Market Overview
The Indiabiofertilizers market size is anticipated to hit USD 243.61 million by 2029and exhibit a CAGR of 12.02% during the forecast period.
The increasing awareness of the side effects of chemicalagri-inputs is expected to be the prime growth driver for the market. FortuneBusiness InsightsTMhas presented this information in its reporttitled, “India Biofertilizers Market, 2022-2029”. The marketsize stood at USD 99.59 million in 2021 and USD 110.7 million in 2022.
Additionally, the growing technological developments inproduct manufacturing are anticipated to positively influence the market growth
in the coming years.
List of Key Market Players
- UPL Limited (Mumbai, India)
- Novozyme (Bagsvared, Denmark)
- Gujarat State Fertilizers & Chemical Ltd. (Gujarat, India)
- Rallis India Limited (Mumbai, India)
- FMC Corporation (Pennsylvania, U.S.)
- National Fertilizers Limited (Noida, India)
- Indian Farmers Fertilizer Cooperative Limited (New Delhi, India)
- Madras Fertilizers Limited (Chennai, India)
- Stanes and Company Limited (Tamil Nadu, India)
- Agrinos (California, U.S.)
Segments
Type, Microorganism, Application, and Crop Type areStudied
On the basis of type, the market is segmented into phosphatesolubilizers, nitrogen fixing, and others. On the basis of microorganism, the
market is fragmented into VAM, Bacillus, Pseudomonas, Azospirillum,
Azotobacter, Rhizobium, and others. On the basis of application, the market is
divided into soil treatment, seed treatment, and others. On the basis of crop
type, the market is classified into fruits & vegetables, pulses &
oilseeds, cereals, and others.
Report Coverage
- It assesses various restraints and drivers of market’s growth.
- It provides a detailed analysis of critical market segments such as type,
microorganism, application, and crop type. - It features an analysis of the COVID-19 pandemic’s effect on the market.
- It incorporates SWOT Analysis and Porters' Five Forces Analysis for accurate
prediction. - It includes the latest industry developments.
Drivers & Restraints
Growing Awareness for Chemical Agri-inputs’ Side Effectsto Fuel Market Growth
The soaring food demand due to the exponentially increasingIndian populace is anticipated to be a key factor boosting the India
biofertilizers market growth. The growing awareness of the harmful effects of
agricultural chemical inputs such as chemical fertilizers fuels the product
adoption. This is expected to aid the market growth.
Moreover, the use of chemical agri-inputs increases soil andwater contamination. This is likely to boost the adoption of modern techniques
and technological advancements and stimulate market growth in the forthcoming
years.
Lastly, the growing demand for sustainable agri-inputs isexpected to aid the market growth. The increasing demand for clean, organic
food is likely to fuel sustainable organic farming, and thus increase the
demand for sustainable agri-inputs. Biofertilizers improve soil’s chemical and
physical properties and also address climatic change issues. They are best
suited for sustainable agriculture, which will complement the market growth.
However, a few financial, infrastructural, and technologicalconstraints may impede the market growth.
Regional Insights
Increasing Government Efforts to Aid Market Growth
The farmers in India are increasingly adopting lucrative,credible, and cost-effective production methods and inputs for agricultural
commodities. The adoption of a sustainable and effective alternative to toxic
chemical-based fertilizers is expanding the India biofertilizers market share.
The increasing state and central government’s efforts to boost the product
usage aid the market growth. Moreover, the growing adoption of organic farming,
coupled with the ever-increasing population, stimulates market growth.
Additionally, the growing brand promotion and increasing new product launches
by key market players are anticipated to fuel the market growth.
Competitive Landscape
Key Players Launch New Products to Amplify their MarketPresence
The market is fairly fragmented and comprises several keyplayers dominating the marketplace. A huge client base, robust distribution
networks, and exemplary brand loyalty help the market players in the market.
They adopt inorganic and organic strategies such as collaborations with
government and relevant stakeholders to expand their market presence. They also
emphasize new product launches and technological developments among other
strategies to amplify their penetration in the market. For instance, a new
eco-friendly liquid biofertilizer was introduced by Bihar Agricultural
University’s scientists in June 2020. The new liquid biofertilizers can improve
crop yield by more than 20%.
Industry Development
In March 2022, the Mosaic Company and BioConsortia, Inc. have entered into a newagreement to develop and launch nitrogen fixing microbial products in China,
India, Thailand, and Vietnam.
