Market Summary:

The global biofertilizers market size was USD 1.58 Billion in 2022 and is expected to reach USD 4.17 Billion in 2032, and register a revenue CAGR of 12.9% during the forecast period. Market revenue growth is primarily driven by factors such as rising demand for Organic Food Products, need for sustainable agriculture practices, and increasing awareness about the harmful effects of chemical fertilizers on the environment and human health.

Use of biofertilizers is gaining popularity among farmers and agriculturalists as these are eco-friendly and do not cause any harm to the soil or the environment. Biofertilizers are made from natural sources such as Plant Extracts, animal waste, and microorganisms, which help in improving soil fertility and plant growth. Rising demand for organic food products is driving demand for biofertilizers as these products are used to grow crops without use of harmful chemicals and Pesticides.

Moreover, need for sustainable agriculture practices is driving demand for biofertilizers as these help in reducing use of chemical fertilizers and pesticides, which are harmful to the environment and human health. Use of biofertilizers also helps in reducing the carbon footprint of agriculture, which is a major contributor to greenhouse gas emissions.

Increasing awareness about the harmful effects of chemical fertilizers on the environment and human health is also driving demand for biofertilizers. Chemical fertilizers are known to cause soil degradation, water pollution, and health problems in humans and animals. Biofertilizers, on the other hand, are safe and do not cause any harm to the environment or human health.

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Strategic Development:

·         In 2021, Novozymes A/S entered into a partnership with FMC Corporation to develop biological crop protection solutions. The partnership aims to accelerate the development of innovative solutions to protect crops against pests, diseases, and weeds using biologicals.

·         In 2020, Lallemand Inc. announced the acquisition of Agrauxine, a leading provider of biocontrol solutions for the agricultural industry. The acquisition was aimed at expanding Lallemand's product portfolio and strengthening its position in the biocontrol market.

·         In 2020, Rhizobacter Argentina S.A. announced the launch of Rhizolizer, a new line of biofertilizers designed to increase crop yields and improve soil health. The product line includes formulations for various crops, including soybean, wheat, corn, and sunflower.

·         In 2020, Symborg announced a strategic partnership with UPL Ltd. to develop and market biofertilizers and biostimulants in Brazil. The partnership aims to leverage Symborg's expertise in microbiology and UPL's extensive distribution network to expand the biofertilizer market in Brazil.

·         In 2020, Tata Chemicals Ltd. announced a joint venture with the Spanish company, Bioiberica S.A.U., to manufacture and market biostimulants and other crop nutrition solutions in India. The joint venture aimed to leverage Tata Chemicals' expertise in crop nutrition and Bioiberica's expertise in biostimulants to address the growing demand for sustainable agricultural solutions in India.

Biofertilizers Market Report Scope

Leading Players in the Biofertilizers Market:

The global biofertilizers market is poised for substantial growth in the foreseeable future, driven by the increasing demand for organic food products and the growing adoption of sustainable farming practices. Biofertilizers, composed of organic materials containing living microorganisms, play a vital role in enhancing soil fertility and promoting plant growth by fixing atmospheric nitrogen, solubilizing soil phosphorus, and producing growth-promoting substances. This market is primarily led by a group of key players who are actively investing in research and development, forming strategic partnerships, and introducing innovative products to maintain their market dominance. Among the prominent companies operating in the biofertilizers market are:

·         Novozymes A/S

·         Lallemand Inc.

·         Rhizobacter Argentina S.A.

·         Symborg

·         Biolchim S.p.A.

·         Tata Chemicals Ltd.

·         Mahafeed Specialty Fertilizers Pvt. Ltd.

·         Biomax Naturals

·         Mapleton Agri Biotech Pvt. Ltd.

·         Rizobacter Brasil S.A.

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