Biofertilizers Market

Biofertilizers Market is Anticipated to Witness High Growth Owing to Rising Organic Farming Practices


Biofertilizers are microorganisms that help in increasing the supply of plant nutrients in the soil. They aid plant growth by means of several mechanisms like nitrogen fixation, solubilizing phosphorus, stimulating plant growth through the synthesis of growth-promoting substances. The growing trend of organic farming is driving the demand for biofertilizers as they help enhance soil fertility without using any chemicals. The rising health and environmental consciousness has increased the cultivation of organic food worldwide. Furthermore, depleting global resources, strict regulations on chemical fertilizers, and the need for sustainable agricultural practices are other key factors fueling the biofertilizers market growth.

The Global Biofertilizers Market Demand is estimated to be valued at US$ 2.61 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the biofertilizers market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others. These key players are focusing on new product launches and expanding their geographical presence through mergers and acquisitions to increase market share.
The rising demand for organic foods and implementation of stringent laws prohibiting the usage of chemical fertilizers present tremendous growth opportunities for players in the biofertilizers market. Additionally, the growing export demand for organic food from developed countries of North America and Europe to the developing nations of Asia and Latin America is fueling the global expansion of biofertilizers.

Market drivers and restrain:
Key driver- Growing awareness regarding environmental hazards of chemical fertilizers is propelling farmers to shift to sustainable and organic farming practices using biofertilizers. This is expected to drive the demand over the forecast period.
Key restrain- High production costs and technical constraints in the manufacturing process make biofertilizers expensive compared to chemical fertilizers. This could hamper market growth.

Segment Analysis
The biofertilizers market comprises of Nitrogen fixing biofertilizers, phosphate solubilizing & mobilizing biofertilizers, and other types. Nitrogen fixing biofertilizers dominates the market with a share of around 60% as they help in nitrogen fixation and significantly reduce the requirement for chemical nitrogen fertilizers in various crops including wheat, pulses, oilseeds and vegetables. These biofertilizers improve soil health and fertility by fixing nitrogen from atmosphere.

Global Analysis
In terms of regional analysis, North America will dominate the global biofertilizers market during the forecast period. The demand for biofertilizers is high in the US and Canada due to growing concerns regarding chemical fertilizers and their severe impacts on soil and environment. The Asia Pacific region will emerge as the fastest growing market owing to increasing population and rising demand for organic foods. Countries like India and China are major producers and consumers of agriculture outputs driving the need for sustainable fertilizer options like biofertilizers.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it