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Rhizobium Bacteria Fertilizers Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Rhizobium Bacteria Fertilizers Market
According to The Business Research Company's, The rhizobium bacteria fertilizers market size has grown strongly in recent years. It will grow from $2 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to early adoption by progressive farmers, agricultural sustainability movement, scientific research, initial market competitiveness, green revolution legacy..
The rhizobium bacteria fertilizers market size is expected to see strong growth in the next few years. It will grow to $3.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to consumer demand for sustainable products, precision agriculture techniques, market expansion, climate change mitigation.. Major trends in the forecast period include sustainable agriculture practices, organic farming trends, rising environmental concerns, government support and policies, crop yield and quality enhancement..
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Market Drivers and Trends:
An increase in demand for organic products is expected to propel the growth of the rhizobium bacteria fertilizers market going forward. Organic products refer to products made from organic farming or agricultural materials. The increasing demand for organic products will benefit the rhizobium bacteria fertilizer. Rhizobium bacteria could reduce the need for artificial fertilizers by fixing atmospheric nitrogen, which is needed for crop production. Using biofertilizers such as rhizobium bacteria fertilizers can assist in fulfilling the nutritious food need of the world's growing population. For instance, in December 2022, according to the U.S. Department of Agriculture's National Agricultural Statistics Service, organic product sales reached $11.2 billion in total in 2020, up by $1.28 billion representing a growth of 13%. Additionally, in May 2021, according to a report published by Organic Trade Association, a US-based business association for the organic industry, organic product sales in the United States surged to new highs in 2020, increasing by a record 12.4 percent to $61.9 billion, boosting U.S. organic food sales in 2020 up a record 12.8 percent to a new high of $56.4 billion when compared to prior years. Therefore, an increase in demand for organic products is driving the growth of rhizobium bacteria fertilizers.
Strategic collaborations and partnerships are key trends gaining popularity in the rhizobium bacteria fertilizers market. Major market players are collaborating to develop novel technologies. For Instance, in December 2022, Syngenta Seedcare, a Switzerland-based agricultural science and technology company, collaborated with Bioceres Crop Solutions collaborated to commercialize novel biological seed treatments. This seed-applied solution supports regenerative agriculture by assisting crops like soybean in absorbing nitrogen from the atmosphere and greatly reducing the requirement for nitrogen fertilizers. Bioceres Crop Solutions Corp. is an Argentina-based fully integrated provider of crop productivity technologies company. Furthermore, in July 2022, BiOWiSH Technologies, a US-based, all-natural biotechnology company for the agronomy, aquaculture, animal production & water treatment industries collaborated with SABIC Agri-Nutrients, to develop a combination of proprietary microbial cultures called BiOWiSH Crop Liquid can be added to liquid fertilizers or coated onto dry fertilizer to increase the fertilizer's effectiveness. SABIC Agri-Nutrients is a Saudi Arabia- based chemical company.
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Major Key Players of the Market:
Yara International Asa, Nutrien Ltd., Eurochem Group Ag, Lallemand Inc., Aumgene Biosciences Pvt. Ltd., Cf Industries Holdings Inc., Vegalab S.A, Sinofert Holdings Limited, Seipasa, Coromandel International Limited, Symborg Sl, Rizobacter Argentina Sa, Jaipur Bio Fertilizers, Green Vision Life Sciences Pvt. Ltd., Unicrop Biochem, Criyagen Agri & Biotech Private Limited, Indian Farmers Fertiliser Cooperative Limited, Madras Fertilizers Limited, National Fertilizers Limited, Novozymes A/S, Gujarat Bio Organics Pvt. Ltd., Nova Agri Tech Ltd., Md Biocoals Pvt. Ltd., Sln Biologicals Llp, Harmony Ecotech Pvt. Ltd., Manidharma Biotech Pvt. Ltd., Nature Agrocare & Research Private Limited, Terrapreta Agrove, Utkarsh Agrochem Private Limited, Tari Bio-Tech
Rhizobium Bacteria Fertilizers Market 2024 Key Insights:
• The rhizobium bacteria fertilizers market will grow to $3.05 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• The Surge In Organic Product Demand Propels The Rhizobium Bacteria Fertilizers Market
• Strategic Collaborations Drive Innovation In The Rhizobium Bacteria Fertilizers Market
• Asia-Pacific was the largest region in the rhizobium bacteria fertilizers market in 2023
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