July 11, 2023 11:10 ET | Source: Straits Research Straits Research
New York, United States, July 11, 2023 (GLOBE NEWSWIRE) -- Biofertilizers are compounds containing microorganisms that foster plant and tree development by increasing the supply of vital nutrients to plants. It comprises living organisms such as mycorrhizal fungi, blue-green algae, and bacteria. A biofertilizer is a chemical-containing microbe that invades the rhizosphere or plant interior when applied to seeds, plant surfaces, or soil and promotes plant growth by regulating the amount or presence of primary nutrients in the plant host. Biofertilizers deliver nutrients to plants through natural processes such as nitrogen fixation, phosphorus solubilization, and the production of growth-promoting chemicals. They help restore the soil's organic nutrient cycle and boost its organic matter content. Through the use of biofertilizers, it is possible to cultivate healthy plants while simultaneously improving the health and sustainability of the soil. Biofertilizers will likely reduce the demand for chemical fertilizers and pesticides, but they cannot fully substitute for them. potassium sulfate fertilizer price
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The primary market drivers are:
In addition, the agricultural sector is anticipated to increase its use of biofertilizers due to the introduction of integrated pest management programs that encourage their application. In the coming years, the growth of the global biofertilizers market is projected to be positively influenced by the increased acceptance and adoption of products by farmers in both developing and developed economies. In addition, increasing soil and water pollution due to the excessive use of chemical fertilizers drives the demand for organic fertilizers during the forecast period. Despite the low acceptance of biofertilizers, key factors such as the increase in demand for food products and per capita income have created enormous opportunities for the biofertilizers market in Asia-Pacific and Africa. Despite this, market leaders in biofertilizers face several challenges, including the short shelf life of biofertilizers, storage issues, and a high risk of contamination.
Growth in Organic Food Industry and Regulatory Initiative to Drive the Global Biofertilizer Market Due to the growth of the organic food industry, the biofertilizers market will develop during the forecast period. In addition, the growing initiative taken by government agencies and the growing awareness of the need for sustainable agricultural practices is anticipated to be the most substantial factors driving the growth of the biofertilizers market over the coming years. Due to rising health concerns, consumers are becoming increasingly concerned about food safety, rising residue levels in food, and environmental concerns. This awareness has influenced their preference for chemical-free food items. Consequently, major supermarket chains such as Walmart and Cosco are expanding their organic food offerings. To cater to health-conscious consumers, the restaurant industry in many developed countries now features organic food menus. As biofertilizers and green manure are requirements for organic farming, the growth of the organic food industry is driving the demand for these products. In addition, since the pandemic outbreak, people have become more aware of healthy organic food products, which has contributed to the expansion of the market for biological inputs such as biofertilizers. Consequently, the demand for biofertilizers on the market will increase.
In addition, governments worldwide are promoting several plans and initiatives in the agricultural sector and among farmers to increase the use of bio-based fertilizers. Moreover, numerous governments have enacted comprehensive economic recovery plans, including tax flexibility, liquidity, and agricultural subsidy; these policies are anticipated to impact the biofertilizer market's growth positively.
Growing Opportunities in Africa and Asia-Pacific regions to Create Global Biofertilizer Market Opportunities Asia-Pacific and Africa are among the regions with the highest fertilizer consumption. Population growth, particularly in Asia-Pacific, has increased the demand for food, which has led to an increase in fertilizer consumption. However, the most pressing problems in this region are pollution, soil contamination, and their harmful effects on humans. Governments in these areas emphasize using environmentally friendly fertilizers such as biofertilizers and organic manure to combat the harmful effects of chemical fertilizers. Consequently, it is anticipated that these regions will provide growth opportunities for the biofertilizer market during the forecast period.
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Regional Insights North America will command the biofertilizer market with the largest share during the forecast period. This is due to the rising demand for organic products and farmers' increased use of biofertilizers during the forecast period. In addition, the increased adoption of advanced irrigation systems, such as drip and sprinkler irrigation, for fertigation by farmers in numerous North American nations is driving the growth of the biofertilizers market in the region. The combination of a stringent regulatory environment and a growing preference for biofertilizer market products has resulted in the rapid expansion of the market. In addition, rising concerns regarding the excessive use of chemical fertilizers and nitrate emissions are anticipated to be among the most influential factors driving the biofertilizers market in North America over the forecast period.
The United States Department of Agriculture launched the National Organic Program in 2017 to certify farmland for growers transitioning to organic agriculture. According to the Organic Trade Association, obtaining the certification enables farmers to potentially sell their products for higher prices than conventionally grown goods. These programs are anticipated to increase the use of biofertilizers, thereby expanding the market in North America. In addition, the region's major players are expanding their presence in foreign nations through various business strategies, such as mergers and acquisitions, partnerships, and introducing new products, contributing to regional growth.
Competitive Players in the Market
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Global Biofertilizer Market: Segmentation
TABLE OF CONTENT
Table of Content and Figure @ https://straitsresearch.com/report/biofertilizer-market/toc
In 2022, Novozymes A/S launched two products, Torque UD and Ratchet. In 2022, Novozymes A/S and AgroFresh form a partnership to develop biological solutions and improve post-harvest food quality.
Global Biofertilizer Market Worth USD 3.75 Billion By 2030 | CAGR of 12.80%
Global MicroGranular Fertilizer Market Grows Steadily at a CAGR of 3.80%
Rising Use of Magnesium Nitrate in the Manufacturing of Fertilizers Drives the Magnesium Nitrate Market Growth
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