Biofertilizers Market Worth $2.70 Billion by 2027 at CAGR of 12.8%: Grand View Research, Inc.

SAN FRANCISCO, Nov. 21, 2022 /PRNewswire/ -- The global biofertilizers market size is projected to reach USD 2.70 billion by 2027, expanding at a CAGR of 12.8%, according to a new report by Grand View Research, Inc. Rising demand for organically produced food products across emerging economies backed with growing economic stability is the key boost to the marketspace.

Key Industry Insights & Findings from the report:

• North America accounted for the largest market share of 32.6%, in terms of revenue, in 2019 and is projected to grow at a volumetric rate of 12.3% from 2020 to 2027.
• Nitrogen fixing biofertilizers are observed to reflect heavy growth in terms of consumption with a CAGR of 12.1% from 2020 to 2027 on account of widespread demand generation from North American and European agricultural communities to boost yield of various cereals.
• Among the various crop types, cereals & grains captured a significant market with global biofertilizer consumption share of 76.4%. This was majorly due to heavy demand for wheat from various Asian and Latin American countries such as Thailand, Singapore, India, Brazil, and Argentina.

Read 147-page full market research report, "Biofertilizers Market Size, Share & Trends Analysis Report By Product (Nitrogen Fixing, Phosphate Solubilizing), By Application (Seed Treatment, Soil Treatment), By Crop Type, By Region, And Segment Forecasts, 2020 - 2027", published by Grand View Research.

Biofertilizers Market Growth & Trends

Organic food products are naturally-derived without utilizing any food additives or synthetic chemicals. Key contributors to the organic food market include organically produced meat and dairy products, organically cultivated fruits and vegetables, and naturally-derived beverages, which include both alcoholic as well as non-alcoholic beverages. Growing consumer preference for healthy eating habits globally coupled with rising disposable income levels of individuals in the emerging economies of Asia Pacific, including Indonesia, Japan, India, and Thailand, is projected to boost the demand for organic food and beverage products in the region.

Further, according to the Research Institute of Organic Agriculture, number of organic farmers has grown significantly since 2000 due to the constant efforts undertaken by government agencies and agricultural and environmental authorities globally. The government to raise awareness about the benefits of switching to organic harvesting and incentives to promote sustainable farming practices. The largest market for organic food retail sales in 2017 and 2018 was the U.S. followed by Germany, France, China, and Italy, respectively. Growing acceptance of organic-based farming techniques and consumer inclination toward organic food are anticipated to drive the demand for organic fertilizers in the foreseeable future.

Yet another key driver for development of the market is the increased focus on environmental sustainability, which would result in reduced consumption of petroleum-based products and a shift to bio-based alternatives. Carbon footprint of greenhouse gas emission is one of the major hazards associated with the manufacturing of chemicals from crude oil. The use of biofertilizers is bound to minimize carbon footprints significantly in due course and is, therefore, being highly promoted by key regulatory authorities worldwide. Biofertilizer production emits significantly lower CO2, which makes them increasingly popular in the developed regions of North America and Europe.

Biofertilizers Market Segmentation

Grand View Research has segmented the global biofertilizers market on the basis of product, application, crop type, and region:

Biofertilizers Market - Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Nitrogen Fixing
• Phosphate Solubilizing
• Others

Biofertilizers Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Seed Treatment
• Soil Treatment

Biofertilizers Market - Crop Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• Cereals & Grains
• Oilseeds & Pulses
• Fruits & Vegetables
• Others

Biofertilizers Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Argentina
• Middle East & Africa

List of Key Players of Biofertilizers Market

• CBF China Biofertilizers
• Lallemand Inc.
• Novozymes A/S
• Fertilizers USA LLC
• AgriLife
• Symborg SL

Check out more related studies published by Grand View Research:

• Italy Water Soluble Fertilizer Market - The Italy water soluble fertilizer market is estimated to reach USD 862.2 million by 2030 according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.7% from 2022 to 2030. The growth is attributed to the popularity of these products as an immediate nutrient deficiency corrector and large-scale agricultural exports from the country.
• Fertilizer Catalyst Market - The global fertilizer catalyst market size is expected to reach USD 3.3 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.4% from 2021 to 2027. The market is expected to be driven by the growing application in the production of fertilizers and the need for improving process efficiencies.
• Nitrogenous Fertilizer Market - The global nitrogenous fertilizer market size is estimated to reach USD 94.02 billion by 2030 according to a new report by Grand View Research, Inc. Growth can be attributed to the increasing awareness amongst farmers regarding maintaining nutritional balance in the soil.

Browse through Grand View Research's Agrochemicals & Fertilizers Industry Research Reports.

Browse Fertilizer Industry Data Book - Fertilizer Industry Data Book - Nitrogenous, Potassic, Phosphatic, Foliar, Water-soluble & Biofertilizers Market, And Fertilizer Additives Market Size, Share, Trends Analysis And Segment Forecasts, 2022 - 2030

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc