PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182889
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1182889
The Mycorrhizae-based Biofertilizers Market size was valued at USD 620.8 Million in 2021, expanding at a CAGR of 16.1% from 2022 to 2028.
Mycorrhizae-based Biofertilizers contain spores of mycorrhiza fungus (Glomus spp.). It is a beneficial fungus that symbiotically associates with plant roots and Increases absorption of phosphorus, other nutrients, and water from the soil which support to growth & development of plant and increases their yield.
Governments in many countries are implementing various programs to support biofertilizer makers and are undertaking several measures to transition from conventional to organic farming techniques. These factors are pushing people to use mycorrhiza biofertilizers. The drivers driving the market are increased food demand and the need for sustainable agricultural development, exceptional efficacy in the growth of vital crops, and declining phosphorus levels in soils. Because of the growing trend toward organic products, mycorrhiza manufacturers were compelled to close the demand-supply gap for these biofertilizers. For instance, the Indian government, including many districts in India, launched many programs in 2020 encouraging the essential use of mycorrhiza-based biofertilizers instead of chemical fertilizers. Under the National Mission on Oilseeds and Oil Palm (NMOOP), a 50% subsidy of USD 4.09 (INR 300) per hectare is granted for various components like biofertilizers, rhizobium culture supplies, phosphate-solubilizing bacteria, and mycorrhiza.
The North American region is expected to lead the market due to rising demand for organic products, increased farmer knowledge of biofertilizers, and increased usage of innovative irrigation techniques for fertilizing such as drip and sprinkler irrigation. Growing demand for organic food, better crop yield, superior quality, and increased acceptability of precision farming technologies are all major trends driving the increased use of mycorrhizae-based biofertilizers in the US agricultural industry. For instance, FiBL & IFOAM Organics International (2022) stated organic retail sales in the region occupied 44.5% of the global organic retail sales and were the most significant market, USD 56.08 billion. Thus, driving regional growth during the forecast period.
Besides, the Asia Pacific region is expected to grow significantly over the forecast period. The adoption of science-backed, modern agricultural techniques is expected to drive the expansion of mycorrhizae-based biofertilizers in Asia Pacific countries such as China, India, Australia & New Zealand, and Japan during the forecast period. Furthermore, government regulations aimed at increasing the usage of biofertilizers are helping market expansion in the region.
In August 2022, Mycorrhizal Applications LLC, a Valent Biosciences company, extended its research facilities in the Bio Research and Development Growth Park at Donald Danforth Plant Science Center in St. Louis, Missouri. The extension increases laboratory capacity for research on arbuscular mycorrhizal fungi and allows the company to conduct in-depth research on new mycorrhizal applications.
In June 2022, Groundwork BioAg and Israel-based global crop protection business ADAMA commercially agreed to supply sustainable, cost-effective mycorrhizal solutions in the Indian market to boost crop yields. This agreement allows ADAMA and Groundwork BioAg to have access to India's enormous and rapidly increasing agricultural market, which includes corn and soybeans.
The scope of this report covers the market by its major segments, which include as follows: