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Global Biofertilizer Market to Reach US$ 22 Billion by 2024

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"Biofertilizers are produced using organic wastes such as struvite and compost which contain living microorganisms like bacteria, fungi, and blue-green algae. Biofertilizers offer numerous advantages over chemical fertilizers. They assist in restoring the soil’s natural nutrient cycle and building organic matter, thereby, maintaining the overall health of the soil."

In addition to this, they are eco-friendly unlike chemical fertilisers which cause environmental pollution. Owing to their various benefits, biofertilizers have today gained significance in the agriculture industry. According to a new report by Expert Market Research, the global biofertilizer market reached a value of around US$ 12 Billion in 2018 and is further expected to reach US$ 22 Billion by 2024.

Global Biofertilizer Market

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The sturdy growth of the market can be accredited to a number of forces. On account of rising environmental awareness, there has been an increase in the implementation of regulatory policies by governments across various countries supporting the use of biofertilizers. Moreover, an inclination towards organic food by consumers have also augmented the demand for biofertilizers. Some of the other factors such as population growth coupled with rising disposable incomes have also broadened the growth aspects of the market. Although the penetration of bio-fertilizers is still at a nascent stage in most regions across the world, the market holds a plethora of opportunities.

Key findings from the report:

  • Different types of biofertilizers include nitrogen fixing, phosphate fixing and others. In 2018, nitrogen fixing such as rhizobium, azotobacter, azospirillum, etc. represented the biggest category of biofertilizers.
  • The major end-uses of biofertilizers are seed treatment, soil treatment and others.
  • Region-wise, North America dominated the market with the majority of the market share. Other key markets include Asia, Europe and Others.
  • The global biofertilizer market is highly fragmented in nature with some of the top players being Novozymes A/S, National Fertilizers Limited, Rizobacter Argentina S.A., Lallemand Inc. and Nutramax Laboratories Inc.
  • These players are targeting the untapped markets of developing regions in order to increase their profitability.

Expert Market Research has analysed the global biofertilizer market according to type, end-use, major regions and top players:

Market breakup by Type

  • Nitrogen-Fixing
  • Phosphate-Fixing
  • Others

Market Breakup by End-use

  • Seed Treatment
  • Soil Treatment
  • Others

Market breakup by Region

  • North America
  • Asia
  • Europe
  • Others

Top players

  • Novozymes A/S
  • National Fertilizers Limited
  • Rizobacter Argentina S.A.
  • Lallemand Inc.
  • Nutramax Laboratories Inc

 

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"Global Biofertilizer Market: North America, Asia, Europe, By Type: Nitrogen-Fixing, Phosphate-Fixing, By End-Use: Seed Treatment, Soil Treatment; Competitive Landscape; Capital Investment; Operating Expenditures; Project Economics; Historical Production and Consumption (2014-2018); Production and Consumption Forecast (2019-2024)"

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