Biofertilizers Market Size is Expected to Boost the Demand and Growth by 2028

The Biofertilizers Market was valued at US$ 1,996.13 million in 2021 and is projected to reach US$ 4,744.43 million by 2028. It is expected to grow at a CAGR of 12.3% from 2021 to 2028.

Market Dynamics
The biofertilizers market is being driven by a variety of factors, including the rising prices of synthetic and chemical-based fertilizers and the growing popularity of chemical-free foods worldwide. The use of synthetic fertilizers can have a negative impact on the environment and soil health, leading to increased interest in alternative solutions such as biofertilizers. Additionally, the rapidly growing global population has led to food scarcity concerns, which has prompted governments to promote environmentally friendly agricultural practices. As a result, there has been significant product development and innovation in the bio-based fertilizer sector, further driving the demand for biofertilizers.

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Analysis of the Top Market Players:
1. AgriLife
2. Biotech International Ltd.
3. Kiwa Bio-Tech Products Group Corporation
4. Mapleton Agri Biotec Pt Ltd
5. Novozymes
6. RIZOBACTER
7. Symborg
8. T.Stanes and Company Limited
9. UPL
10. Vegalab SA

In this report, the market has been segmented on the basis of:

Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others)
Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others)
Crop Type (Cereals and Grains, Oil Seeds and Pulses, Fruits and Vegetables, and Others)

Furthermore, increasing investments and favorable government initiatives supporting sustainable agriculture practices have contributed to the growth of the biofertilizers market. With a focus on sustainable farming practices and the growing need for higher crop yields, the demand for biofertilizers is expected to continue to rise in the coming years. While the biofertilizers market has seen significant growth in recent years, it still faces several restraining factors such as the lack of awareness and knowledge about biofertilizers, inconsistent quality and efficacy, supply chain challenges, and high initial costs. Addressing these challenges will be critical for the continued growth and success of the biofertilizers market.

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Impact of COVID-19
The COVID-19 pandemic had a negative impact on the operations of the chemicals and materials industry, causing difficulties for businesses globally. The biofertilizers market was also affected due to disruptions in the supply chain and challenges in sourcing raw materials. Despite these obstacles, the biofertilizers market was able to recover and return to normal operations. The COVID-19 pandemic has caused people worldwide to become more health-conscious and focused on building up their immune systems to protect themselves against the virus. This has resulted in a significant increase in the demand for organic food, as it is perceived to be healthier and more nutritious than conventionally grown food. Organic food is grown using natural and sustainable methods, including the use of biofertilizers, which are derived from living microorganisms and help to enhance soil health and plant growth.

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