Biofertilizers Global Market Opportunities and Strategies to 2032

This report describes and explains the biofertilizers market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global biofertilizers market reached a value of nearly $1,920.3 million in 2022, having grown at a compound annual growth rate (CAGR) of 10.2% since 2017. The market is expected to grow from $1,920.3 million in 2022 to $3,688.6 million in 2027 at a rate of 13.9%. The market is then expected to grow at a CAGR of 15.6% from 2027 and reach $7,608.7 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, surge in demand for organic food, rise in demand for agricultural products and adoption of precision farming. Factors that negatively affected growth in the historic period was coronavirus pandemic.

Going forward, increasing focus on organic agriculture, rising government initiatives, rise in price of synthetic fertilizers, and increasing population will drive the growth. Factor that could hinder the growth of the biofertilizers market in the future include limited shelf life and Russia-Ukraine war impact.

The biofertilizers market is segmented by product into nitrogen fixing, phosphate solubilizing, and other products. The nitrogen fixing market was the largest segment of the biofertilizers market segmented by product, accounting for 78.6% of the total in 2022. Going forward, the phosphate solubilizing segment is expected to be the fastest growing segment in the biofertilizers market segmented by product, at a CAGR of 14.2% during 2022-2027.

The biofertilizers market is segmented by crop type into cereals and grains, oilseeds and pulses, fruits and vegetables, and other crop types. The cereals and grains market was the largest segment of the biofertilizers market segmented by crop type, accounting for 45.3% of the total in 2022. Going forward, the oilseeds and pulses segment is expected to be the fastest growing segment in the biofertilizers market segmented by crop type, at a CAGR of 14.2% during 2022-2027.

The biofertilizers market is segmented by form into liquid and carrier-based. The liquid market was the largest segment of the biofertilizers market segmented by form, accounting for 64.2% of the total in 2022. Going forward, the liquid segment is expected to be the fastest growing segment in the biofertilizers market segmented by form, at a CAGR of 14.1% during 2022-2027.

The biofertilizers market is segmented by application into seed treatment, soil treatment and other applications. The seed treatment market was the largest segment of the biofertilizers market segmented by application, accounting for 69.3% of the total in 2022. Going forward, the soil treatment segment is expected to be the fastest growing segment in the biofertilizers market segmented by application, at a CAGR of 14.2% during 2022-2027.

Asia-Pacific was the largest region in the biofertilizers market, accounting for 40.6% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the biofertilizers market will be the Middle East and South America where growth will be at CAGRs of 22.2% and 17.9% respectively. These will be followed by Asia-Pacific and Eastern Europe where the markets are expected to grow at CAGRs of 13.8% and 13.1% respectively.

The global biofertilizers market is concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 46.86% of the total market in 2021. UPL Limited was the largest competitor with 15.59% share of the market, followed by National Fertilizers Limited with 12.52%, Lallemand, Inc with 5.94%, Novozymes A/S with 3.86%, Chr. Hansen Holding A/S with 2.61%, Gujarat State Fertilizers & Chemicals Ltd with 2.43%, T.Stanes & Company Limited with 1.37%, IPL Biologicals Limited with 1.03%, Bioceres Crop Solutions with 0.86%, and FMC Corp with 0.66%.

The top opportunities in the biofertilizers market segmented by product will arise in the nitrogen fixing segment, which will gain $1,393.5 million of global annual sales by 2027. The top opportunities in the biofertilizers market segmented by crop type will arise in the cereals and grains segment, which will gain $809.1 million of global annual sales by 2027. The top opportunities in the biofertilizers market segmented by form will arise in the liquid segment, which will gain $1,153.3 million of global annual sales by 2027. The top opportunities in the biofertilizers market segmented by application will arise in the seed treatment segment, which will gain $1,216.5 million of global annual sales by 2027. The biofertilizers market size will gain the most in the USA at $343.3 million.

Market-trend-based strategies for the biofertilizers market include development of eco-friendly biofertilizers, product innovations, technology advancements and strategic collaborations and partnerships.

Player-adopted strategies in the biofertilizers market include focusing on enhancing business capabilities through strategic collaborations and partnerships, strengthening operational capabilities through business expansions and launch of new products and solutions.

To take advantage of the opportunities, the analyst recommends the biofertilizers companies to focus on development of eco-friendly biofertilizers, focus on product innovations, focus on technology advancement, focus on emerging markets, focus on strategic collaborations, focus on competitive pricing, participate in trade shows and events, continue to use B2B promotions, focus on targeting local retailers, continue to target farmers and farming companies, and focus on fast-growing applications.