Biofertilizers are enriched with microorganisms that enhance soil fertility and enrich nutrient levels naturally. The essential microorganisms in these formulations include nitrogen fixers, phosphate solubilizers, and mobilizers of other nutrients. Biofertilizers increase crop yields while minimizing the use of chemicals. The global demand for organic food has grown exponentially in recent years due to rising health concerns. Population growth has also increased pressure on cultivable land, necessitating sustainable agricultural practices. Biofertilizers play a vital role in organic farming by replenishing soil nutrients without using synthetic fertilizers.
The global Biofertilizers Market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the biofertilizers market is the development of innovative microbial formulations. Continuous research is being conducted to isolate efficient microorganisms and develop biofertilizer formulations that can fix maximum nutrients under different soil and climatic conditions. For instance, some new products contain consortia of nitrogen-fixing, phosphate-solubilizing and potassium-mobilizing microbes tailored for specific crop requirements. These multi-strain biofertilizers have shown enhanced efficacy compared to single-strain products. Their use enables balanced nutrient supply and promotes overall plant growth and yield. As research leads to more effective biofertilizer varieties, their adoption among farmers is likely to increase vastly in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirements and no major technological barriers allow new players to enter the market. However, established brands and supply chain infrastructure poses barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, certified organic products reduce alternatives.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the abundant supply of raw materials and numerous existing suppliers. However, certifications requirements increase supplier power.
Threat of new substitutes: Substitutes like chemical fertilizers are available but regulations favor biofertilizers. Technology development can increase substitute threats.
Competitive rivalry: The market has high competition due to many regional and international brands. Players compete based on product quality, certifications, and supply chain coverage.
Key Takeaways
The Global Biofertilizers Market Size is expected to witness high growth. The market size for 2024 is US$ 2.26 Bn, registering a CAGR of 4.8% during the forecast period of 2023 to 2030 . Regional analysis comprises-
North America dominates the market currently due to stringent environmental regulations favoring organic farming. However, Asia Pacific is expected to witness the fastest growth on account of the large agricultural sector and government initiatives for sustainable farming in countries like India and China.
Key players operating in the biofertilizers market are Sanofi SA, Reckitt Benckiser Group PLC, Pfizer Inc., Mylan NV, GlaxoSmithKline PLC, Johnson & Johnson, Bayer, Takeda Pharmaceutical, and Sun Pharmaceutical Industries Ltd., among others.
Key players focus on expanding their production facilities and distribution networks across high growth regions to leverage opportunities. Strategic partnerships for technology collaboration and new product launches also influence the competitive landscape.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it