Biofertilizers Market Share, Sales Channels and Overview Till 2028

According to our latest market study, titled "Biofertilizers Market to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)," The biofertilizers market was valued at US$ 1,996.13 million in 2021 and is projected to reach US$ 4,744.43 million by 2028. It is expected to grow at a CAGR of 12.3% from 2021 to 2028.

Organic farming is basically a method that includes growing and nurturing crops with the utilization of biological materials and products and eliminates the use of synthetic-based fertilizers and pesticides. Organic farming is being increasingly adopted as it provides healthy and high-quality food products. Along with this, organic farming provides several environmental benefits such as it improves soil fertility, combating soil erosion, and reducing greenhouse gas emissions. The demand for organic products is increasing which is not only due to the increase in conscientious consumers but also due to rising incomes which has increased the area under organic farming. According to the report of World of Organic Agriculture, by the Research Institute of Organic Agriculture (FiBL) and IFOAM, in 2019, 72,3 million hectares were under organic agricultural management across the world.

Biofertilizer is one of the essential components of organic farming practices because it combines the naturally occurring microorganisms with organically derived, nutrient-rich fertilizers which provide the plants and soils with a healthy growing environment that is sustainable for future growing seasons. Biofertilizers also help in enhancing the plant’s resistance against pests and abiotic stressors such as drought, excess water, and extreme temperature changes. Thus, rapid growth in organic farming due to an increased adoption of organic products by the consumers across the world is driving the growth of biofertilizers market.

Impact of COVID-19 Pandemic on Biofertilizers Market

The impact of COVID-19 on the biofertilizers market has been very minimal, and it has not disrupted the supply chain to a large extent. The revenue for the biofertilizer market has not been much impacted during the pandemic, and the demand has sustained throughout the year as seasonal crops have maintained sustainable growth during the pandemic. In addition to this, the reopening of major economies with relaxed lockdown norms is expected to fuel the growth of the biofertilizer market in the coming years.

The report segments the Biofertilizers market as follows:

Based on product type, the global biofertilizers market is segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and others. Based on microorganism, the global biofertilizers market is segmented into rhizobium, azotobacter, phosphate solubilizing bacteria, and others. Based on crop type, the global biofertilizers market is segmented into cereals and grains, oil seeds and pulses, fruits and vegetables, and others. Further, based on application, the global biofertilizers market is segmented into seed treatment, soil treatment, and others.

The world's population is increasing, and so are agricultural activities to match the growing demand for food. Conventional agricultural practices generally employ chemical-based fertilizers to increase crop yields; however, these fertilizers can adversely affect the environment and human health. At present, biofertilizers, which offer almost no adversity to the environment and human health, provide an ideal alternative to synthetic fertilizers. Biofertilizers hold immense potential as tools for sustainable crop production, especially in the wake of climate change and global warming. Biofertilizers are living microbes that enhance plant nutrition by mobilizing or increasing nutrient availability in soils. Various microbial taxa like beneficial bacteria and fungi are currently used as biofertilizers as they successfully colonize plants' rhizosphere, rhizoplane, or root interior. Thus, the sustainable crop productivity from biofertilizers without contaminating water and soil is pushing it as a great alternative to chemical fertilizers.

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