HYDERABAD, India, April 5, 2022 /PRNewswire/ -- According to ReAnIn, the global biofertilizers market was valued at USD 2,755.7 million in the year 2021 and is projected to reach USD 6,245.9 million by the year 2028, registering a CAGR of 12.4% during the forecast period. Environmental concerns associated with chemical fertilizers, growing demand for better quality residue-free or organic food, and biofertilizers' ability to achieve better yield while also enhancing soil health are fueling the growth of the biofertilizers market. However, lack of awareness, shorter shelf-life, and high production costs of biofertilizers are major restraining factors in this market.
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Expansion of Organic Agriculture
According to the Research Institute of Organic Agriculture (FiBL), organic farming was conducted in 190 countries in 2020 significantly higher than in 2010 (160 countries); and total organic agricultural land has more than doubled in the last decade from 37 million hectares in 2010 to 74.9 million hectares in 2020. Growing demand for organic foods and consumers' willingness to pay even extra for organic products has led to this expansion in organic agriculture. Currently, organic agricultural land represents only 1.6% of total agricultural land and hence, there are ample opportunities for further growth.
Case Study: Learnings from Sri Lanka on Adopting Organic Farming
In April 2021, the government of Sri Lanka banned the import of all chemical fertilizers and hence, forced more than 2 million farmers to go organic. The result of this hasty decision was drastic and brutal. Sri Lanka, self-sufficient in rice production, had to import USD 450 million worth of rice as rice production fell by more than 20% in just six months. Similarly, this ban had a severe impact on tea production, one of the primary sources of foreign exchange. The falling production of various crops pushed the government to partially lift the ban on chemical fertilizers and allowed private sectors to import it. This reversal of decision may not result in a rebound of the economy immediately as it had already started price hikes across sectors including food and beverage, petroleum products, and various others; and this import ban was one of the key reasons for the current economic crisis the country is facing today.
There are two important learnings from the current crisis – first, forcing the entire country to go organic by banning chemical fertilizers may not be the correct way to promote organic agriculture; and second, the government must find a way to compensate for the loss in production due to use of biofertilizers in short and medium-term.
Key Highlights of the Report:
Due to differences in awareness about biofertilizers and their accessibility across the regions, there is a varied adoption rate for biofertilizers. North America accounted for the highest share (35.2%) in the global biofertilizers market, followed by Europe (28.9%) in 2021.
Among product types, nitrogen-fixing biofertilizers accounted for the majority of the market share (~75%) in 2021 and is also expected to grow with the highest CAGR during the forecast period (2022 – 2028)
In spite of the advantages of biofertilizers in comparison with chemical fertilizers, the adoption of biofertilizers is expected to increase gradually and a complete ban on chemical fertilizers may not be the correct way forward.
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ReAnIn has segmented the global biofertilizers market by:
Mode of Application
Leading players in this market include Novozymes A/S, National Fertilizers Limited, Vegalab SA, Chr. Hansen Holding A/S, Kiwa Bio-Tech, Rhizobacter Argentina SA, T.Stanes and Company Limited, Nutramax Laboratories Inc., Symborg, Mapleton Agri Biotech Pty Ltd, Seipasa, AgriLife, Valent BioSciences, Agrinos, Valagro, Lallemand, LKB BioFertilizer, IPL Biologicals Limited, Biomax Naturals, Manidharma Biotech Pvt Ltd, and Criyagen.
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