A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the “Biofertilizers Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2020 to 2028.
Biofertilizers Market Analysis
According to cognizance market research the Biofertilizers Market was valued at USD 2.3 Billion in 2019 and expected to register a CAGR of 11.6% from 2021 to 2028.
What is Biofertilizers?
A Biofertilizers is a substance that contains living microorganisms that, when applied to seeds, plant surfaces, or soil, colonize the rhizosphere or the interior of the plant and promote growth by increasing the supply or availability of primary nutrients to the host plant. Mycorrhizal fungi, blue-green algae, and bacteria are among the living species found in it. Mycorrhizal fungi tend to extract minerals from organic matter for the plant, while cyanobacteria are known for their ability to fix nitrogen. Biofertilizers are used to increase soil fertility and high-quality crop production. Biofertilizers do not allow pathogens to flourish and they destroy many harmful substances present in the soil that can cause plant diseases. Biofertilizers are the natural form of fertilizers and hence, widely used in agriculture.
Biofertilizers Market Outlook
In the Biofertilizers report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities, and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
The soil fertility can be seen as a major concern for the farmers as the land has been deteriorating over the past years with excessive use of synthetic fertilizers and pesticides. The use of Biofertilizers has been seen as a perfect solution for this problem and the promotion of sustainable farming by the government has done wonders for market growth. These factors are considered to be the key drivers of the market.
The high cost and low shelf life of microorganisms are key factors restraining the growth of the market. Even the tough competition by synthetic fertilizers has been an add-up for years. These fertilizers also sometimes show low efficiency under unfavorable conditions. The lack of awareness among farmers in developing and underdeveloped countries is also a challenge for key players in the Biofertilizers market.
The pandemic has substantially increased the demand for organic products promoting organic farming, and hence, the increase in demand for Biofertilizers has increased simultaneously. The farmers prefer using Biofertilizers for their multifarious advantages and for better and healthier crop production. This will create demand for Biofertilizers globally.
The practice of organic farming has been in trend with the growing demand for organic food. The consciousness among consumers about healthy food and chemical-free food has favored the market. The environmental concerns shown by the government can set a major trend for the market.
The report offers the revenue of the Biofertilizers market for the period 2018-2028, considering 2018 and 2019 as a historical year, 2020 as the base year, and 2021 to 2028 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Biofertilizers market for the forecast period. The Biofertilizers market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Biofertilizers market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Biofertilizers market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global Biofertilizers market. Secondary research involved a detailed analysis of significant players’ product portfolios. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the global Biofertilizers market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Biofertilizers market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the Biofertilizers market. The subsequent section of the Biofertilizers report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
North America is currently dominating the market as the regulations implemented by the government and the high literacy rate have given a huge ground for the market to spread all over. Fertilizer use is highest in the Asia Pacific and African areas. The growing population growth rate, especially in Asia, has resulted in increased demand for food, which in turn has resulted in increased fertilizer consumption. In 2017, 87 countries had organic requirements, according to the FiBL report on organic laws and regulations. Eighteen countries are working on legislation, and at least 33 countries, mostly in Asia and Africa, have implemented national organic agriculture standards. Resulting from this, the increasing awareness of organic farming will create its demand higher in Asia Pacific countries.
Biofertilizers Market Competitive Landscape
The “Biofertilizers Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Gujrat State Fertilizers and Chemicals Limited, Lallemand Inc., Fertilizers USA LLC, AgriLife, Symborg SL, and Bioworks Inc. among others.
The report explores the competitive scenario of the Biofertilizers market. Major players operating in the Biofertilizers market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Biofertilizers market report.
Key Questions Answered in Biofertilizers Market Report
- What are the major players operating in this market?
- What are trends, drivers, opportunities, and challenges in the Biofertilizers market?
- Which is the leading country in the Biofertilizers market?
- What are the revenue share forecasts of key sections of the Biofertilizers during the estimated timeframe?
- Which segment is expected to lead the Biofertilizers market in terms of revenue by 2030?
- How partnerships & alliances among companies operating in the market are broadening the scope of the Biofertilizers market?
- Who are the top 5 leaders of the Biofertilizers market?
- Which unmet needs will remain unaddressed over the projected period?
The Biofertilizers Market has been segmented as below:
Market, by Application
- Seed Treatment
- Soil Treatment
- Seedling root dip
Market, by Product
- Nitrogen Fixing
- Phosphate Solubilizers
- Potassium solubilizing & mobilizing Biofertilizers
Market, by Crop
- Fruits & Vegetables
Market, by Form
- Carrier-based Biofertilizers
Market, by Microorganisms
Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa