The global biofertilizers market size is estimated to be valued at USD 3.1 billion in 2023 and reach USD 5.2 billion by 2028, growing at a CAGR of 10.9% during the study period. The market was valued to be 2.8 billion in 2022, Through natural processes such as nitrogen fixation; phosphate solubilization; and the production of compounds that stimulate growth, biofertilizers provide nutrients to plants. They boost soil organic matter and aid in restoring the soil's natural nutrition cycle. By using biofertilizers, growers can increase the sustainability and health of the soil and cultivate healthy crops. Only bacteria and other biological elements that are not damaging to the environment are present in biofertilizers. As a result, they contribute to reducing pollution brought on by agricultural activities, particularly soil pollution.
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Use of biofertilizers have been proven to lower the cost of agricultural inputs while increasing the overall crop productivity in the long run. Biofertilizers also helps in increasing resistance to various plant diseases and abiotic stresses. These factors are driving the global biofertilizers market during the review period.
Drivers: Adoption of precision farming and protected agriculture
The goal of precision farming is to produce profitable agricultural output by identifying and analysing spatial and temporal variability using cutting-edge technologies. To boost crop output and yield, agricultural biologicals are employed in precision farming and protected agriculture. The market for biofertilizers is growing as a result of the widespread use of agricultural biologicals in protected agriculture, which promotes the use of biofertilizers. Farmers can track the application of liquid biofertilizer by using fertilisation plans that use GPS-guided geographic information system (GIS) software. Therefore, it is anticipated that the market for biofertilizers will be driven by the rise in land under precision and protected agriculture.
Opportunities: New target markets: Asia Pacific and Africa
The Asia Pacific and Africa regions are one of the largest consumers of fertilizers. Population development, particularly in Asia, has led to an increase in food demand, which will ultimately result in an increase in fertilizer usage. Governments in these regions are placing a strong emphasis on the use of environmentally benign fertilizers, like biofertilizers and organic manure, to mitigate the negative impacts of chemical fertilisers. Government agencies have aided in raising farmer understanding of the benefits of using biofertilizers. Africa has experienced active conventional farming over the past few decades, which has utilized synthetic fertilizers to supply the soil with vital plant nutrients. However, the quality of the soil and the vital nutrients have been compromised by the over application of these fertilizers. The region now needs biofertilizers as a result of this aspect.
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North America is projected to gain the largest market share in the global biofertilizers market.
North America is projected to gain the largest market share in the global biofertilizers market. The presence of large number in the region allows farmers/growers in the region, access to wide range of products at competitive prices. The governments in the region are promoting use of agricultural inputs which causes less environmental degradation and hence are encouraging the use of biofertilizers. In countries such as US and Canada, farmers are focused on producing cash crops at larger scale which is also driving the market in the region.
Key players in biofertilizers market have strong distribution network and have strong financial records. These firms have experience of several years, well established manufacturing facilities, r&d centers, and skilled workforce. Prominent players in this market include Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), T.Stanes and Company Limited (India), and Lallemand Inc (Canada).
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