Biofertilizers Market Exclusive Report on the Latest Revenue and Future Scope

"Biofertilizers Market" in terms of revenue was estimated to be worth $3.08 billion in 2023 and is poised to reach $7.18 billion by 2031, growing at a CAGR of 11.37% from 2023 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Biofertilizers Market are:
• Growing consumer preference for organic and sustainable agricultural practices.
• Growth of the agriculture industry in emerging economies.
• Adoption of precision farming practices.

The following are the primary obstacles to the Biofertilizers Market's expansion:
• Higher initial costs compared to chemical fertilizers.
• Strong competition from well-established chemical fertilizers.
• Limited knowledge and awareness among farmers about the benefits and proper application of biofertilizers.

Future expansion opportunities for the global Biofertilizers Market include:
• Rising interest in sustainable and regenerative agriculture.
• Advances in biofertilizer formulations and technologies.
• Partnerships with research institutions for innovation and development.

Market Analysis:
Growing public knowledge of environmentally friendly items for farming has prompted some governments to start lending farmers money, which has aided in the expansion of the sector. Growing government support for increasing biofertilizer output to improve crop quality is thought to be a major factor propelling the biofertilizer market's growth.

List of Prominent Players in the Biofertilizers Market:
• Agrilife
• Agrinos
• American Vanguard Corporation (U.S.)
• ASB Grunland
• Aumgene Biosciences
• Bienvenido
• Bioceres S.A. (Argentina)
• Biomax Naturals
• Bioworks Inc. (U.S.)
• Hansen Holding A/S
• Criyagen
• Gujarat State Fertilizers & Chemical Ltd. (India)
• Helmut Aurenz Gmbh,
• International Panacea Limited
• IPL Biologicals Limited
• Jaipur Biofertilizers
• Kan Biosys
• Kiwa Bio-Tech
• Lallemand In
• LKB Biofertilizer
• Madras Fertilizers Limited
• Manidharma Biotech Pvt Ltd
• Mapleton Agri Biotec Pty Ltd
• National Fertilizers Limited (India)
• Novozymes A/S (Denmark)
• Nutramax Laboratories, Inc.
• Rashtriya Chemicals And Fertilizers Limited
• Rizobacter Argentina S.A.
• SEIPASA
• Some Phytopharma India Ltd
• Symborg
• Stanes And Company Limited
• Upl Limited
• Valagro
• Valent Biosciences
• Varsha Bioscience And Technology India Pvt Ltd
• Vegalab SA

Recent Developments:
• In February 2023, the biofertilizer laboratory at Hoshiarpur was opened by the Punjab Department of Horticulture. Under the Center's Rashtriya Kisan Vigyan Yojana, a laboratory was constructed to lower farmers' fertilizer costs. The government program also aims to stop chemical fertilizers from contaminating the land.
• In February 2023, Krishak Bharti Cooperative Limited's liquid biofertilizer facility was opened in Varanasi by the Uttar Pradesh Agricultural Ministry in India. The remodeled liquid biofertilizer factory intends to increase the output of biofertilizers that are more affordable for the state's farmers.
• In August 2022, Chambal Fertilisers and Chemical Limited (CFCL) collaborated with The Energy and Resources Institute (TERI) to introduce their first Mycorrhiza product, "Uttam Superrhiza." Microbial interactions in the soil are successfully harnessed to develop the product.

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Biofertilizers Market Dynamics:
Market Drivers: Increasing Acceptance Of Certain Production Procedures
The market for biofertilizers is expanding as a result of technological developments that have improved production processes, allowed for precision agriculture, selected more effective microbial strains, and created novel delivery systems, including seed coatings. Biotechnology developments have resulted in the creation of fresh and enhanced processes for the manufacturing of biofertilizers. Because these techniques are more productive and economical, there is a greater supply and demand for biofertilizers.

Challenges: Requirement For Advanced Technologies With Biofertilizers Procedures
Biofertilizers cannot be kept in storage for an extended period of time due to their short shelf life and potential decline in effectiveness. Biofertilizers may eventually lose their efficacy if improperly stored. Distributors and producers may encounter supply chain difficulties due to the short shelf life of biofertilizers. The market reach of biofertilizers is limited because of problems with long-term storage. Because of this, the market's growth is constrained by the low shelf life of biofertilizers, which also limits their use.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
The North American biofertilizers Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. Due to concerns about the effects conventional agriculture has on the environment and human health, there is a growing demand for organic food in North America. The growing demand for organic food products will keep the region at the top. Both the U.S. and Canadian governments have put laws and initiatives in place to support sustainable farming methods, which include applying biofertilizers. This has contributed to the development of a supportive regulatory framework for the North American biofertilizer industry.

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Segmentation of Biofertilizers Market-
By Type-
• Nitrogen-fixing Microbes
• Phosphate solubilizing and mobilizing microbes
• Potassium solubilizing and mobilizing microbes
• other types (zinc, silica, and sulfur solubilizing biofertilizers)
By Mode of Application-
• Soil Treatment
• Seed Treatment
• Other modes of application (foliar treatment, root dipping, and seeding root treatment)
By Crop Type-
• Cereals & grains
• Pulses & oilseeds
• Fruits & vegetables
• Other crop types (turf & ornamentals, plantation crops, fiber crops, and silage & forage crops)
By Form-
• Liquid
• Carrier-based
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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