The report "Global Biofertilizers Market, By Product (Nitrogen Fixing, Phosphate Solubilizing, Potash Mobilizing, and Others (Zinc Solubilizes and Silicate Solubilizes)), By Application (Seed Treatment, Soil Treatment, and Others), and Region - Global Forecast to 2030"
The Biofertilizer market accounted for US$ 1.78 billion in 2020 and is estimated to be US$ 5.406 billion by 2030 and is anticipated to register a CAGR of 11.9%.Increasing utilization of biofertilizers for sustainable farming method across the drives the global biofertilizers market. Further, rising demand for organic food along with rising trend of organic farming are boosting the global biofertilizers market.
Key Highlights:
· In April 18, 2019, Kiwa Bio-Tech announced strategic agreement with Yu Tian Weather Technology Co., Ltd. This agreement will focus on resource sharing and cooperation in market development, product upgrades and service enhancements based on the advantages of technology, products and services of the two companies.
· On March 2015, Insecticides (India) Ltd launched “Mycoraja” biofertilizers. It is Mycorrhiza fungus-based fertilizer which helps to enhanced crop yield.
Key Market Insights from the report:
The global Biofertilizer market accounted for US$ 1.78 billion in 2020 and is estimated to be US$ 5.406 billion by 2030 and is anticipated to register a CAGR of 11.9%The market report has been segmented on the basis of service and region.
· By product, the nitrogen fixing is dominated in the global biofertilizers market, owing to it improve nitrogen yield in the soil through inhabiting microbial and organic growth of the soil.
· By application, the global biofertilizers market is segmented into seed treatment, soil treatment, and others.
· By region, North America biofertilizers market is expected to dominate in terms of revenue in the global biofertilizers market over the forecast period. This can be attributed to rising demand for biofertilizers and organic products in countries of the region. Europe biofertilizers market is expected to second-highest share in terms of revenue in the global biofertilizers market over the forecast period.
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The prominent player operating in the global biofertilizers market include Monsanto BioAg, Kiwa Bio-Tech Products Group Corporation, LALLEMAND Inc, camson bio technologies ltd, Agrinos AS, Criyagen Agri and Biotech Pvt Ltd, Mapleton Agri Biotech Pty Limited, National Fertilizers Limited, Novozymes A/S, and Insecticides (India) Ltd.
