Bio-Fertilizers Market - Forecast, 2024-2030
Bio-Fertilizers Market Overview:
Bio-Fertilizers Market size is estimated to reach US$5.7 billion by 2030, growing at a CAGR of 10.8% during the forecast period 2024-2030. Increasing adoption of organic farming and growing crop production are expected to propel the growth of Bio-Fertilizers Market.
Additionally, Rise of precision farming technology, advancements in sensor technology, data analytics, and artificial intelligence are allowing farmers to optimize the application of biofertilizers based on real-time data, ensuring efficient nutrient utilization and improved crop yields. Manufacturers are increasingly focusing on developing tailored biofertilizer solutions for specific crops and agro-ecological conditions. Customized formulations address the unique nutrient requirements of different crops, enhancing the effectiveness of biofertilizers. This reflects a shift towards precision agriculture and a more targeted approach to sustainable farming practices, catering to the diverse needs of modern agriculture.
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COVID-19 / Ukraine Crisis - Impact Analysis:??
● The COVID-19 pandemic, had a notable impact on the Bio-Fertilizers Market. As lockdowns and restrictions disrupted supply chains and agricultural activities globally, the production and distribution of biofertilizers faced challenges. The uncertainty and economic downturn during the pandemic led to a temporary slowdown in the adoption of biofertilizers as farmers prioritized essential inputs. However, the crisis also heightened awareness of sustainable agricultural practices, prompting increased interest in biofertilizers as a resilient and eco-friendly alternative.?
● The geopolitical events and uncertainties in Ukraine also influenced the Bio-Fertilizers Market. The ongoing situation created disruptions in trade and logistics, affecting the availability and distribution of biofertilizers. Farmers faced challenges in accessing inputs, impacting their ability to incorporate biofertilizers into their agricultural practices. Despite these challenges, there was a growing recognition of the importance of resilient and sustainable agricultural systems, potentially positioning biofertilizers for increased adoption as the situation stabilized.?
Key Takeaways:
● North America Dominated the Market
Geographically, in the Bio-Fertilizers Market share, the North America region is analyzed to hold a dominant market share of 32% in 2023, due to increasing health concerns with organic food crops in American countries such as the United States, Mexico, and Canada. A favorable regulatory scenario, especially in North America and Europe is expected to be a key driving factor for demand growth over the next few years. Europe followed to be second largest market. The Honorable Lawrence MacAulay, Minister of Agriculture and Agri-Food, announced that the Government of Canada will become a founding member of the Efficient Fertilizer Consortium (EFC). As a result, the market for biofertilizers, which are considered more sustainable than traditional fertilizers, may experience growth as these collaborative efforts expand and reach European markets.
● Soil treatment is the fastest growing segment
In the Bio-Fertilizers Market forecast, Soil treatment segment is estimated to grow with a CAGR of 11.9% during the forecast period, owing to complex applications of biological, physical, and chemical agents on seeds for effective protection and production improvement, which can be achieved efficiently by biofertilizers securing them from soil-borne diseases. Moreover, supportive government regulations, such as the Indian Integrated Plant Nutrition Management Bill initialized in 2022, are also discouraging the use of chemical fertilizers, shifting consumer focus towards eco-friendly and organic seed treatment methods. The emphasis on organic and environmentally friendly farming practices has propelled the demand for biofertilizers in soil treatment, as they offer an eco-conscious alternative to conventional chemical fertilizers.
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● Rhizobium to Hold Largest Market Share
According to the Bio-Fertilizers Market analysis, the Rhizobium is estimated to hold the largest market share of 25% in 2023, The greatest example of symbiotic nitrogen fixation is Rhizobium, which belongs to the Rhizobiaceae bacterial family. It can fix N2 in plants, both legumes and non-legume plants. Rhizobium has been found to be fixed at 300 kg N ha-1 year-1 in a number of different legume crops.? The terms Rhizobium, Brady rhizobium, Sino rhizobium, Azorhizobium, and Mesorhizobium are all collectively referred to as rhizobia. Rhizobia are a group of nitrogen-fixing bacteria that form symbiotic relationships with the roots of leguminous plants. Rhizobium enhances the growth and productivity of leguminous crops by ensuring a more efficient uptake of nitrogen. This, in turn, leads to improved crop yields. As farmers seek methods to optimize production while minimizing environmental impact, the demand for biofertilizers containing Rhizobium is on the rise.
● Increasing Adoption of Organic Farming
As we know Biofertilizers are natural fertilizers that are microbial inoculants of bacteria, algae and fungi. Use of biofertilizer is recommended for improving the soil fertility in organic farming. They accelerate certain microbial processes in the soil which augment the extent of availability of nutrients in a form easily assimilated by plants. They help restore the soil’s natural nutrient cycle and increase soil organic matter. Biofertilizers are carrier-based microorganisms that increase productivity through biological nitrogen fixation, the solubilization of insoluble phosphate, or by generating hormones, vitamins, and other growth -promoting compounds essential for plant growth. The Indian government recently proposed a budget for 2022 that promotes chemical-free natural farming, beginning with farming lands along the Ganga.?
● Growing Crop Production is Increasing Consumption of Biofertilizers
As global agricultural output strives to meet the demands of a growing population, farmers are increasingly turning to biofertilizers as a key driver for enhancing crop productivity. Biofertilizers contribute to sustainable agriculture by improving soil health, nutrient availability, and overall crop performance. The world population will reach 9 billion by 2050 in accordance with Food and Agricultural Organization; as a result, there should be an enhancement in crop yield to meet the food demand. In January 2023, Odisha University of Agriculture and Technology announced that it had started the production of biofertilizers to make them available for farmers in the state at the lowest cost. The university has received funding of 1.5 crores from the central government’s Rashtriy Kisan Vikas Yojana (RKVY), the scheme by the Indian government focuses on developing biofertilizer firms/plants and boosting the production of biofertilizers.
● Low Shelf Life of Biofertilizers
Unlike conventional chemical fertilizers that often have a longer shelf life, biofertilizers, which contain living microorganisms, can be more susceptible to degradation and loss of efficacy over time. The viability of the beneficial microbes in biofertilizers is contingent upon various factors, including temperature, humidity, and storage conditions. The delicate nature of these living organisms makes them prone to deterioration, limiting the duration for which biofertilizers remain effective. The need for cold storage facilities and controlled transportation conditions adds to the operational costs, making biofertilizers a less convenient option for some farmers. Overcoming this hurdle is crucial for the wider adoption of biofertilizers and their successful integration into sustainable agricultural practices.
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Key Market Players:?
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Bio-Fertilizers Market. The top 10 companies in this industry are listed below: