The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Aug. 11, 2023 /PRNewswire/ -- As per the Biofertilizers Global Market Report 2023, the global biofertilizers market has witnessed a remarkable upswing, surging from $1.88 billion in 2022 to $2.14 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 13.9%. This impressive trend is anticipated to continue as the market projects a growth to $3.51 billion by 2027, maintaining a robust CAGR of 13.2%. The surge in demand for biofertilizers is being predominantly driven by mounting concerns for food safety and security, spurring the adoption of innovative agricultural solutions.
Escalating Food Safety Concerns Catalyze Biofertilizers Market Growth
Food safety has emerged as a paramount concern, igniting the expansion of the biofertilizers market. With increasing scrutiny on food integrity, stakeholders across the supply chain are seeking ways to enhance safety measures. To ensure high-yield food production that aligns with stringent safety standards, the utilization of biofertilizers has become pivotal. As an illustration, a global poll conducted in November 2020 revealed a growing worldwide apprehension over food safety and future food supplies. The Tetra Pak Index, in its 13th edition, reported that concerns regarding food safety and future food supply surged by 10%, with 40% of respondents ranking these issues among their top three concerns. Governments and manufacturers were perceived as the primary entities responsible for enhancing food safety.
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Innovation Key Trend In Biofertilizers Market Landscape
Product innovation has emerged as a prominent trend in the biofertilizers market, with key players intensively focusing on developing innovative solutions to fortify crop growth and resilience against stressors. By introducing pioneering biofertilizer products, these industry leaders are diversifying their portfolios, garnering additional revenue, and securing a competitive edge. A case in point is Symborg, a Spanish company renowned for its involvement in advanced agricultural processes. The company launched Qlimax, an innovative soil energizer that enhances microbial flora concentration in the soil, boosting soil and crop health.
Market Leaders Pioneering Progress
Key players driving the biofertilizers market forward include Novozymes A/S, CBF China Bio-Fertilizer AG, SOM Phytopharma (India) Limited (AgriLife), and others. These industry leaders are at the forefront of innovation, contributing to the advancement of sustainable agricultural practices.
Regional Dynamics and Market Segmentation
In 2022, Asia-Pacific led the biofertilizers market, exemplifying robust demand and adoption.
The biofertilizers market is intricately segmented by product (Nitrogen Fixing, Phosphate Solubilizing, Other Products), crop type (Cereals & Grains, Oilseeds & Pulses, Fruits & Vegetables, Other Crop Types), form (Liquid, Carrier-based), and application (Seed Treatment, Soil Treatment).
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The global biofertilizers market is on an upward trajectory, fueled by intensifying concerns for food safety and a drive toward innovative agricultural solution. As stakeholders prioritize both safety and productivity, the adoption of biofertilizers becomes a pivotal strategy in ensuring a sustainable and secure global food supply.
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