Evolve Business Intelligence has published a research report on the Global Biofertilizers market, 2023–2032. The global Biofertilizers market is projected to exhibit a CAGR of around 12.24%during the forecast period of 2023 to 2032.
Evolve Business Intelligence has recognized the following companies as the key players in the global Biofertilizers market: Camson Bio Technologies Limited, National Fertilizers Ltd., Monsanto BioAg, Rashtriya Chemicals & Fertilizers Ltd, Gujarat State Fertilizers & Chemicals Ltd, Madras Fertilizers Limited and Agri Life.
Market Highlights
The Global Biofertilizers market is projected to be valued at USD 5 Billion by 2032, recording a CAGR of around 12.24% during the forecast period. Biofertilizers market refers to the commercial landscape or industry associated with the production, distribution, and sale of biofertilizers. Biofertilizers are natural or organic substances that contain living microorganisms, such as bacteria, fungi, or algae, which help enhance soil fertility and nutrient uptake in plants. The Biofertilizers market involves various stakeholders, including manufacturers or producers of biofertilizer products, agricultural companies, distributors, retailers, farmers, and researchers involved in the development of new biofertilizer technologies.
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The full impact of COVID-19 on the Biofertilizers market was still unfolding. The pandemic affected various industries worldwide, and agriculture was no exception. Restrictions on movement and trade disruptions may have affected the production and distribution of biofertilizer products, leading to delays or shortages in supply.Some governments might have encouraged the adoption of biofertilizers as part of their efforts to promote sustainable agriculture and boost the agricultural sector during the pandemic.
Segmental Analysis
The global Biofertilizers market has been segmented based on Type, Application and microorganism.
Based on Type, the Biofertilizers market is segmented into Nitrogen Fixing and Phosphate Solubilizing. The nitrogen fixing segment dominated the market due to its balancing capability for the soil’s nitrogen content, which helps the crop thrive. The three main types of nitrogen bio-fertilizers are free-living, symbiotic, and associative symbiotic.
Based on Application, the global Biofertilizers market has been divided into Leaf Treatment, Root Immersion and Plant Rooting. The leaf treatment dominated the market. The plant and crop seeds are treated with biofertilizers, considerably lessening agricultural production to prevent viral or bacterial infections.
Based on Microorganism, the global Biofertilizers market has been divided into Rhizobium, Azotobacter and Azospirillum. The rhizobium segment dominated the market because it not only fixes nitrogen well but also fosters the solubilization of inorganic phosphate and acts as a plant growth promoter.
For More Information : https://evolvebi.com/report/biofertilizers-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
Regional Analysis
The Biofertilizers market is divided into five regions: North America: North America had a well-established Biofertilizers market, driven by a strong emphasis on sustainable agriculture and organic farming practices. The United States and Canada were among the leading countries in the adoption of biofertilizers due to increasing awareness of their benefits and government support for sustainable agriculture initiatives.Europe also had a significant Biofertilizers market, with countries like Germany, France, Spain, and Italy leading the way in adoption. The European Union’s policies promoting sustainable agriculture and reducing the use of chemical fertilizers played a crucial role in driving the demand for biofertilizers. The Asia-Pacific region exhibited a growing interest in biofertilizers, driven by factors such as increasing population, rising demand for food, and environmental concerns. Countries like India, China, and Vietnam had been witnessing a surge in the adoption of biofertilizers as farmers looked for eco-friendly and cost-effective alternatives to chemical fertilizers.Latin American countries, including Brazil and Argentina, were witnessing a rising trend of biofertilizer adoption, particularly in organic and sustainable agriculture segments. Government initiatives and support for sustainable farming practices contributed to the growth of the Biofertilizers market in the region.