The global biofertilizers market size is expected to reach USD 6.97 Billion by 2030 according to a new study by Polaris Market Research. The report “Biofertilizers Market Share, Size, Trends, Industry Analysis Report, By Crop (Grains & Cereals, Pulses & Oilseeds, Fruits & Vegetables, Commercial Crops, Others); By Microorganism; By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors that boost the growth include the growth of the organic food sector, the need to improve chemical fertilizer efficiency, and the rise in chemical fertilizer risks, such as eutrophication and hypoxic water zones. Despite the low adoption of biofertilizers in the Asia Pacific and Africa, major variables such as rising food consumption and per capita income have generated enormous prospects for the biofertilizers industry.
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Some of the other factors driving the growth of the industry include the adoption of precision farming and protected agriculture, as well as an increase in environmental concerns. The agriculture sector is likely to see greater use of biofertilizers as a result of the introduction of integrated pest control programs that promote their use. Further, most European, North American, and Asian countries have adopted appropriate rules to regulate the use of synthetic pesticides for crop protection, resulting in a promising biofertilizer business ecosystem. Also, the introduction of a new portfolio for the fertility of crops is boosting industry growth.
For instance, in October 2020, Novozymes introduced three new inoculants to its portfolio. NexusBioAg has entered a new era of collaborative product launches with the introduction of BioniQ, TagTeam BioniQ, and Optimize LV. Such introductions of fertilizers for the crop for removing fertilizers risks by major players are driving the market growth during the forecast period.
Based on the crop type, the pulses and oilseeds segment accounted for the leading share in the market. The product's application in pulses and oilseeds is growing, and rhizobium is commonly employed in pulses for nitrogen uptake and yield production. Biofertilizers and sulfur inoculation had a significant impact on oilseed output and yield characteristics.
The market for oilseeds is booming due to the rising consumption and use of vegetable oils, which are widely used in cooking and other consumable items. The increased demand for biofertilizers can be attributed to this factor.
Market players such as Rizobacter Argentina S.A., Novozymes A/S, Chr. Hansen Holding A/S, IPL Biologicals Limited, Kan Biosys, Agrilife, Kiwa Bio-Tech, Lallemand Inc., Mapleton Agri Biotech Pty Ltd, Nutramax Laboratories, Inc., Seipasa, Symborg, T.Stanes & Company Limited, UPL Limited, and Vegalab SA are some key players operative within the international market.
In June 2021, Symborg expanded its product line with the introduction of Qlimax, a revolutionary soil energizer that also functions as a prebiotic. It optimizes the concentration of the microbial flora in the soil and stimulates its productivity.
Polaris Market Research has segmented the Biofertilizers market report based on the microorganism, application, crop, and region:
Biofertilizers, Microorganism Outlook (Revenue - USD Billion, 2018 - 2030)
Biofertilizers, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Biofertilizers, Crop Outlook (Revenue - USD Billion, 2018 - 2030)
Biofertilizers, Regional Outlook (Revenue - USD Billion, 2018 - 2030)