Market Overview:
The scope of our recent study, titled "Biofertilizers Market to 2028 – COVID-19 Impact and Global Analysis – by 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), and Application (Seed Treatment, Soil Treatment, and Others)" consists of the factors fueling the biofertilizers market growth, revenue estimation and forecast, and market share analysis. It also includes the identification of significant market players along with their key developments.
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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. Asia Pacific and African regions are the largest consumers of fertilizers. The increasing rate of population, especially in Asia, has resulted in the increasing demand for food, which would, in turn, lead to the increased consumption of fertilizers. However, the major concerns in this region are pollution and contamination of soil and their harmful effects on human beings. To combat the harmful effects of chemical fertilizers, governments in these regions emphasize using environmental-friendly fertilizers, such as biofertilizers, biopesticides, vermicompost, and organic manure.
The product type segment of the global Biofertilizers market is bifurcated into nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and others. The nitrogen fixing segment led the biofertilizers market with the largest revenue share of the biofertilizers market in 2020.
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AgriLife; Biotech International Ltd.; Kiwa Bio-Tech Products Group Corporation; Mapleton Agri Biotec Pt Ltd; Novozymes; Rizobacter; Symborg; T.Stanes and Company Limited; UPL; and Vegalab SA. are the key players in the Biofertilizers market.
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