Biofertilizers Market to Reach USD 6.52 Billion by 2031, Growing at 12.3% CAGR | SkyQuest Technology
Westford, USA, Aug. 14, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Biofertilizers Market will reach a value of USD 6.52 Billion by 2031, with a CAGR of 12.3% during the forecast period (2024-2031). The biofertilizer market is witnessing huge demand owing to increasing demand for grains and cereals. Producers are making efforts for massive production of different grains and cereals to satisfy the ever-growing demands of consumers. Moreover, increased consumer inclination towards high-quality foods is propelling the market. Biofertilizers also promote better crop cultivation through sufficient nutrient quantities, enhancing crop quality.
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Browse in-depth TOC on the “Biofertilizers Market”
Pages – 256
Tables – 146
Figures – 78
Biofertilizers Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 2.99 Billion |
| Estimated Value by 2031 | USD 6.52 Billion |
| Growth Rate | Poised to grow at a CAGR of 12.3% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Microorganism, Form, Mode of Application, Crop Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growing Awareness Regarding Environment Sustainability |
| Key Market Drivers | Improvements in Biotechnology |
Nitrogen Fixing Segment to Lead the Market Owing to its Ability to Improve Crop Quality
By product, the nitrogen fixing segment registered major share of the biofertilizers market in 2022, supported by the improvement of highly polluted water reserves and soil reserves due to synthetic fertilizers for several years. Moreover, the use of different biofertilizers based on type of crop and soil encourages production of quality crops with no negative impacts on the environment and human health. The phosphate solubilizing segment is expected to grow at a considerable rate owing to the increasing practice of sustainable farming on the global scale. Moreover, biofertilizers can significantly reduce total input price for the farmers. In addition, favorable government initiatives for biofertilizers in sustainable agriculture are also impacting segment growth.
Mounting Demand for Grains and Cereals to Drive Cereals Segment
By crop type, the cereals segment led the biofertilizers market in 2022 and is expected to continue dominating in future as well. This growth is backed by the ever-increasing population that demands organic grains and cereals for consumption. Moreover, biofertilizers for grains and crops help in quality production and maintain optimal soil fertility. Nonetheless, the pulses & oilseeds segment is expected to grow at a faster pace owing to rising demand for sunflowers, groundnuts, and soybeans on the global scale. This growing demand ultimately demands higher use of biofertilizers, improving the quality of crops.
Multiple Programs and Initiatives for Biofertilizer Use to Boost Growth
Geographically, North America is holding a majority share in 2022 in terms of revenue due to growing government initiatives for farming practices. Governments of Canada and The United States have enforced various programs and policies to encourage sustainable farming including greater use of biofertilizers. This supports a better environment for the growth of these products in the region. Asia-Pacific will grow as the fastest growing segment owing to increasing demand for grains and cereals on a large scale and the ever-growing population, mainly in the emerging economies. Essentially, India stands as the potential market for biofertilizers. This is followed by growing government initiatives for using these products for better yield.
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Biofertilizers Market Insight
Drivers:
- Growing Concern for Food Safety
- Supportive Regulatory Landscape
- Growing Cost of Synthetic Fertilizers
Restraints:
- Short Shelf-Life of Biofertilizers
- Unsatisfactory Technological Improvements in Biofertilizers
- Insufficient Information about the Application of Biofertilizers
Prominent Players in Biofertilizers Market
The following are the Top Biofertilizers Companies
- Vegalab SA
- UPL Limited
- Chr. Hansen Holding A/S
- Kiwa Bio-Tech
- Lallemand Inc.
- Rizobacter Argentina S.A.
- T. Stanes & Company Limited
- IPL Biologicals Limited
- AgriLife
- Manidharma Biotech Pvt Ltd
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Key Questions Answered in Global Biofertilizers Market Report
- What is the size of the Global Biofertilizers Market, as per SkyQuest Technology?
- What are the key strategies adopted by players in the Biofertilizers Market?
- What are the leading drivers and opportunities in the Biofertilizers Market?
This report provides the following insights:
Analysis of key drivers (growing demand for sustainable agriculture, rising demand for quality crops, growing concerns for chemical fertilizers), restraints (significant cost to productivity ratio, limited data on product efficacy, unreliable product performance), opportunities (growing sustainable agriculture practices, action against agrochemical organizations, growing consumer choice for more nutritious foods), and challenges (challenges associated with storage, lack of application knowledge among farmers, factors like slow response and timey supply, impacting commercialization) influencing the growth of Biofertilizers market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the biofertilizers market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the biofertilizers market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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