Biofertilizers Global Market Report 2024

Biofertilizers are living microorganism-based substances that enhance plant growth by augmenting nutrient availability in the soil or on plant surfaces. They utilize natural processes such as nitrogen fixation and phosphorus solubilization to provide essential nutrients to plants, promoting their development.

These biofertilizers are categorized into types such as cereals and grains, oilseeds and pulses, as well as fruits and vegetables. Cereals and grains, which belong to the Poaceae family, are key staples rich in carbohydrates, serving as vital food sources for both humans and livestock. Biofertilizers are available in various forms such as liquid and carrier-based, applied for purposes such as seed treatment and soil improvement among others.

The biofertilizers market research report is one of a series of new reports from The Business Research Company that provides biofertilizers market statistics, including biofertilizers industry global market size, regional shares, competitors with a biofertilizers market share, detailed biofertilizers market segments, market trends and opportunities, and any further data you may need to thrive in the biofertilizers industry. This biofertilizers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The biofertilizers market size has grown rapidly in recent years. It will grow from $2.2 billion in 2023 to $2.53 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The historic growth can be credited to robust economic development in emerging markets, an upsurge in organic food demand, increased need for agricultural products, and the embrace of precision farming practices.

The biofertilizers market size is expected to see rapid growth in the next few years. It will grow to $4.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The forecasted growth is driven by a growing emphasis on organic agriculture, escalating government initiatives, higher prices of synthetic fertilizers, and the expanding global population. Key trends anticipated in this period encompass the advancement of eco-friendly biofertilizers, innovations in products, technological progressions, and strategic partnerships and collaborations.

The biofertilizers market is anticipated to experience growth during the forecast period, driven by an escalating emphasis on organic agriculture. The promotion of sustainable farming practices, prioritizing soil health, biodiversity, and environmental conservation, characterizes organic agriculture. Biofertilizers, derived from naturally occurring microorganisms, play a pivotal role in enhancing soil fertility and nutrient availability without resorting to synthetic chemicals or genetically modified organisms. Notably, the prevalence of organic agriculture spans 191 countries, encompassing more than 76 million hectares of agricultural land managed organically by at least 3.7 million farmers, as reported by Organic Eprints in 2023. The heightened focus on organic agriculture is poised to be a significant driver propelling the biofertilizers market forward.

The biofertilizer market is expected to be fueled by increasing government initiatives, particularly those favoring agriculture. Government-driven programs supporting agriculture contribute to heightened demand for biofertilizers. A case in point is the Efficient Fertilizer Consortium launched by the Foundation for Food & Agriculture Research (FFAR), a U.S.-based agency, in November 2022. This public-private partnership research initiative aims to advance efficient, environmentally beneficial, and cost-effective fertilizers and management practices. In a similar vein, the Indian government introduced the One Nation One Fertilizer initiative in October 2022. This initiative involves consolidating various fertilizers under a unified brand named 'Bharat' to establish uniformity in fertilizer brands across the country. These governmental initiatives are anticipated to drive the growth of the biofertilizer market by creating a conducive environment for the adoption of biofertilizers.

Product innovation stands out as a prominent trend gaining traction in the biofertilizers market. Key players in this market are actively engaged in the development of innovative products designed to fortify crops, fostering increased resilience to stress factors. This commitment to innovation allows market participants to enhance their product portfolios, generate additional revenue streams, expand market share, and maintain a competitive advantage. An illustrative example is Symborg, a Spanish company specializing in the research and development of bio-fertilizers for advanced agricultural processes. In June 2021, the company introduced Qlimax, an innovative soil energizer functioning as a prebiotic. Qlimax significantly amplifies the concentration of microbial flora in the soil, promoting its growth and augmenting positive activity in the agronomic management of soil and crops. Similarly, Rizobacter, an Argentine producer of microbiological products for sustainable agriculture, launched Microstar BIO in May 2021. This novel specialty fertilizer line integrates biological components with chemical fertilizer, utilizing various Bacillus strains to enhance nutrient usage efficiency, solubilize minerals, and stimulate root growth.

Major companies operating in the biofertilizers market are strategically focused on developing cutting-edge technological solutions to bolster their market position. Innovative technological advancements in production processes and formulation techniques aim to improve the shelf life, stability, and ease of application of biofertilizer products. A case in point is Corteva Agriscience, a U.S.-based agricultural chemical and seed company, which, in September 2022, announced the introduction of its seed coating technology for paddy crops. This technology is designed to combat pests such as leaf folder and yellow stem borer by treating seeds of both conventional and hybrid varieties with Corteva's molecule. The seed coating serves as inbuilt protection, providing immunization against pests and diseases, thereby preventing pest attacks during the growth of paddy crops. This emphasis on technological innovation showcases the commitment of major market players to stay at the forefront of advancements in the biofertilizers market.

In January 2021, Lallemand Inc., a Canadian company, acquired Biotec BetaGlucans AS (BBG), a subsidiary of ArticZymes Technologies ASA, for an undisclosed sum. This acquisition includes BBG's assets such as a food-grade and specialized pharma-certified production plant in Tromsø, Northern Norway, along with the intellectual properties for SBG, Woulgan, M-Gard, and M-Glucan branded product portfolios. BBG, based in Norway, specializes in producing high-purity beta-glucan products derived from yeast cell walls, primarily used as biofertilizers.

Major companies operating in the biofertilizers market report are UPL Limited, National Fertilizers Limited, Lallemand Inc., Novozymes A/S, Chr. Hansen Holding A/S, Gujarat State Fertilizers & Chemicals Ltd., T.Stanes& Company Limited, IPL Biologicals Limited, Bioceres Crop Solutions, FMC Corp, Biolchim SpA, Genliduo Bio-tech Corporation Ltd., Kiwa Bio-Tech, Shandong Sukahan Bio-Technology Co. Ltd., Atlantica Agricola, PT Pupuk Kalimantan Timur, Ajay Farm-Chem Pvt. Ltd., Ajay Bio-Tech (India) Ltd., Bio Vision corporation, Guano, CF Fertilizers Ltd., Yara Ltd., Toopi organics, Biofa AG, Symborg, Biopartner sp z.o.o, AGROUNIK d.o.o, EuroChem Group AG, Agrocare Canada, Agrinos, Anuvia, BioFert Manufacturing Inc., Kiwa Bio-Tech Products Group Corporation, Kula Bio Inc., Novozymes Latin America Ltda, Rizobacter Argentina S.A, Indogulf Bio AG, Nurture Growth Bio Inc., SABIC Agri-Nutrients Company, Green Muscle, Greenbelt Fertilizers Limited, Golden Fertilizer Company Limited, ETG Inputs Holdco Limited

Asia-Pacific was the largest region in the biofertilizers market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the biofertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the biofertilizers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The biofertilizers market consists of sales of bacterial biofertilizers, fungal biofertilizers, algal biofertilizers, and actinomycetes biofertilizers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Biofertilizers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on biofertilizers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for biofertilizers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biofertilizers market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Crop Type: Cereals And Grains, Oilseeds And Pulses, Fruits And Vegetables, Other Crop Types
• 2) By Form: Liquid, Carrier-Based
• 3) By Application: Seed Treatment, Soil Treatment, Other Applications
• Companies Mentioned: UPL Limited; National Fertilizers Limited; Lallemand Inc; Novozymes A/S; Chr. Hansen Holding A/S
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.