Global Biofertilizers Market to Reach $3 Billion by 2024

Biofertilizers are used for enhancing soil fertility to increase crop yield. The micro-organisms-containing substances help soil regain its lost nutrients. Living microorganisms in biofertilizers supply the required organic matter and nutrients to soil which are absorbed by the crops. They are also a cost-effective and efficient alternative to inorganic chemical fertilizers that are harmful to environment as well as human health. Growing concerns over food safety are spurring the use of biofertilizers. Amid the COVID-19 crisis, the global market for Biofertilizers is projected to reach US$3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 10.9% over the analysis period. United States represents the largest regional market for Biofertilizers, accounting for an estimated 28.8% share of the global total. The market is projected to reach US$1 Billion by the close of the analysis period. The United States is forecast to emerge as the fastest growing regional market with a CAGR of 12.1% over the analysis period.

Demand for biofertilizers is increasing because of the general rise in agricultural products need owing to fast growing global population. Increasing awareness about environmental protection and rapidly growing organic food demand also support strong market growth. Growing penchant among agriculturists to adopt more sophisticated technologies for improving overall productivity of crops is also creating strong growth opportunities for biofertilizers. Governments across the world are promoting biofertilizers usage through various grants and subsidies. In EU countries, the Common Agricultural Policy encourages use of biological products and organic farming. Training programs are also being organized for educating farmers in the area of usage and motivating them to adopt biofertilizers in place of chemical fertilizers. The market in North America is anticipated to witness strong growth in biofertilizers demand in the coming years owing to the several bans being imposed on harmful chemical-based fertilizer usage in agriculture because of the many adverse impacts on the ecology observed. In the Asia-Pacific, fast rising population and the need for more sustainably grown food products and the rising focus on organic products constitute the factors promoting biofertilizers market growth.

The market for seed treatment is forecast to emerge as the dominant application of biofertilizers over the analysis period. When seeds are treated with biofertilizers they are able to better sustain virus and bacterial attacks and it also results in increased crop yield. Treated seeds are able to better harness atmospheric nitrogen which is in turn made available to plants. The seeds are also able to enhance soil phosphorous content by way of solubilizing and enhancing its availability. Seed treatment also protects seeds from insects and pathogens and promotes early growth of plants. The growing trend of agriculturists using more of treated seeds is anticipated to fuel biofertilizers market growth.