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PUNE, India, Jan 31, 2022 (GLOBE NEWSWIRE) — Global Biofertilizer Market The size is expected to grow from USD 1.79 billion in 2021 to USD 3.98 billion in 2028, at a CAGR of 12.03% during the forecast period. Growing demand for organic products and rising concerns over the negative impact of fertilizers are expected to drive market growth. Fortune Business Insights™ in its title “Biofertilizer Market 2021-2028.“The market size in 2020 is $1.6 billion.
Biofertilizers are organic fertilizers that improve crop quality with minimal impact on the environment. Strong demand for organic products from the agricultural sector is expected to boost sales. Biofertilizers provide excellent insecticide protection and improve crop quality. Growing concerns about the negative impact of fertilizers on the environment are expected to boost their adoption. Evolving consumer preferences and growing demand for healthy and high-quality crops are expected to drive market growth. In addition, the adoption of organic fertilizers increases the nutrients in the soil and improves fertility. In addition, concerns about the health of chemical fertilizers may lead to the adoption of organic fertilizers. These factors are expected to drive the market growth.
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Impact of COVID-19
Raw material shortages and supply chain disruptions lead to lower sales
The market is expected to be negatively impacted during the COVID-19 pandemic due to restrictions imposed on manufacturing. The sudden surge in COVID-19 infections has prompted governments to impose strict lockdown restrictions. As a result, some industries have closed due to restrictions imposed on manufacturing and shipping. Raw material shortages and supply chain disruptions have negatively impacted demand. However, the adoption of reduced capacity and part-time shifts has allowed the company to recoup losses and increase revenue. This factor is likely to drive the market forward during the pandemic.
List of key players profiled in the market report
- Novozymes A/S (Copenhagen, Denmark)
- Bioceres Crop Solutions (Argentina)
- Lallemand Inc. (Montreal, Canada)
- BioWorks Inc. (New York, USA)
- Gujarat State Fertilizers & Chemicals Ltd (Gujarat, India)
- Camson Bio Technologies Ltd (Karnataka, India)
- Agri Life (Telangana, India)
- Agrinos AS (Oslo, USA)
- Symborg (California, USA)
- Lallemand Inc. (Toronto, Canada)
segmentation
By type, the market is segmented into phosphate solubilizers, nitrogen fixers, and others. According to microorganisms, it is divided into VAM, …
The full story is available on Benzinga.com
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