The Worldwide Biofertilizers Industry is Expected to Reach $4.5 Billion by 2026 at a CAGR of 11.9% from 2021
DUBLIN, June 11, 2021 /PRNewswire/ -- The "Global Biofertilizers Market by Form (Liquid, Carrier-based), Mode of Application (Soil Treatment, Seed Treatment), Type (Nitrogen-fixing, Phosphate Solubilizing & Mobilizing, Potash Solubilizing & Mobilizing), Crop Type, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global biofertilizers market is estimated to be valued at USD 2.6 billion in 2021 and is expected to reach a value of USD 4.5 billion by 2026, growing at a CAGR of 11.9% in terms of value during the forecast period.
Factors such increase in organic farm area, rising initiatives by government agencies and increasing awareness about the need for sustainability in modern agriculture and increase in the production and yield of crops are some of the factors driving to the growth of the biofertilizers market.
The market for carrier-based biofertilizers is projected to grow at the highest CAGR between 2021 and 2026 in Asia Pacific region
The market for carrier-based biofertilizers as form segment is growing at the fastest rate during the forecast period in Asia Pacific region. Carrier-based biofertilizers are added to the soil to enrich soil fertility. The carrier is a medium that is being used to support the viability of the microorganisms in sufficient quantities. Carrier materials must be cost-effective, non-toxic, readily available in abundant supply and easy to apply. Also, an acceptable carrier must have suitable pH buffering and high water-holding capacity and chemical and physical uniformity to support the optimal growth of microbial species. Carrier materials occur in the form of solids/tablets, granules, or powders.
Fruits & vegetables is the fastest growing market during the forecast period
Fruits & vegetables consumption is gaining more popularity these days as it serves an array of important functions in the body. The use of biofertilizers is one of the crucial element of fruits & vegetable sustainable production. According to WHO 2019, insufficient intake of fruits & vegetables is estimated to cause around 14% of deaths from gastro-intestinal cancer worldwide.
Soil treatment dominates the biofertilizers market during the forecast period
Soil treatment is a method, in which certain bacteria, fungi, and other microorganisms, such as algae and protozoa, are mixed with ploughed soil or organic fertilizers to enrich the soil microbiome. The use of biofertilizers in soil depends upon the nutrient content and the type of crops that need to be grown. When these helpful microorganisms are introduced in the soil, they help the plant to receive adequate nutrients, which are insoluble and absorbable forms. In addition, these biofertilizers do not impact the soil fertility adversely but help to enhance its microbial content.
South America market for biofertilizers is projected to grow at the second-highest CAGR during the forecast period
The growth of the biofertilizers market in this region is significantly contributed by the economic growth in Brazil and Argentina; the markets in these countries are projected to grow well above the regional average. The availability of arable land and the expansion of farmlands, especially in Brazil, Argentina, and Chile, ensure the growth of this market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Biofertilizers Market, by Type
7 Biofertilizers Market, by Crop Type
8 Biofertilizers Market, by Mode of Application
9 Biofertilizers Market, by Form
10 Biofertilizers Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Adjacent & Related Markets
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SOURCE Research and Markets