The market size of Biofertilizers Market worldwide stood at USD 1.58 billion in 2022 and is anticipated to attain USD 4.17 billion by 2032, marking a substantial revenue Compound Annual Growth Rate (CAGR) of 12.9% throughout the forecast period. The notable growth in market revenue is predominantly propelled by factors including the increasing demand for organic food products, the imperative for sustainable agricultural practices, and a heightened awareness regarding the adverse impacts of chemical fertilizers on the environment and human health.
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Competitive Landscape:
The global biofertilizers market is expected to witness significant growth in the coming years due to the increasing demand for organic food products and the rising trend of sustainable farming practices. Biofertilizers are organic materials that contain living microorganisms that enhance the soil's fertility and plant growth by fixing atmospheric nitrogen, solubilizing soil phosphorus, and producing growth-promoting substances. The market is dominated by several key players that are investing in R&D, strategic partnerships, and launching innovative products to maintain their market share.
Some of the major companies operating in the biofertilizers market are:
Novozymes A/S
Lallemand Inc.
Rhizobacter Argentina S.A.
Symborg
Biolchim S.p.A.
Tata Chemicals Ltd.
Mahafeed Specialty Fertilizers Pvt. Ltd.
Biomax Naturals
Mapleton Agri Biotech Pvt. Ltd.
Rizobacter Brasil S.A.
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Key Strategic Moves:
In 2021, Novozymes A/S initiated a partnership with FMC Corporation to collaboratively develop biological crop protection solutions. The objective of this partnership is to expedite the creation of innovative solutions utilizing biologicals to safeguard crops from pests, diseases, and weeds.
In 2020, Lallemand Inc. disclosed the acquisition of Agrauxine, a prominent provider of biocontrol solutions within the agricultural industry. The acquisition was strategically aligned to broaden Lallemand's product portfolio and fortify its position in the biocontrol market.
Also in 2020, Rhizobacter Argentina S.A. unveiled the introduction of Rhizolizer, a novel line of biofertilizers tailored to enhance crop yields and foster soil health. The product line encompasses formulations for diverse crops, including soybean, wheat, corn, and sunflower.
In the same year, Symborg announced a strategic partnership with UPL Ltd. to collaboratively develop and market biofertilizers and biostimulants in Brazil. The partnership aims to harness Symborg's expertise in microbiology and leverage UPL's extensive distribution network to expand the biofertilizer market in Brazil.
Also in 2020, Tata Chemicals Ltd. revealed a joint venture with the Spanish company, Bioiberica S.A.U., to manufacture and market biostimulants and other crop nutrition solutions in India. The joint venture sought to leverage Tata Chemicals' proficiency in crop nutrition and Bioiberica's expertise in biostimulants to address the escalating demand for sustainable agricultural solutions in India.
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