with the use of chemical fertilizers, the rising number of government initiatives along, increasing awareness about the need for sustainability in modern agriculture, the rising adoption of advanced farming with drip irrigation and sprinklers, and the growing health concerns. In addition, nitrogen-fixing microbes are a more economical, ecological, and profitable solution to provide nitrogen to plants. This segment is also projected to register the highest CAGR during the forecast period.

Based on crop type, in 2022, the cereals & grains segment is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is mainly attributed to the increasing demand for organic and naturally grown cereals & grains, the rising need and focus on minimizing the effect of chemical fertilizers on cereal & grain products, and huge areas of land under organic cereal & grain cultivation.

However, the oilseeds & pulses segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the rising demand for organic oilseeds & pulses, the increase in the area under organic oilseed & pulses cultivation, and the rising demand for plant-based foods.

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Based on mode of application, in 2022, the seed treatment segment is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is attributed to the several advantages of seed treatment, such as increased seed germination and decreased incidence of foot and root rot. It also helps to solubilize phosphorous in the soil and improve its availability. The increasing use of biofertilizers in seed treatment of cereals such as rice, wheat, sorghum, and maize and oilseeds such as groundnut, sunflower, and soybean are driving the biofertilizers market.

However, the foliar spray segment is projected to register the highest CAGR during the forecast period. The fast growth of this segment is attributed to the advantages of the foliar application method, such as uniform application and distribution of nutrients and minimal wastage of biofertilizers. It is one of the most economical and reliable biofertilizer application methods as it requires smaller quantities of biofertilizers.

Based on formulation, in 2022, the dry biofertilizers segment is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is mainly attributed to the rising adoption of dry biofertilizers for lawn & garden applications, their long-lasting effects and high efficiency in all climatic conditions, and the wide & easy availability of raw materials.
However, the liquid biofertilizers segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the benefits offered by liquid biofertilizers, such as high efficiency & absorbability, ease of use, cost-effectiveness, and uniform application.

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The key players operating in the global biofertilizers market are AgriLife (India), American Vanguard Corporation (U.S.), Chr. Hansen Holding A/S (Denmark), IPL Biologicals Limited (India), Koppert B.V. (Netherlands), Lallemand Inc. (U.S.), Mapleton Agri Biotec Pt Ltd (Australia), National Fertilizers Limited (India), Novozymes A/S (Denmark), Rizobacter Argentina SA (Argentina), Symborg Corporate, SL (Spain), UPL Limited (India), and Vegalab SA (Switzerland).

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This release was published on openPR.