Biofertilizer Market Report 2023-2028 | Forecast Value- Size US$ 5.8 Billion and Growth Rate (CAGR) of 12.8%

IMARC Group, a leading market research company, has recently releases report titled “Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biofertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Biofertilizer Market?

Report Attributes   

Details

Market Size in 2022

US$ 2.7 Billion

Market Forecast in 2028

US$ 5.8 Billion

Growth rate (2023 to 2028)

CAGR of 12.8%

Base Year of the Analysis

2022

Forecast Period

2023-2028

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Biofertilizer Market Report by IMARC Group


What is Biofertilizer?

Biofertilizers are substances that contain living microorganisms, such as bacteria, fungi, or algae, which help enhance soil fertility and plant growth. These microorganisms form a symbiotic relationship with plants, aiding in nutrient uptake, nitrogen fixation, and disease suppression.  Moreover, biofertilizers are eco-friendly and sustainable, mitigating the risk of soil degradation, water pollution, and other environmental concerns. It is utilized extensively in agriculture and horticulture and offers a biological route to soil fertility, fortifying the soil's natural nutrient cycle.

What are the Growth Prospects and Trends in the Biofertilizer Industry?

The increasing demand for organic food products is compelling farmers to adopt sustainable agricultural practices which in turn is impelling the growth of the market. In line with this, the escalating costs of chemical fertilizers make biofertilizers an economically viable alternative, which is contributing to the market growth. In addition to this, growing awareness about the detrimental impacts of chemical fertilizers on both soil health and the environment at large, including groundwater contamination and soil erosion is fueling the market growth.  Moreover, regulatory bodies around the world are imposing stricter regulations on synthetic fertilizers, further boosting the demand for bio-based solutions. Besides this, governments are offering incentives and subsidies to promote the use of biofertilizers, thus facilitating the product demand. Furthermore, technological advancements in the formulation and application of biofertilizers are expanding their utility beyond traditional crops to a wider range of plants, including ornamentals and turf grasses, which is positively influencing the market growth. Other factors, including the widespread product adoption to enhance soil fertility, growing awareness regarding conservation of natural resources and increasing product demand to help maintain ecological balance, is supporting the market growth.

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Note: In this report you will get detailed analysis of the market, growth analysis graphs, historical period analysis, forecast period analysis, major market segmentation, top leading key players of the market, table of content, list of figures, and list of tables.

Who are the Key Players Operating in the Biofertilizer Market?

The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:

  • Novozymes A/S
  • National Fertilizers Limited
  • Madras Fertilizers Limited
  • Gujarat State Fertilizers & Chemicals Ltd.
  • Rizobacter Argentina S.A.
  • Stanes & Company Limited
  • Camson Bio Technologies Limited
  • Rashtriya Chemicals & Fertilizers Ltd.
  • Lallemand Inc.
  • Nutramax Laboratories, Inc.

What is Included in Market Segmentation?

The report has categorized the market based on type, crop, microorganism and mode of application.

Breakup by Type:

  • Nitrogen-fixing biofertilizers
  • Phosphate-fixing biofertilizers
  • Others

Analysed by Crop:

  • Cereals and grains
  • Pulses and oilseeds
  • Fruits and vegetables
  • Others

Based on Microorganism:

  • Cyanobacter
  • Rhizobium
  • Phosphate Solubilizing Bacteria
  • Azotobacter
  • Others

Market by Mode of Application:

  • Seed treatment
  • Soil treatment
  • Others

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Others

Ask Analyst for Customization and Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=17&flag=C

Key Highlights of The Report:  

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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