Factors Driving the Biofertilizers Market

The global biofertilizers market is expected to grow at a compound annual growth rate (CAGR) of 11.9% from 2021 to 2026, reaching a market size of USD 4.5 billion by 2026. The market was valued at USD 2.6 billion in 2021. The increasing demand for organic food, rising concerns regarding soil health and sustainability, and growing awareness among farmers about the benefits of biofertilizers are some of the major factors driving the growth of the biofertilizers market.

Based on type, the microbial segment is expected to hold the largest market share during the forecast period. This is attributed to the benefits of microbial biofertilizers such as improving soil fertility, enhancing nutrient uptake, and promoting plant growth. The demand for microbial biofertilizers is also driven by the increasing trend of organic farming.

On the basis of application, the cereals grains segment is expected to dominate the biofertilizers market during the forecast period. This is due to the increasing demand for cereals grains across the world and the growing awareness among farmers about the benefits of biofertilizers for cereal crops.

Geographically, Asia Pacific is expected to hold the largest share of the biofertilizers market during the forecast period. This is attributed to the growing population in the region, increasing demand for food, and rising awareness among farmers about the benefits of biofertilizers. The increasing government initiatives to promote sustainable agriculture practices in countries such as India and China are also driving the growth of the biofertilizers market in the region.

In conclusion, the global biofertilizers market is expected to witness significant growth during the forecast period, driven by the increasing demand for organic food, rising concerns regarding soil health and sustainability, and growing awareness among farmers about the benefits of biofertilizers.