Biofertilizers Market Size Worth US$ 2.65 Billion by 2024 | CAGR 12.1%

Biofertilizers are made from biological wastes and contain living microorganisms that enrich the nutrient quality of the soil. These microorganisms decompose organic matter and help in soil mineralization. This allows easier absorption of the same by plants, which further promotes their growth. These fertilizers also make nitrogen available for legume crops by fixing atmospheric nitrogen in the soil and their root nodules. They also enhance the fertility of the soil and improve the yield significantly, without adversely affecting the environment. Some of the most common examples of biofertilizers that are widely used for organic farming include bacteria, fungi and cyanobacteria.

According to the latest report by IMARC Group, the global biofertilizers market size reached US$ 1.75 Billion in 2018, growing at a CAGR of 14.3% during 2011-2018.

Global Biofertilizer Market Trends:

Growing environmental consciousness is one of the key factors driving the market growth. There is an increase in inclination toward biofertilizers owing to the rising awareness about the adverse environmental effects, such as soil contamination and pollution, caused by the use of chemical fertilizers. Additionally, the escalating demand for organic fruits and vegetables, owing to the rising health-consciousness among consumers, is also providing a thrust to the market. Furthermore, governments of numerous countries have taken initiatives to discourage the use of chemical fertilizers and promote sustainable methods of agriculture, which is fostering the market growth globally. For instance, as a part of the National Mission of Sustainable Development (NMSA), along with several other rural agricultural programs, the Government of India is actively promoting the use of biofertilizers in the agriculture sector. The initiative intends to extend every form of support and financial assistance to the farmers, while also spreading awareness regarding the usage of biopesticides and sustainable methods to increase the overall crop production. On account of the aforementioned factors, the market is expected to reach a value of US$ 2.65 Billion by 2024, growing at CAGR of 12.1% during 2019-2024.

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/biofertilizer-azotobacter-and-rhizobium-manufacturing-plant

Biofertilizer Market Segmentation:

Performance of Key Regions

1. Asia Pacific
2. North America
3. Europe
4. Others

Market Breakup by Type

1. Nitrogen-Fixing Biofertilizers
2. Phosphate-Fixing Biofertilizers
3. Others

Market Breakup by Crop

1. Cereals and Grains
2. Pulses and Oilseeds
3. Fruits and Vegetables
4. Others

Market Breakup by Microorganism

1. Azotobacter
2. Azospirillum
3. Rhizobium
4. Others

Market Breakup by Mode of Application

1. Seed Treatment
2. Soil Treatment
3. Others

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

IMARC Group
Tel no: +1-631-791-1145
Email: [email protected]
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal