Hyderabad, July 20, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Biofertilizer Market Report (2023-2028),” the market is estimated at USD 3 billion in 2023. It is expected to register a CAGR of 9.78% during the forecast period.
Biofertilizers enhance plant nutrition by mobilizing or increasing nutrient availability in soils. The most common microorganisms used as biofertilizers in agriculture include mycorrhiza, Azospirillum, Azotobacter, Rhizobium, and phosphate-solubilizing bacteria. Mycorrhiza is the most consumed biofertilizer internationally.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 3 billion |
| Market Size (2029) | USD 5.2 billion |
| CAGR (2023-2029) | 9.78% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The increasing organic crop area and increasing demand for organic commodities across the world. |
| Farmers seeking sustainable and eco-friendly solutions to improve crop yields and soil health. |
Who are the Top Companies in the Biofertilizer Market?
The global biofertilizer manufacturers market is fragmented, with the top five companies occupying 21.97% of the market share.
The noteworthy players holding the global biofertilizer manufacturers market are:
- Andermatt Group AG
- Atlántica Agrícola
- Binzhou Jingyang Biological Fertilizer Co. Ltd
- Biostadt India Limited
- Ficosterra
- Gujarat State Fertilizers & Chemicals Ltd
- Indian Farmers Fertiliser Cooperative Limited
- Indogulf BioAg LLC (Biotech Division of Indogulf Company)
- IPL Biologicals Limited
- Kiwa Bio-Tech
- Koppert Biological Systems Inc.
- Microbial Biological Fertilizers International
- Suståne Natural Fertilizer Inc.
- Symborg Inc.
- T.Stanes and Company Limited
Other Reports That Might Be of Your Interest:
- Southeast Asia Fertilizer Market Report - The Southeast Asia fertilizer market size is expected to grow from USD 17.45 billion in 2023 to USD 21.43 billion by 2028 at a CAGR of 4.20% during the forecast period (2023-2028).
- Saudi Arabia Fertilizer Market Report - The Saudi Arabia fertilizer market size is expected to grow from USD 646.87 million in 2023 to USD 924.35 million by 2028 at a CAGR of 7.40% during the forecast period (2023-2028).
Key Highlights from the Biofertilizer Market Report:
Mycorrhiza is the Largest Form
- Biofertilizers are living microorganisms that can improve plant nutrition by either mobilizing or increasing nutrient availability in soils. The commonly used microorganisms as biofertilizers in agriculture include mycorrhiza, Azospirillum, Azotobacter, Rhizobium, and phosphate-solubilizing bacteria.
- Mycorrhiza is the most consumed biofertilizer internationally. It accounted for 36.3% of the biofertilizer segment in 2022, with a market value of USD 995.3 million and a volume of 96.6 thousand metric tons. Mycorrhiza expands the root surface area of plants, thereby enhancing their nutrient uptake.
North America to Dominate the Market
- Biofertilizers can enhance plant nutrition by either mobilizing or increasing nutrient availability in soils. North America and Europe are the leading consumers of biofertilizers worldwide.
- North America amounted to 35.9% of the global biofertilizer market in 2022. The area under cultivation of organic crops in the region expanded by 13.5% during the historical period, from 1.4 million hectares in 2017 to 1.6 million hectares in 2021.
What are the Latest Developments in the Biofertilizer Market?
- In October 2022, Koppert announced investing in three new production units in Brazil, confirming its leadership in the Brazilian and global markets for biological agricultural inputs.
- In September 2022, Corteva Agriscience announced acquiring Symborg Inc. to strengthen its international presence with a strong distribution network.
Mordor Intelligence has Segmented the Biofertilizer Market Based on Form, Crop Type, and Region:
- By Form
- Azospirillum
- Azotobacter
- Mycorrhiza
- Phosphate Solubilizing Bacteria
- Rhizobium
- Other Biofertilizers
- By Crop Type
- Cash Crops
- Horticultural Crops
- Row Crops
- By Region
- Africa
- By Country
- Egypt
- Nigeria
- South Africa
- Rest of Africa
- By Country
- Asia-Pacific
- By Country
- Australia
- China
- India
- Indonesia
- Japan
- Philippines
- Thailand
- Vietnam
- Rest of Asia-Pacific
- By Country
- Europe
- By Country
- France
- Germany
- Italy
- Netherlands
- Russia
- Spain
- Turkey
- United Kingdom
- Rest of Europe
- By Country
- North America
- By Country
- Canada
- Mexico
- United States
- Rest of North America
- By Country
- South America
- By Country
- Brazil
- Argentina
- Rest of South America
- By Country
- Middle East
- By Country
- Saudi Arabia
- Iran
- Rest of Middle East
- By Country
- Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Biofertilizer Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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