USA, TEXAS, UNITED STATES, February 1, 2024 /EINPresswire.com/ --

Increasing prices of synthetic fertilizers globally, backed by consumers' response toward rising prices for synthetically cultivated food products, are the key market drivers boosting the market growth.
According to the SNS Insider report, the Biofertilizers Market size was USD 3 billion in 2022 and is expected to reach USD 6.81 billion by 2030, growing at a CAGR of 10.8% over the forecast period of 2023-2030.

► CHALLENGES
• Unfavorable climate conditions
• Environment concerns and technical constraints
Biofertilizers have a short shelf life and are prone to contamination. When exposed to high temperatures, the microorganisms used as biofertilizers died. The primary challenge with agricultural inoculation technology is the persistence of microorganisms during storage; other difficulties revolve around several factors such as culture medium, the physiological condition of the microorganisms throughout the dehydration process, preservation, maintenance, and rate of drying. Heavy metals and insecticides can destroy the microorganisms in biofertilizers. Water is required for biofertilizers to be effective, therefore water scarcity may limit their use.

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► Market Report Scope:
The surged demand for organic products has led to an increase in the adoption of biofertilizers. Excessive use of chemical fertilizers has resulted in soil and water pollution, prompting the need for organic and sustainable fertilizers. Developing economies are witnessing a rise in biofertilizer adoption, with producers increasing their capacity to meet growing demand. The demand for sustainable fertilizers suitable for both organic and conventional farming practices is rapidly increasing, driven by their economic and eco-friendly advantages. The rising prices of synthetic fertilizers globally, coupled with the demand for chemical-free food products, are key factors propelling the biofertilizers market. The market is positively impacted by increasing recognition and acceptance among farmers globally. However, challenges such as higher production costs, shorter shelf life, and storage requirements may hinder market growth.

► Market Analysis:
The concern over declining soil quality due to chemical fertilizer overuse has led governments to promote biofertilizers. The EU's "Common Agricultural Policy" supports bio-based products and provides direct green payments to farmers practicing sustainable agriculture. The agriculture industry's dynamic changes, driven by digital farming and precision practices, pose entry barriers for small entrepreneurs due to high technological investment. Rising global population and food scarcity drive innovations in bio-based fertilizers, fostering environment-friendly agricultural solutions.

► Segment Analysis:
By Product - Nitrogen-fixing biofertilizers dominate with over 70% revenue share in 2022. This dominance is attributed to correcting heavily contaminated soil globally and meeting plant growth requirements. The use of various biofertilizers promotes healthy plant development without adverse effects on human health and the environment.
By Application - Seed treatment held over 72% revenue share in 2022, driven by induced nutritional values in seeds. Government regulations on excessive chemical product use in farming contribute to a positive growth trend for biofertilizers in seed and soil applications worldwide.

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► Market Segmentation:
By Product
• Nitrogen Fixing
• Phosphate Solubilizing
• Others
By Crop Type
• Row Crops
• Horticultural Crops
• Cash Crops
By Application
• Seed Treatment
• Soil treatment

► Key Regional Developments:
North America dominated with a 30% revenue share in 2022, driven by government interventions in farming practices and the growth of organic farmland. The U.S. is becoming a hub for organic farming with advancements in microbiology. The Asia-Pacific market is expected to grow at a 10.8% CAGR, with China leading consumption followed by India and Japan. Increased awareness of biofertilizer benefits and government initiatives contribute to market growth.

► Key Takeaway for the Biofertilizers Market Study:
• A global shift towards sustainable farming practices is driving biofertilizer market growth.
• Increasing government interventions globally support the adoption of bio-based fertilizers.
• North America led in revenue share in 2022, while the Asia-Pacific market shows promising growth.

► Recent Developments:
• In 2023, Wilson Chemical Solutions collaborated with Phinite company to convert manure into regenerative biofertilizer, offering a certified organic solution that outperforms synthetic fertilizers.
• In 2022, Koppert Biological Systems Inc. planned to invest in three new manufacturing units in Brazil, focusing on the microbiological range, including formulations based on fungi, viruses, and bacteria.

► Key players:
Indian Farmers Fertiliser Cooperative Ltd, CBF China Biofertilizers, Koppert Biological Systems Inc., Kiwa Bio-Tech Products Group Corp, T. Stanes and Company Ltd, Symborg S.L., Lallemand Inc., Fertilizers USA LLC, Antibiotice S.A., Novozymes A/S, Sigma Agri-Science, LLC, Biomax, Marcos N.P.K., Wilson Chemical Solutions and other key players are mentioned in the final report.

► Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model Textile Chemicals Market
7. PEST Analysis
8. Emulsion Biofertilizers Market Demand By Type
9.Emulsion Biofertilizers Market Demand By Product Type
10.Emulsion Biofertilizers Market Demand By User
11.Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

► About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety.

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SNS Insider
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info@snsinsider.com
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