Biofertilizer Market Size To Reach USD 4459.5 Million By 2028 With A CAGR of 8.4% - Valuates Reports

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BANGALORE, India, Jan. 18, 2022 /PRNewswire/ -- Biofertilizer Market is segmented By Type - Nitrogen-Fixing, Phosphate-Solubilizing, Potash-Mobilizing, Others, By Application - Grains, Pulses & Oilseeds, Fruits & Vegetables, Others. Global Opportunity Analysis and Industry Forecast 2022 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.

The global Biofertilizer market size is estimated to be worth USD 2748.6 million in 2022 and is forecast to be a readjusted size of USD 4459.5 million by 2028 with a CAGR of 8.4% during the review period.

Major Factors Driving The Growth of The Biofertilizer Market Are

The increase in the amount of nitrogen and phosphorus available to plants, and the restoration of soil fertility are two factors driving the biofertilizers market. Biofertilizers aid in the enhancement of soil texture and quality, allowing plants to grow more effectively under adverse conditions such as drought. Furthermore, biofertilizer has been shown to play a significant role in the long-term maintenance of human health.

Biofertilizers are a low-cost and simple-to-use alternative to petrochemical fertilizers. As a result, the cost-effectiveness of biofertilizers is projected to continue to fuel market expansion.

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TRENDS INFLUENCING THE GROWTH OF THE BIOFERTILIZERS MARKET

The need for a sustainable alternative to chemical fertilizers is expected to drive the growth of the biofertilizers market. Biofertilizers, unlike traditional fertilizers, boost the nitrogen and phosphorus accessible to plants in a more natural way. Growers can customize the microorganisms employed to the needs of specific plants thanks to the various kinds available. Even for inexperienced small farmers, biofertilizers are simple to use. Chemical fertilizers often result in too much phosphate and nitrogen in the soil, whereas biofertilizers do not harm the land or the environment. Furthermore, it is also safe for human health as it is devoid of any chemicals.

Biofertilizers help to lessen reliance on costly petroleum-based chemical fertilizers. Due to a scarcity of fossil fuels, chemical fertilizer prices may rise beyond the grasp of small consumers. Biofertilizers are a low-cost, easy-to-use alternative to petrochemical fertilizers. This cost-effectiveness is expected to drive the growth of the biofertilizers market.

Biofertilizers bring the soil back to normal fertility and bring it back to life naturally. They increase the amount of organic matter in the soil and improve the texture and structure of the soil. The improved soil is more water-retentive than previously. Biofertilizers enrich the soil with essential elements such as nitrogen, proteins, and vitamins. They convert nitrogen from the atmosphere and phosphates from the soil into plant-friendly forms. Natural insecticides are also produced by some animals. This feature is expected to drive the growth of the biofertilizer market.

The increasing need to improve yields is expected to drive the growth of the biofertilizers market. Because of the nitrogen and phosphorus they give to the soil, biofertilizers can boost production by up to 30%. Plants grow better during droughts when the soil texture and quality are improved. Biofertilizers aid in the development of stronger root systems and improved plant growth. Harmful organisms in the soil, such as fungi and nematodes, are also reduced by biofertilizers.

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BIOFERTILIZER MARKET SHARE ANALYSIS

Based on region, China held the largest market share of about 30%. Following China, the USA held the second-largest biofertilizer market share of about 26%.

Based on application, Pulses & oilseeds accounted for the largest biofertilizer market share of about 45%. The increasing rate of population, particularly in Asia, has led to an increase in food demand, which in turn has increased biofertilizer usage.

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TOP COMPANIES IN THE BIOFERTILIZERS MARKET

More than 12% of the market is controlled by the top five corporations. Biofertilizer tycoons include Novozymes, Agri Life, Symborg, Xi'an Delong Bio-industry, and Maboshi. With a market share of roughly 4%, Novozymes is the largest biofertilizer producer.

Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

Biofertilizer Market By Company

• Novozymes
• Biomax
• RIZOBACTER
• Agri Life
• Symborg
• National Fertilizers Limited
• Batian
• Xi'an Delong Bio-industry
• Maboshi
• Fertilzer King
• Jinggeng Tianxia
• Taigu Biological
• Taibao Biological
• Genliduo Bio-Tech
• Beijing Leili Group
• Qingdong Nongke
• Yunye
• Aokun Biological
• XinJiang StarSeed Science and Technology
• Laimujia

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SIMILAR REPORTS

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-  Ammonia market size is estimated to be worth USD 75390 million in 2022 and is forecast to a readjusted size of USD 80500 million by 2028 with a CAGR of 1.1% during the review period.

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