July 16, 2024

Biofertilizers Market Is Estimated To Witness High Growth Owing To Increasing Demand For Organic Farming And Government Support For Adoption

Market Overview:

Biofertilizers are microorganisms used for their ability to transform insoluble nutrients present in soil into soluble forms that can be easily absorbed by plants. This increases the supply of key nutrients like nitrogen, phosphate and potassium and promotes the growth of crops. Key biofertilizers include Rhizobium, Azotobacter, Azospirillum, Cyanobacteria, Phosphate solubilizing bacteria and mycorrhizal fungi. They help reduce the use of chemical fertilizers and improve soil health and structure. Biofertilizers find widespread adoption in horticulture, cereals & grains, pulses & oilseeds and other crops.

Market Dynamics:

The biofertilizers market is driven by the rising demand for organic farming globally. Strict regulations on the use of chemical fertilizers and their adverse impacts on soil have encouraged farmers to adopt biofertilizers. Several government initiatives to promote sustainable agriculture through subsidization and awareness programs are also fueling market growth. For instance, the Indian government launched the National Biofertilizer Development Program in 2016 to encourage use of biofertilizers.

Another key driver is the ability of biofertilizers to enhance soil fertility and structure. They improve soil aeration, water retention and release key nutrients in a slow and sustained manner for continuous uptake by plants. This leads to higher yields, stronger crop immunity and reduced input costs for

SWOT Analysis

Strength: Biofertilizers have three main strengths – they are environment friendly, improve soil health and fertility in a sustainable way. They promote the growth of plant and improves yields.

Weakness: High initial costs of production and quality maintenance of biofertilizers. Lack of awareness among some farmers about the benefits of biofertilizers.

Opportunity: Growing organic farming and concerns about effects of chemical fertilizers on the environment and human health presents an opportunity. Increasing government support for organic farming in many countries also provides opportunities.

Threats: Unpredictable weather conditions can affect microbial activity and performance of biofertilizers. Long term residues of chemical fertilizers in soil poses threats to the efficiency of biofertilizers.

Key Takeaways

The Global Biofertilizers Market  is expected to witness high growth, exhibiting CAGR of 12.05% over the forecast period, due to increasing preference for organic farming and sustainability initiatives worldwide. Rapid population growth and increasing demand for food have further augmented the demand for high-yielding fertilizer varieties like biofertilizers.

Regional analysis Asia Pacific dominates the global biofertilizers market, accounting for around 35% share in 2022. India is the largest market owing to favorable government policies and initiatives promoting organic and sustainable agriculture. North America is projected to exhibit the fastest growth during the forecast period supported by the expansion of organic farmlands and strong consumer demand for chemical-residue free food.

Key players operating in the biofertilizers market are Lallemand Inc., Novozymes A/S, Agrinos AS, Symborg, Biomax Green Pte Ltd, LABIOFAM S.A., National Fertilizers Ltd., AgriLife, Kiwa Bio-Tech, and Mapleton Agri Biotec Pty Ltd. Companies are investing in R&D to develop innovative and customized biofertilizer products catering to different soil and crop needs. Strategic partnerships for technology transfers and geographical expansion have also been observed among the leading players.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it