According to IMARC Group’s latest report, titled “Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 2.38 Billion in 2021. Biofertilizers are substances comprising living microbes that aid in decomposing organic matter and breaking down complex minerals. They also assist in enhancing the nutrition of the soil, improving soil fertility and facilitating a hazardous-free environment. Besides this, as they are cost-effective and eco-friendly and reduce the risk of soil and water contamination, biofertilizers are widely utilized in the agriculture industry to promote plant growth.
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Biofertilizers are extensively used in commercial farming to increase the levels of phosphorous, nitrogen and other nutrients in plants by restoring the normal fertility of the soil. This, in confluence with the rising adoption of organic farming practices that involve chemical-free production of crops and seeds, represents one of the key factors strengthening the growth of the market. Apart from this, governments of numerous countries are encouraging the uptake of sustainable farming practices, which is projected to augment the demand for biofertilizers across the globe. Looking forward, IMARC Group expects the biofertilizer market to reach US$ 5.31 Billion by 2027, exhibiting at a CAGR of 14.66% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Novozymes A/S
- National Fertilizers Limited
- Madras Fertilizers Limited
- Gujarat State Fertilizers Chemicals Ltd.
- Rizobacter Argentina S.A.
- Stanes Company Limited
- Camson Bio Technologies Limited
- Rashtriya Chemicals Fertilizers Ltd.
- Lallemand Inc.
- Nutramax Laboratories, Inc.
Breakup by Type:
- Nitrogen-fixing biofertilizers
- Phosphate-fixing biofertilizers
Breakup by Crop:
- Cereals and grains
- Pulses and oilseeds
- Fruits and vegetables
Breakup by Microorganism:
- Phosphate Solubilizing Bacteria
Breakup by Mode of Application:
- Seed treatment
- Soil treatment
- Asia Pacific
- North America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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