Northbrook, IL 60062 -- (SBWIRE) -- 04/05/2023 -- The global biofertilizers market is expected to experience significant growth, with an estimated value of USD 3.1 billion in 2023 and a projected value of USD 5.2 billion by 2028. This represents a compound annual growth rate of 10.9% from 2023 to 2028. The market was valued at USD 2.8 billion in 2022. The growth is driven by the adoption of modern agriculture techniques, such as precision farming and protected agriculture, as well as increasing demand for packaged organic and sustainably sourced food products in urban areas.

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During the forecast period, the fastest-growing segment is expected to be phosphate solubilizing and mobilizing biofertilizers, due to the importance of phosphorus in enhancing crop productivity and quality, improving root growth, and making plants resistant to pests and diseases. This segment is also used in modern agricultural methods, such as hydroponics, aquaponics, and protected cultivation.

The pulses and oilseeds segment is projected to be the fastest growing during the research period, due to the importance of pulses in international trade and their contribution to financial advantages by accounting for a significant part of exports. Crops like chickpeas and pigeon peas require a lot of soil nutrients to develop properly, and rhizobium inoculation is frequently recommended to boost nitrogen availability from the soil.

The seed treatment segment is expected to be the fastest-growing segment during the review period, due to its cost-effectiveness and simplicity in delivering functional microbes to plants. Seed treatment for nitrogen fixation is widely used for legume seeds, resulting in increased agricultural yields and higher profit margins for farmers.

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Europe is expected to be the fastest growing region in the biofertilizers market, due to the increasing use of technologies and machinery in the agricultural sector, leading to significant expansion of the agricultural industry in the region. As one of the leading consumers of fertilizers, Europe is projected to foster significant growth in the biofertilizers market.

Key players in the biofertilizers market include Novozymes, UPL, Chr. Hansen Holding A/S, Syngenta, IPL Biologicals Limited, T.Stanes and Company Limited, Lallemand Inc, Rizobacter Argentina S.A., Vegalab SA, and Kiwa Bio-tech Product Group Cooperation.

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