The global biofertilizers market was valued at approximately USD 1.66 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.3% from 2024 to 2030. This growth is primarily driven by a favorable regulatory environment in Europe and North America, combined with significant technological innovations aimed at enhancing the biofertilizer production process.
Increasing awareness of the environmental repercussions associated with synthetic fertilizers has prompted manufacturers worldwide to invest more in research and development for biofertilizers. This heightened focus is expected to significantly drive demand for biofertilizers in the foreseeable future. Additionally, the rising consumer preference for organic food products—particularly in North America and Europe—is anticipated to further bolster the market for biofertilizers in the coming years. The growing recognition of the benefits associated with bio-based agricultural inputs, such as biofertilizers, is also expected to support market expansion throughout the forecast period.
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Application Insights & Trends
Within the market, the seed treatment segment represented the largest revenue share, accounting for 71.2% in 2023. Seed treatment is a vital application for biofertilizers globally. This process typically involves soaking seeds in a mixture of phosphorus and nitrogen fertilizers, followed by sun-drying before sowing them in the fields. The application of biofertilizer coatings on seeds facilitates rapid and healthy plant growth. As the demand for organic foods continues to rise, the utilization of biofertilizers in seed treatment is expected to increase significantly.
In the realm of soil treatment, biofertilizers are recognized for their effectiveness in enhancing soil conditions and promoting the absorption of essential minerals by plants. When biofertilizers are applied to the soil, they play a crucial role in fixing nitrogen, assisting in phosphate scavenging, and improving soil mineralization. These enhancements collectively contribute to improved soil properties, making it more conducive for cultivation. Notably, these beneficial qualities of biofertilizers in soil applications have been observed to lead to a significant increase in crop yield, with enhancements ranging from approximately 15% to 25%.
Overall, the growing recognition of biofertilizers as a sustainable alternative to synthetic fertilizers, coupled with their demonstrated effectiveness in various agricultural applications, is expected to drive substantial growth in the biofertilizers market in the years ahead.
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