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Global Biofertilizers Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

·4-min read
ReportLinker
ReportLinker

The Global Biofertilizers Market is projected to grow at a CAGR of 12. 1% during the forecast period (2022-2027). Due to the emergence of the COVID-19 pandemic, there has been a supply chain disruption because of which the agricultural sector had to face problems such as labor unavailability, transportation barriers, restriction for market access, and lack of inventories in some regions which slightly affects the growth of Biofertilizers market.

New York, April 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Biofertilizers Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271853/?utm_source=GNW


Increased practice of organic farming, the need for improving soil organic matter, and favorable regulatory structure is the major factors driving the market. Also, with the advent of integrated pest management programs that promote the use of biofertilizers, the agriculture sector is expected to witness increased use of biofertilizers. Most European and North American and some Asian countries have established suitable regulations to control the use of synthetic chemicals for crop protection and hence create a promising business ecosystem for biofertilizers. Further, governments in many countries are providing various schemes for encouraging the manufacturers of biofertilizers and are taking several initiatives to bring about a shift from conventional farming practices to organic farming practices. Hence, the increased adoption of organic farming and a favorable regulatory environment is anticipated to drive the growth of the market studied during the forecast period.

Key Market Trends

Increasing Organic Farm Land

The rise in demand for organic products is booming, not only due to the increase in conscientious consumers, but also due to rising incomes, along with improved farming practices that make organic yields more robust. As a result, the increasing demand for organic food, worldwide, has increased the area under organic farming. For instance, as per the FiBL statistics, the area under global organic farming increased from 69.4 million hectares in 2017 to 74.9 million hectares in 2020. The factor such as the increase in organic farming practices resulted in improved soil fertility, along with the extensive usage of organic products, like biofertilizers. This has further triggered the demand for biofertilizer products, as they are organic and help in maintaining the ecological balance. Furthermore, Government bodies across the globe are taking initiatives for promoting the use of biofertilizers. Recently in 2020, the Government of India announced to make the purchase of bio-fertilizers compulsory for every farmer who buys urea to promote organic nutrients and shrink the use of chemical fertilizers. Similarly in Europe, the government is emphasizing the use of biological control methods for disease management. The Common Agricultural Policy promotes the sustainable use of plant protection products and restricts synthetic fertilizers while promoting the use of biofertilizers and organic farming. Therefore, the rising organic farming practices with the growing awareness among consumers over health, environmental, quality, and safety, coupled with favorable government policies, are anticipated to boost the biofertilizers market at a phenomenal rate in the forecast period.

North America dominates the Biofertilizers Market

The US Department of Agriculture launched a National Organic Program to certify farmland for the growers that were in the process of switching to organic in 2017. According to the Organic Trade Association, through the certification, farmers may be able to sell products for higher prices than conventionally-grown goods. Such programs are expected to expand the use of biofertilizers, subsequently expanding the market in the United States. The rhizobium-based biofertilizers occupy the major share of biofertilizers used in the country. The genera popularly used are bradyrhizobium, sinorhizobium, azorhizobium, mesorhizobium, and allorhizobium. The major players are expanding their presence in the country through various business strategies, such as mergers and acquisitions, partnerships, and new product launches. For instance, in 2019, Valent BioSciences launched its new product called MycoApply Ultrafine Endo/Ecto.? In the United States, mycorrhiza fertilizers are most used in horticultural crops. The greenhouse vegetable sector is the fastest-growing sector in Canadian horticulture. In 2019, there were a total of 838 commercial greenhouse vegetable operations with 17.6 million square meters of production area. The usage of mycorrhizal fungi proved to increase yields and provide sustainable growing conditions in organic and hydroponic production systems. Hence, the usage of mycorrhiza biofertilizers can be a viable option for greenhouse growers in this region. Similarly, an increase in the consumption of bio-based plant nutrition in the past two years was observed in Mexico. Rhizobium and Mycorrhiza are the popular biofertilizers used in the country due to the cost-effectiveness of these bio-based solutions. Therefore, with the rising demand for cost-effective agricultural solutions and new innovative technologies to produce biofertilizers, the biofertilizers market in the region is anticipated to grow significantly during the forecast period.

Competitive Landscape

The Global Biofertilizers Market is fragmented, with many small and large players present across different geographical regions. Kiwa Bio-Tech Products Group Corporation, Lallemand Inc, Bayer CropScience, Rizobacter and BASF SE are some of the major companies in the market. These major players are investing in new products and improvisation of products, expansions, and acquisitions for business expansions. Another major area of investment is the focus on R&D to launch new products at lower prices.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06271853/?utm_source=GNW

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