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Biofertilizers Market by Product (Nitrogen Fixing, Phosphate Solubilizing, Others), by North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), by Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), by MEA (Middle East, Africa) Forecast 2024-2032
The Biofertilizers Market size was valued at USD 1.66 billion in 2023 and is projected to reach USD 2.58 billion by 2032, exhibiting a CAGR of 6.5 % during the forecast period. Biofertilizers are natural fertilizers that are derived from living organisms. They increase soil fertility and promote plant growth. These fertilizers contain useful microorganisms such as bacteria, fungi and algae. The organisms help in absorbing nutrients, fixing atmospheric nitrogen as well as making phosphorus soluble thereby supporting sustainable agriculture. They are classified into rhizobium, azotobacter (which are nitrogen-fixing bacteria) bacillus, pseudomonas (which are phosphate solubilizing bacteria) etc. Their characteristics are; being environmentally friendly, cost-effective and enhancing soil structure over time. Biofertilizers are used in different crops, horticulture forestry among others. They play a vital role in organic farming systems and land reclamation programs too. Benefits associated with biofertilizer use include; reduced dependence on chemical fertilizers, improved soil health status, high agricultural productivity levels coupled with conservation of the environment.
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This report provides a comprehensive overview of the biofertilizers market, including market size, market segmentation, key drivers, challenges, industry trends, competitive landscape, and regional analysis.
The Asia-Pacific region is the largest market for biofertilizers, followed by North America and Europe. The growing awareness about sustainable agriculture and the availability of government subsidies are key factors driving the market in Asia-Pacific.
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 6.5% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 6.5% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
Primary Research
Secondary Research
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During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
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