The nitrogen-fixing biofertilizers segment accounted for 68.3% in 2022 and is anticipated to cross 75% of share value by 2028.
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The high percentage growth of the segment results from decades of using synthetic fertilizers, which have severely degraded the world's soil and water resources.
Using bio-based fertilizers can provide high phosphorus content, fixed nitrogen, and numerous other essential minerals required for plant growth.
Additionally, depending on the soil and crop type, using different biofertilizers encourages the development of healthy plants without endangering human health or the environment.
North America has a dominant position in the global biofertilizers market.
The large market share of this sector is attributed to key driving factors such as rising consumer demand for organic goods, growing health consciousness among consumers, increasing acceptance of biofertilizers among rural farmers, and expanding organic farming areas.
As a result, Canada consumes more synthetic fertilizer despite only 0.4% of the world's population.
This usage accounts for approximately 3% of global nitrogen-based fertilizer emissions, releasing nitrous oxide, a greenhouse gas 265 times more potent than carbon dioxide.
Seed treatment application dominated the biofertilizers market in 2022, accounting for 74.6% of the total, owing primarily to the benefits of induced nutritional values in the seeds. Over the last few years, aggressive consumption of synthetic fertilizers and many other crop care chemicals, such as pesticides and insecticides, has significantly deteriorated soil quality across all major agricultural economies.
However, several governments have imposed agricultural sector regulations across all developing and developed economies, taking into account the environmental hazards caused by the excessive use of chemical products in farming, which is expected to reflect a positive growth trend for biofertilizers in various seed and soil applications around the world.
The Asia Pacific region is a crossroads for most agricultural economies, including India, Japan, Thailand, Malaysia, South Korea, the Philippines, and others, shifting their agricultural paradigms toward more sustainable practices.
This trend is supported by rising consumer preference for organic food and regulatory initiatives and agricultural reforms undertaken by various Asian governments.
The research report on the biofertilizers market is a one-stop solution for market participants to gain insights into the key market dynamics and prepare their winning strategy.
There are numerous domestic and foreign companies in the fragmented biofertilizers market.
New participants in the biofertilizer market have combined production and distribution while emphasizing product innovation. Leading businesses have developed new policies and product portfolios to differentiate their business from competitors and take the competitive edge. ■