Biofertilizers Market by Microorganism Type

Biofertilizers Market by Microorganism Type

According to a new market research report titled, ‘Biofertilizers Market by Microorganism Type (Nitrogen-fixing Microbes {Rhizobia Bacteria}, Phosphate Solubilizing Microbes), Crop Type (Cereals & Grains, Oilseeds & Pulses), Mode of Application (Seed Treatment, Fertigation), and Form – Global Forecast to 2029,’ the biofertilizers market is projected to reach $3.2 billion by 2029, at a CAGR of 11.5% during the forecast period.

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Biofertilizers contain various microbes that can enhance plant nutrient uptake by colonizing the rhizosphere and making the nutrients easily accessible to plant root hairs. Biofertilizers offer a sustainable solution to reduce chemical fertilizer use while meeting the growing population’s demand. Applying biofertilizers reduces the impact on soil, air, and water and supplies useful microbes to the soil.

The growth of this market is attributed to the growth in organic farming & the rising demand for organic food, growing concerns regarding environmental safety, increasing government initiatives to promote the use of biofertilizers and market players’ increasing focus on inorganic growth strategies. However, the high demand for synthetic fertilizers and the high cost of biofertilizer production may restrain the growth of this market to a certain extent.

Growing Concerns Regarding Environmental Safety to Drive the Growth of the Biofertilizers Market

The global population is growing rapidly; therefore, there is a need to increase agricultural production to fulfill the food requirements of the growing population. The use of chemical fertilizers to enhance agricultural production has become a common practice across the globe. However, there is a rising awareness about the adverse effects of agrochemicals on plant physiology, soil quality, animals, and human beings. Also, their extensive use directly affects the environment as chemical residues from fertilizers may remain in the soil and cause soil pollution, contaminate the surface or groundwater, or get released into the atmosphere through vitalization. Residues left in the soil emit ammonia, methane, nitrous oxide, and elemental nitrogen into the environment.

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