• Stacy Lawlor

Global Biofertilizers Market Size to grow by US$ 5.45 Bn in 2030

The Global Biofertilizers Market is projected to grow from USD 2.60 billion in 2021 to USD 5.45 billion by 2030 at a CAGR of 12.2% during the forecast period.


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The rising product demand for biological fertilizers, results from increased demand for organic products. The market is being positively influenced by increased recognition and acceptance of the product among farmers in both developed and developing economies. Furthermore, agricultural input producers' active participation in ramping up their production of agricultural biologicals, particularly biofertilizers, is expected to drive market growth.


The worldwide market has slowed as a result of the COVID-19 outbreak owing to the socio-economic developments that have occurred during this pandemic. Biofertilizer and organic fertilizer manufacturers confront similar issues as the traditional fertilizer sector due to inconsistencies in raw material supply. Due to the limited number of carriers, price gouging by some logistics companies has become a big issue. Because of the uncertainty surrounding the issue has decreased demand for bio-based fertilizers.


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Organic product demand is soaring, owing to increased earnings, as well as better farming practices that boost organic yields. As a result of the growing demand for organic food around the world, the amount of land dedicated to organic farming has expanded. According to FiBL data, the area under organic farming in the world expanded from 69.4 million hectares in 2017 to 74.9 million hectares in 2020. Moreover, the Common Agricultural Policy encourages the use of plant protection agents in a sustainable manner, limits synthetic fertilizers, and encourages the use of biofertilizers and organic farming. As a result, expanding organic farming methods and consumer awareness of health, environmental, qualities, and safety, together with favorable government laws, are expected to propel the biofertilizers market to new heights throughout the projected period.


Concerns about diminishing soil quality as a result of misuse of chemical fertilizers, as well as their possible negative effects on human health, have prompted governments around the world to push bio-fertilizers. Various strategies, schemes, and other activities are being implemented by governments in several agro-dominant countries to encourage farmers to use bio-based fertilizers. Many governments have also implemented comprehensive economic recovery plans that include additional liquidity, tax flexibility, and agricultural and food industry subsidies, all of which are expected to boost the market growth.


North America is dominating the market share of the biofertilizers market due to the growing number of organic farms in major economies such as the United States, Canada, and Mexico, the market in North America is rapidly developing. According to a 2019 report by the United States Department of Agriculture (USDA), there were roughly 16,500 organic certified farms in the United States in 2019, up 17 percent from 2016. In 2020, the extraordinary COVID-19 epidemic and its massive impact on consumers' daily lives had major implications for the organic sector. Organic food products are the food of choice for buyers looking for clean, healthful eating at home.


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KEY INDUSTRY DEVELOPMENTS:


In September 2021, Novozymes introduced five biological solutions, including inoculants, to address critical difficulties faced by North American producers, as well as a new sales staff to serve customers directly in the United States. Inoculants for nutritional efficiency, nodulation, and nitrogen fixation are among the new items.


In June 2021, The State Government's Ettaiyapuram factory in India has launched large-scale manufacture of liquid biofertilizer, which improves soil health and boosts agricultural produce. The goal of building this plant is to encourage farmers to use biological fertilizers instead of chemical fertilizers as much as feasible.


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