The global biofertilizer market is expected to grow at a CAGR of 12.1% during the forecast period (2022-2027). Due to the emergence of the COVID-19 pandemic, there has been a disruption in the supply chain due to which the agricultural sector has faced issues such as unavailability of labor. labor, transportation barriers, restriction in market access and lack of inventory in some regions which slightly affects the growth of the biofertilizers market.
New York, April 26, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Global Biofertilizer Market | Growth, Trends, Impact of COVID-19 and Forecast (2022 – 2027)” – https://www. reportlinker.com/p06271853/?utm_source=GNW
The increased practice of organic farming, the need to improve soil organic matter, and a favorable regulatory structure are the major factors driving the market. Additionally, with the advent of integrated pest management programs that encourage the use of biofertilizers, the agricultural sector is expected to experience increased use of biofertilizers. Most European and North American countries and some Asian countries have established appropriate regulations to control the use of synthetic chemicals for crop protection and thus create a promising commercial ecosystem for biofertilizers. In addition, the governments of many countries are offering various programs to encourage biofertilizer manufacturers and are taking several initiatives to switch from conventional farming practices to organic farming practices. Hence, increased adoption of organic farming and conducive regulatory environment is expected to drive the growth of the market studied over the forecast period.
Main market trends
Increase organic farmland
The increase in demand for organic products is booming, not only due to the increase in conscientious consumers, but also due to rising incomes, as well as improved farming practices that make yields organic. more robust. As a result, the growing demand for organic food, worldwide, has increased the area devoted to organic farming. For example, according to FiBL statistics, the area devoted to organic farming worldwide has increased from 69.4 million hectares in 2017 to 74.9 million hectares in 2020. The factor such as the increase in practices organic farming has resulted in improved soil fertility, as well as the extensive use of organic products, such as biofertilizers. This has further triggered the demand for biofertilizer products as they are organic and help maintain ecological balance. Additionally, government agencies around the world are taking initiatives to promote the use of biofertilizers. Recently in 2020, the Indian government announced to make the purchase of bio-fertilizer compulsory for every farmer who buys urea to promote organic nutrients and reduce the use of chemical fertilizers. Similarly in Europe, the government is emphasizing the use of biological control methods for disease management. The common agricultural policy promotes the sustainable use of phytosanitary products and limits synthetic fertilizers while encouraging the use of biofertilizers and organic farming. Hence, increasing organic farming practices with growing consumer awareness of health, environment, quality and safety coupled with supportive government policies are expected to drive the biofertilizers market at a phenomenal rate. during the forecast period.
North America dominates the biofertilizer market
The United States Department of Agriculture launched a national organic program to certify farmland for growers who were in the process of going organic in 2017. According to the Organic Trade Association, through certification, farmers may be able to to sell products at higher prices than conventionally grown products. These programs are expected to expand the use of biofertilizers, eventually expanding the market in the United States. Rhizobium-based biofertilizers occupy the major part of the biofertilizers used in the country. Commonly used genera are bradyrhizobium, sinorhizobium, azorhizobium, mesorhizobium, and allorhizobium. Major players are expanding their presence in the country through various business strategies, such as mergers and acquisitions, partnerships, and new product launches. For example, in 2019, Valent BioSciences launched its new product called MycoApply Ultrafine Endo/Ecto.? In the United States, mycorrhizal fertilizers are the most widely used in horticultural crops. The greenhouse vegetable sector is the fastest growing sector in Canadian horticulture. In 2019, there were a total of 838 commercial greenhouse vegetable farms with 17.6 million square meters of production area. The use of mycorrhizal fungi has been shown to increase yields and provide sustainable growing conditions in organic and hydroponic production systems. Therefore, the use of mycorrhizal biofertilizers may be a viable option for greenhouse growers in this region. Similarly, an increase in the consumption of bio-based plant nutrition over the past two years has been observed in Mexico. Rhizobium and mycorrhiza are the popular biofertilizers used in the country due to the cost effectiveness of these bio-based solutions. Therefore, with the growing demand for cost-effective agricultural solutions and new innovative technologies to produce biofertilizers, the biofertilizers market in the region is expected to grow significantly over the forecast period.
The global biofertilizers market is fragmented, with many large and small players present in different geographical regions. Kiwa Bio-Tech Products Group Corporation, Lallemand Inc, Bayer CropScience, Rizobacter and BASF SE are some of the leading companies in the market. These major players invest in new products and improvise products, expansions and acquisitions for business expansions. Another major area of investment is the emphasis on R&D to launch new products at lower prices.
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