May 26, 2024
Biofertilizers Market

Biofertilizers Market is benefitted from rising adoption of Sustainable Agricultural Practices

Biofertilizers help provide nutrients to plants and soil and improve overall soil health. They have several benefits over chemical fertilizers such as helping remediate polluted soils, reducing environmental pollution, and supporting sustainable agriculture. Biofertilizers contain living microorganisms that help fix atmospheric nitrogen or release nutrients locked in the soil. Common biofertilizers include rhizobium, azotobacter, azospirillum, and blue-green algae.

The Global Biofertilizers Market is estimated to be valued at US$ 2.61 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030.

Biofertilizers are increasingly being used in fertilization programs as they help reduce the use of chemical fertilizers and support organic farming practices. The market is driven by the growing emphasis on sustainable agriculture and environment protection.

Key Takeaways

Key players operating in the Biofertilizers Market Size are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others. Key players are focusing on expanding their product portfolios and global presence to tap the growth opportunities.

The growing demand for high-value and niche crops is prompting farmers to use biofertilizers to boost yields. They help enhance soil fertility and provide essential nutrients to crops. This is supporting the increased adoption of biofertilizers.

Major biofertilizer companies are expanding their international operations in high growth regions including Asia Pacific, Latin America, and Middle East & Africa. The rising awareness about sustainable agriculture and availability of technical guidance is fueling the demand for biofertilizers across global markets.

Market key trends

One of the key trends in the biofertilizers market is the growing popularity of liquid biofertilizers. Liquid biofertilizers have higher shelf life, are easy to apply, and help promote faster plant growth. Manufacturers are developing innovative liquid biofertilizer formulations to suit various soil and crop needs. This is expected to drive the demand for liquid biofertilizers among farmers worldwide.

Porter’s Analysis

Threat of new entrants: Biofertilizers require technical know-how and establishment of production facilities which require large capital investments restricting new companies from entering the market easily.

Bargaining power of buyers: The global biofertilizers market is highly fragmented with multiple regional and international players. This gives buyers more options and puts pressure on prices.

Bargaining power of suppliers: The key raw materials required are microorganisms, which are available from different suppliers globally. This reduces the individual supplier’s bargaining power.

Threat of new substitutes
: Other organic fertilizers and fertilizers are substitutes for biofertilizers. However, biofertilizers provide distinctive agronomic and environmental benefits compared to conventional synthetic fertilizers.

Competitive rivalry: The market has the presence of many global and regional players who compete based on product quality, technical support, and pricing.

Geographical Regions

In terms of value, the Asia Pacific region dominated the global market in 2021. This high market share is attributed to huge agriculture output and government initiatives in countries like India to promote organic and sustainable farming.

The Middle East and Africa region is projected to witness the fastest growth during the forecast period. The growth in the African region is driven by the need for cost-effective indigenous fertilizer options to address food security concerns and increasing awareness about biofertilizer benefits.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it