The Biofertilizers Market is forecasted to grow at a high rate owing to rising environmental owing to growing consumer awareness regarding the harmful effects of chemicals on the health and environment
The Global Biofertilizers Market was estimated at USD 2.45 Bn in 2020 and is expected to grow with CAGR of 13.2% during the forecast period.
The biofertilizers market is majorly growing owing to growing consumer awareness regarding the harmful effects of chemicals on the health and environment. Aggressive usage of synthetic fertilizers along with other chemicals such as pesticides and insecticides over a long duration has severely deteriorated the quality of soil across several agrarian economies. This has shifted the focus towards the use of microbial seed treatment products and more efficient residue management. Biofertilizers are natural fertilizers that consist of living microorganisms. Unlike chemical fertilizers, biofertilizers provide direct nutrition to the plant and help in improving the overall soil fertility. Biofertilizers are eco-friendly and cost-effective solutions that help in destroying several harmful substances present in the soil that causes plant diseases. Owing to these benefits, biofertilizers are gaining wide acceptance across the globe which is thereby anticipated to have a positive impact on the growth of the market.
Moreover, favourable government support for promoting the use of biofertilizers by offering several subsidies and grants is expected to offer lucrative growth opportunities in the biofertilizers industry. For instance, the Common Agricultural Policy in EU countries promotes the usage of biological products and organic farming. The policy also offers training programs for educating and motivating farmers to adopt biofertilizers instead of chemical fertilizers. The North American biofertilizers are pegged to garner significant product demand over the forecast period owing to the several bans being imposed on the usage of harmful chemical-based fertilizer in agriculture. Such steps are projected to be instrumental in increasing their existing consumer base and market share, thus contributing to the biofertilizers industry growth.
Global Biofertilizers Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, the Asia-Pacific region is the fastest-growing region in the biofertilizers market across the globe. This fast growth is due to the rapidly increasing population which is increasing the need for more sustainably grown food products across the region. Moreover, the market is also experiencing traction owing to a growing demand for organic products by consumers. Additionally, this region is the hub of several agro-based economies like Japan, India, Thailand, Malaysia, the Philippines, and South Korea who have traditionally followed sustainable agricultural practices and thereby proliferating the industry growth across the region. Further, the 20th edition of the study “The World of Organic Agriculture” published by the Research Institute of Organic Agriculture and IFOAM in 2019 shows that Australia accounts for the largest share in the organic agricultural land accounting for 35.6 million hectares along with China ranking third with 3 million hectares. All these aforementioned factors collectively are projected to fuel the market growth in this region.
The Global Biofertilizers Industry Segmentation:
Global Biofertilizers Market by Product Type Outlook (Revenue, USD Million, 2021-2027)
Global Biofertilizers Market by Crop Type Outlook (Revenue, USD Million, 2021-2027)
Global Biofertilizers Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Biofertilizers Market by Application Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key market players operating in the biofertilizers industry are:
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