Global Biofertilizers Market is expected to reach approximately US$ 5 billion by 2028 – Ken Research
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.
According to Ken Research Analysis, the Global Biofertilizers Market is expected to record a positive CAGR of ~14% during the forecast period (2022-2028) and is expected to reach approximately US$ 5 billion by 2028.
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Key Growth Drivers
The market is anticipated to be driven by factors like rising demand for chemical-free food and increasing prices of chemical fertilizers.
- The demand for chemical-free food products is likely to increase, while the cost of synthetic fertilizers is predicted to rise over the forecasted years. Additionally, worries about the deteriorating soil quality brought on by excessive fertilizer use and their negative impacts on human health are anticipated to raise the market in the upcoming years.
Additionally, growing consumer expenditure on organic foods and an improvement in soil texture and quality brought on by biofertilizers are expected to drive the market over the upcoming years. Market restrictions may be caused by issues like the high cost of fertilizer manufacturing and a lack of appropriate training for organic farming.
High cost of production, as well as lower shelf life, become the market limitation
- In comparison to conventional fertilizers, the cost of producing biological and organic fertilizers is significantly higher. Their manufacture requires machinery and equipment. Live, finite-shelf-life microorganisms are a component of biofertilizers. Low versatility and shelf life are hence additional factors that are anticipated to impede market expansion during the projection period.
Due to the socio-economic changes brought on by the COVID-19 pandemic, the worldwide market slowed down as a result of the epidemic. Manufacturers of biofertilizers and organic fertilizers across diverse economies encounter difficulties as a result of the unequal availability of raw materials, similar to the traditional fertilizers business. Price gouging by some logistics companies as a result of the limited number of transporters has become a serious issue. The uncertainty surrounding the situation led to a decline in demand for bio-based fertilizers.
Additionally, some well-known industry players reported lower revenue in 2020. For instance, National Fertilizers Limited’s revenue in 2020 was US$ 1.6 billion, down 13.97% (measured in US$) from the prior year as labor and logistical constraints had an impact on the company’s production and marketing. As the need for biofertilizers is not predicted to increase significantly even when the lockdown is lifted in rich and developing nations, they are anticipated to have a slow recovery.
Key Trends by Market Segment
By Type: The nitrogen-fixing segment held the largest market share in the global biofertilizers market in 2021.
- High-demand crops including wheat, rice, oilseeds, and others have been produced using biological fertilizers that solubilize phosphate and fix nitrogen. Nitrogen-containing biological fertilizers can balance out the soil’s nitrogen content, which helps the crop thrive. The three main types of nitrogen bio-fertilizers are free-living, symbiotic, and associative symbiotic.
By Microorganisms: The rhizobium microorganisms segment held the largest share of the global biofertilizers market in 2021.
- Rhizobium is the most common type of microbe utilized in agriculture due to its critical role in serving as the primary source of nitrogen in the soil. In addition to being a superior nitrogen-fixing organism, rhizobium fosters plant growth and aids in the solubilization of inorganic phosphate. Its use is also expanding, mostly as a result of its capacity to boost agricultural output while reducing the need for expensive, environmentally damaging synthetic fertilizers.
By Application: The seed treatment application segment held the largest share of the global biofertilizers market in 2021.
- Due to the widespread use of seed treatment applications for providing biofertilizers, it maintained the largest market share. To prevent viral or bacterial infections, crop and plant seeds are treated with biofertilizers, considerably lowering agricultural production.
Additionally, the biological fertilizers used on the seeds encourage atmospheric nitrogen fixation and make it easy for the crop to access the nutrients. Additionally, seed treatment increases the availability of phosphorus by solubilizing it in the soil. Along with this, many suppliers have developed cutting-edge methods for more effectively applying these biological fertilizers, including slow-releasing fertilizer spreaders, increased spreading widths, and intelligent speed monitoring systems that improve spreading accuracy.
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By Geography: North America accounted for the largest market share in 2021 within the total global biofertilizers market.
- North America held the greatest share of the global biofertilizer market due to both the rise in biofertilizer use and farmers’ growing demand for organic products during the anticipated period. The market for biofertilizers in the region is expanding as a result of farmers in several North American nations increasingly using modern irrigation techniques, like drip and sprinkler irrigation, for fertigation.
- The industry has grown quickly as a result of a combination of strict regulations and rising demand for biofertilizer products. Additionally, during the course of the forecast period, the market for biofertilizers in the North American area is expected to be significantly influenced by growing concerns about the excessive use of chemical fertilizers and nitrate emissions.
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Competitive Landscape
The Global Biofertilizers Market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players.
Large global players hold the highest market share of 45% which is followed by the regional players holding a 30% share. Some of the major players in the market include Novozymes A/S, Madras Fertilizers Limited, Rizobacter Argentina S.A., Camson Bio Technologies Limited, Lallemand, Inc, National Fertilizers Limited, Gujarat State Fertilizers & Chemicals Ltd., T.Stanes& Company Limited, Rashtriya Chemicals & Fertilizers Ltd., Nutramax Laboratories, Inc., and others.
Recent Developments Related to Major and Emerging Companies
- In February 2020, Kiwa Bio-Tech Products Group Corp. signed a strategic collaboration agreement with Xibaokun Agricultural Technology Co., Ltd. and Fudan ScienceTechnology Park. According to the agreement, the three parties would concentrate on creating markets for soil and water remediation in the Yangtze River Delta that center on biofertilizers.
- In September 2021, five biological solutions, including inoculants, were introduced by Novozymes to address major issues facing North American producers. A new sales team was also formed to provide direct customer service in the United States. The new products include inoculants that address problems with nitrogen fixation, nodulation, and nutritional efficiency.
Conclusion
The global biofertilizers market is forecasted to continue a gradual growth that is witnessed during the forecast period. Key trends driving market expansion include 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 market is highly competitive with ~300 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, “Global Biofertilizers Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The biofertilizers market is segmented by type, microorganisms, and application. In addition, the report also covers market size and forecasts for the four major regions’ biofertilizers market. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
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