The Biofertilizers Market is being driven by Increase in demand for biofertilizers from developing countries
The Biofertilizers Market is expected to grow at a CAGR of 13.64% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2271.4 million. In the face of a burgeoning global population and the resulting pressure on land and natural resources, including water, the demand for increased crop production has led to a significant depletion of essential plant nutrients. Consequently, farmers have turned to chemical and inorganic fertilizers, such as ammonia, to restore lost nutrients. However, the overuse of these fertilizers has been shown to impede soil biological activities, ultimately compromising soil quality. As a response to these concerns, the organic farming industry is experiencing a surge in popularity due to growing awareness of the health risks associated with the use of chemicals in food production.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.64% |
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Market growth 2024-2028 |
USD 2271.4 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
11.72 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Biofertilizers market is witnessing a rising demand due to the increasing awareness of preserving soil health and sustainability in agriculture. Nitrogen-fixing soil, rich in cyanobacteria and other microorganisms, plays a crucial role in the Biofertilizers industry. These living microbes, including rhizobia, phosphate solubilizers, and nitrogen biofertilizers, enhance plant nutrition by making essential nutrients like nitrogen and phosphate available to crops. Soybean is a significant crop benefiting from biofertilizers, as soybean rhizobia form a symbiotic relationship with the plant, converting atmospheric nitrogen into a usable form. Bioinoculants, a type of biofertilizer, contain these beneficial microorganisms and are gaining popularity in protected agriculture and precision farming. Microorganisms like algae, fungi, and bacteria, which are naturally occurring in the rhizosphere, contribute to the Biofertilizers market. The use of biofertilizers not only promotes healthier plants but also reduces the need for chemical fertilizers, minimizing fertilizer abuse and harm to ecosystems. In summary, the Biofertilizers market is driven by the need for sustainable fertilizers that preserve soil fertility, improve nutrient uptake, and contribute to the overall health of plants. The use of nitrogen biofertilizers, phosphate solubilizers, and other bioinoculants in agriculture is a step towards reducing the reliance on chemical fertilizers and ensuring long-term soil health.
The Biofertilizers market is a significant segment within the larger Global Specialty Chemicals Market, as identified by Technavio. This market encompasses businesses specializing in high-value-add chemicals used in the production of various industries' wide-ranging products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. According to Technavio's market analysis, key growth drivers for the Global Specialty Chemicals Market include the increasing demand for specialty adhesives and sealants, which will significantly contribute to the market's expansion throughout the forecast period.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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