Global Mycorrhiza-based Biofertilizer Market - 2022-2029

Market Overview

Mycorrhiza is a Bio-fertilizer that helps in promotion of plant growth in an environment friendly manner as well as providing several other benefits to cultivation of plants. It helps in promotion of plant growth in an environment friendly manner as well as providing several other benefits to cultivation of plants. Mycorrhiza is a Bio-fertilizer that helps promote plant growth in an environment-friendly manner and provides several benefits during the plant cultivation stages. Thus, owing rise in awareness about the benefits of mycorrhiza based biofertilizers its demand is increasing which is adding to the growth of the market.

The global mycorrhiza-based biofertilizer market was growing at a CAGR of 12.16% during the forecast period (2022-2029).

Market Dynamics: Increased awareness about the benefits of mycorrhiza-based biofertilizer among farmers is driving the growth of the market

The rapidly increasing organic food market is driving the growth of the market as it is creating high demand for mycorrhiza based biofertilizers. The increased consumer awareness of growing health risks and increasing levels of residues and food contamination and other environmental issues, consumers prefer to have chemical free food products. Thus, the biofertilizers and organic fertilizers has increased owing to increased organic farming. For instance, according to FiBL, the global market for organic food showed its highest growth ever in 2020, exceeding 120 billion euros - a total increase of 14 billion euros. The United States continued to be the leading market (49.5 billion euros). Thus, the market is driven by increasing demand for sustainable agriculture development and the efficiency of using mycorrhiza to grow vital grow crops which ultimately adds to the growth of the market.

On the other hand, one of the major factors affecting the growth of the market is the limited shelf life of mycorrhiza based biofertilizers that may lead to high risk of food contamination.

Market Segmentation: Liquid segment stands for the highest share in global mycorrhiza based biofertilizers

Liquid based fertilizers have been the most preferred choice of consumers due to the growing demand increased usage owing to its benefits such as easy way of usage, painless, fast-acting, immediate action after application.

Geographical Penetration: Asia-Pacific is the dominating region during the forecast period

The region has well-developed food, industrial and agricultural sectors which increases the demand for urea fertilizers and adds to the growth of the market. Furthermore, the region has a large agricultural sector which makes it an important market for fertilizer manufacturers. For example- China, India, Japan, South Korea and Taiwan are some of the major countries in Asia Pacific that have a strong agricultural production sector. Thus, the consistently growing agriculture industry and increased demand for mycorrhiza-based bio- fertilizers due to that is driving the growth of the market in the region. Furthermore, the advancements in agriculture sector along with increase in adoption of genetically modified crops are a key driver for the market in this region.

Competitive Landscape:

The global mycorrhiza-based biofertilizer market is competitive and comprises players such as Novozymes, Rizobacter, UniCorp Biotech, Symborg, Valent Biosciences, Asfertglobal, Agrinos, Sustane Natural Fertilizer, Sikko Industries and AgriLife among others. The mycorrhiza-based biofertilizer market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as agreements and product innovation for various applications.

For instance,

• In February 2022, EuroChem Group AG, a, leading global fertilizer producer, acquired the nitrogen business of the Borealis group after having submitted a binding offer. This acquisition will provide EuroChem five production facilities across Europe as well as full sales and distribution network.

COVID-19 Impact: Positive impact on global mycorrhiza-based biofertilizer market:

The COVID-19 pandemic has adversely affected the economies of various countries due to lockdowns, business close, and travel bans. Agriculture is among the major industries that suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants. The global crisis caused by the COVID-19 pandemic exerted a significant impact on most industries. However, the fertilizer industry, including the mycorrhiza-based biofertilizer market, has shown some resilience in the supply chain during the crisis. Fertilizer companies have developed global immunity by working in a highly turbulent environment for a long time.

In addition, governments of different countries are providing various schemes for encouraging the manufacturers of biofertilizers, and they are taking several initiatives to bring about a shift from conventional farming practices to organic farming practices. These are driving the usage of mycorrhiza biofertilizers. Increased food demand and the need for sustainable agricultural development, impressive efficacy in the growth of important crops, and depleting phosphorous levels in soils are the factors driving the market. This, in turn, has led the mycorrhiza manufacturers to meet the demand-supply gap for these biofertilizers since there is a growing trend toward organic products.

The global mycorrhiza-based biofertilizer market report would provide an access to approximately 53 market data tables, 44 figures and 172 pages.