According to the global biofertilizer industry market report by IMARC Group, the market was worth USD 2.0 Billion in 2019. Looking forward, the market is expected to exhibit moderate growth during 2020-2025.
Biofertilizers are organic substances containing microorganisms that stimulate the growth of plants. Most commonly, these fertilizers are applied to seeds, plant surfaces/interiors, or the soil, for supplying essential nutrients to the plant. They help in nitrogen fixation, solubilizing phosphorus, and enhancing soil fertility. Being eco-friendly substances, they help in curbing the usage of chemical fertilizers and pesticides. Rhizobium, Azetobacter, Azospirillum, and blue-green algae belonging to Nostoc, Anabaena, Tolypothrix, and Aulosira genera are some of the commonly used biofertilizers in the agriculture industry.
Global Biofertilizer Market Trends:
The increasing consumption of organic vegetables and fruits, coupled with the rising health consciousness among consumers, has augmented the demand for biofertilizers, particularly in the developed regions, including Europe and North America. Furthermore, the expanding land area of organic farming, easy availability of the product, suitable economic value, and innovations have profited the biofertilizer market. In addition to this, growing concerns for the harmful environmental effects of synthetic agrichemicals, such as contamination of the food chain and soil pollution, have propelled the utilization of biological products, including biofertilizers.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biofertilizer Market 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the major players and suppliers analyzed in the report include:
1. Novozymes A/S (CPH: NZYM-B)
2. National Fertilizers Limited (NSE: NFL)
3. Rizobacter Argentina S.A.
4. Lallemand Inc.
5. Nutramax Laboratories Inc
6. Madras Fertilizers Limited
7. Gujarat State Fertilizers & Chemicals Ltd.
8. T. Stanes & Company Limited
9. Camson Bio Technologies Limited (BOM: 538858)
10. Rashtriya Chemicals & Fertilizers Ltd.
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The report has segmented the market on the basis of Type, Crop, Microorganism, Application and region.
Market Breakup by Type
1. Nitrogen-Fixing Biofertilizers
2. Phosphate-Fixing Biofertilizers
Market Breakup by Crop
1. Cereals and Grains
2. Pulses and Oilseeds
3. Fruits and Vegetables
Market Breakup by Microorganism
Market Breakup by Mode of Application
1. Seed Treatment
2. Soil Treatment
Performance of Key Regions
1. Asia Pacific
2. North America
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