Driven by the market for biofertilizers is anticipated to be driven by the rising demand for chemical-free food items, rising prices for synthetic fertilizers around the world, and worries about soil quality deterioration brought on by excessive fertilizer use, the Global Biofertilizers Market is Forecasted to Reach US$ 5 Bn by 2028 says Ken Research Study.
In place of chemical fertilizers, biofertilizers are sustainable sources of fertilizers. It is often utilized for treating seeds and applying soil. This industry is expanding rapidly due to the increased global demand for organic food products. For extending the shelf life of food goods and enhancing dependability and stability, biofertilizers have a high market value.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Increasing Support from the Government to Boost the Market’s Value
According to Research estimates, the Global Biofertilizers Market – which was valued from around US$ 1 Bn in 2017 to nearly US$ 2 Bn by 2022 – is expected to grow further to more than US$ 5 Bn opportunity by 2028.
The governments of many countries have been pushed to promote bio-fertilizers due to the growing concern over the diminishing soil quality caused by excessive use of chemical fertilizers and their potential negative effects on human health. Various plans, schemes, and other measures are being chosen by governments of several agri-dominant nations to encourage farmers to use bio-based fertilizers.
Additionally, numerous governments have passed comprehensive economic recovery plans that feature new liquidity, tax flexibility, and subsidies for the agricultural and food industries, all of which are expected to have a positive impact on the growth of the economy's output. Many governments also created specialized programs related to agriculture and food at the same time.
2. Increasing Demand for Organic Agriculture to Propel the Market Growth
According to the Research Institute of Organic Agriculture (FiBL), 72.3 million hectares of agricultural land were managed by organic agriculture globally in 2019. Organic farming is one of the fastest-growing agricultural practices worldwide. Synthetic fertilizer uses harmful microorganisms and contaminated the soil. The use of organic farming is spreading quickly as a means of reducing soil degradation.
In contrast to conventional agriculture, which uses agrochemicals, genetically modified organisms, and numerous synthetic chemicals as food additives, organic farming makes the most efficient use of regional resources to increase soil fertility. Farmers are further encouraged to use appropriate bio-based fertilizers to produce organic food of the increased demand for organic food.
3. High Cost of Production of Biological Fertilizers to Limit the Market Growth
In comparison to conventional fertilizers, the cost of producing biological and organic fertilizers is significantly higher. Their manufacture requires machinery and equipment. This element is anticipated to limit market expansion. within the next few years.
Additionally, biofertilizers contain living microorganisms with a brief shelf life (around six), and their storage and delivery require additional care and consideration, increasing the cost of the goods. Low versatility and shelf life are hence additional factors that are anticipated to impede market expansion during the projection period.
Key Topics Covered in the Report
- Snapshot of the Global Biofertilizers Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Biofertilizers Market
- Historic Growth of the Overall Global Biofertilizers Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Biofertilizers Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Biofertilizers Market
- Future Market Forecast and Growth Rates of the Total Global Biofertilizers Market and by Segments
- Market Size of Type / Microorganisms Segments with Historical CAGR and Future Forecasts
- Analysis of the Biofertilizers Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- Novozymes A/S
- Madras Fertilizers Limited
- Rizobacter Argentina S.A.
- Camson Bio Technologies Limited
- Lallemand, Inc
- National Fertilizers Limited
- Gujarat State Fertilizers & Chemicals Ltd.
- Stanes& Company Limited
- Rashtriya Chemicals & Fertilizers Ltd.
- Nutramax Laboratories, Inc.
Notable Emerging Companies Mentioned in the Report
- Pivot Bio
- Zydex Biofertilizers Technology
- K+S Minerals and Agriculture GmbH
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Biofertilizers Manufacturers
- Ecological Engineering Companies
- Agricultural Technicians
- Agriculture Chemical and Biological Scientists
- Food Scientists
- Agricultural Practitioners
- Chemical Biologists
- Agricultural biologists
- Fertilizer Industry Associations
- Fertilizer Material Suppliers
- Fertilizer Distribution Companies
- Agrochemical Marketing Companies
- Government Ministries and Departments of Agriculture
- Agrochemicals Regulatory Authorities
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For more insights on the market intelligence, refer to the link below: -