Market Analysis
The global biofertilizers market will touch USD 5.0 billion at a 12.24% CAGR by 2032, as per the recent Market Research Future report.
Drivers
Demand for Organic Farming to Boost Market Growth
Across the world, organic farming is amid one of the agricultural practices that are growing the fastest. Farmers are being encouraged to employ biological fertilizers that are compatible with the production of organic food by the rising market demand for the biofertilizers & organic food. Governments all over the globe are promoting the usage of chemical fertilizers concerning worries about the declining soil quality for improper use of these fertilizers as well as potential health risks.
Browse In-depth Market Research Report (128 Pages, Charts, Tables, Figures) Report https://www.marketresearchfuture.com/reports/bio-fertilizers-market-1386.
Opportunities
Rising Concern for Soil Quality to offer Robust Opportunities
The rising worries about the state of the world’s natural soil textures are anticipated to help the market for biofertilizers. Since they previously demonstrated promise in terms of improved crop output and the provision of essential nutrients for various crops, synthetic/heavy chemical fertilizers have been utilized in the agriculture industry for many decades. However, over time and with continued usage, they have caused varying degrees of soil contamination and are proven to be bad for the ecosystem. Overuse of synthetic fertilizers has caused soil deterioration, nitrogen leaching, loss of soil carbon, soil compaction, and a reduction in the soil organic matter.
Restraints and Challenges
Poor Infrastructure to act as Market Restraint
The poor infrastructure of biofertilizer manufacturing plants for the high initial investments as well as lesser adoption owing to unawareness may act as market restraints over the forecast period. Besides, the COVID-19 impact may also impede market growth.
Market Segmentation
The global biofertilizers market is bifurcated into microorganism type, application, form, crop type, and type.
By type, nitrogen fixing will lead the market over the forecast period.
By crop type, cereals and grains will domineer the market over the forecast period.
By form, liquid will spearhead the market over the forecast period.
By application, leaf treatment will have the lions share in the market over the forecast period.
By microorganism type, rhizobium will command the market over the forecast period.
Regional Analysis
North America to Head Biofertilizers Market
Due to the growth of organic farming in developed countries like the United States, Canada, & Mexico, as well as the popularity of organic food items among customers eager to create nutritious, healthful meals at home, the North American Biofertilizers industry will lead this market. In the worldwide market, North America held the greatest revenue share. The dominance may be attributed to the higher government involvement in the local farming practices that led to significant changes in agricultural practices across the US & Canada. A strict regulatory environment & a rising demand for the usage of biofertilizer products have contributed to the industry’s positive growth. In North America, the loss of arable land has been brought on by industrialization, mining, and urbanization.
Key Players
Eminent industry players profiled in the global biofertilizers market report include National Fertilizers Ltd., Monsanto BioAg, Rashtriya Chemicals & Fertilizers Ltd, and Gujarat State Fertilizers & Chemicals Ltd.
