The global biofertilizers market is valued at USD 2.8 billion in 2022. It is projected to reach USD 5.2 billion by 2028, recording a CAGR of 10.9% during the forecast period. The increasing farmland area across the globe is a major driver for biofertilizers market. According to FiBL, the organic farmland area is recorded at 76 million ha. in 2021. The increase in the concerns among environmental health and usage of synthetic fertilizers in the crops has also fueled the growth of biofertilizers market in various regions. The rise in initiatives taken by the governments across the globe to encourage sustainable practices is also propelling the growth of biofertilizers market.
Few leading players operating in the market are Novozymes (Denmark), UPL (India), Chr. Hansen Holding A/S (Denmark), Syngenta (Switzerland), T.Stanes and Company Limited (India), Lallemand Inc (Canada), and Rizobacter Argentina S.A. (Argentina). The companies are launching different kinds of products into the market. The expansion of product portfolios offered by the companies is strengthening their presence around the globe. Companies are manufacturing different kinds of biofertilizers for different types of crops. This is resulting in their increased market penetration. Similarly, partnerships are also fostering the expansion of the companies and helps to create synergy and; obtain a competitive advantage in the industry.
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Novozymes is a multinational biotechnology company that primarily manufactures and sells enzymes, biofertilizers, and biopharmaceutical components. The company operates in two key segments: enzymes and bio-business. They provide biofertilizers within the agriculture biologicals category. The company's goods are sold/exported in over 130 countries. Biofertilizers occupies a significant prortion of agriculture biologicals category and has generated considerable income for the corporation, particularly due to tremendous development in the regions like Asia Pacific and South America. In October 2020, Novozymes launched three new biofertilizer products; TagTeam; BioniQ; and Optimize LV, into the market which aims to enhance the crop yeild. Apart from this in October 2021, Novozymes announced partnership with Anuvia Plant Nutrients (US) for the development of new biofertilizers by sharing resources.
UPL is a global leader in providing a comprehensive range of patented and post-patented agricultural solutions for arable and speciality crops. It offers seed solutions, crop protection, soil improvement, post-harvest solutions, and farmer involvement activities. This guarantees that UPL is present at all stages of the value chain. The company has a strong presence in more than 138 countries and have 42 manufacturing units and 30 r&d centers across the globe. In October 2021, UPL entered into collaboration with CHR Hansen Holding A/S to innovate agricultural biological solutions including biofertilizers to improve farm productivity.
Biofertilizers Market by Type (Nitrogen-Fixing, Phosphate Solubilizing & Mobilizing, Potassium Solubilizing & Mobilizing), Mode of Application (Soil Treatment, Seed Treatment), Form, Crop Type and Region - Global Forecast to 2028
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