India Biofertilizers Market Size, Share, Future Growth, Challenges, 2024–2032
Market Overview
The India biofertilizers market size is anticipated to hit USD 243.61 million by 2029 and exhibit a CAGR of 12.02% during the forecast period.
The increasing awareness of the side effects of chemical agri-inputs is expected to be the prime growth driver for the market. Fortune Business InsightsTMhas presented this information in its report titled, “India Biofertilizers Market, 2022–2029”. The market size stood at USD 99.59 million in 2021 and USD 110.7 million in 2022.
Additionally, the growing technological developments in product 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 are Studied
On the basis of type, the market is segmented into phosphate solubilizers, 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.
Source: https://www.fortunebusinessinsights.com/india-biofertilizers-market-106527
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 Effects to Fuel Market Growth
The soaring food demand due to the exponentially increasing Indian 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 and water 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 is expected 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 technological constraints 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 Market Presence
The market is fairly fragmented and comprises several key players 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 new agreement to develop and launch nitrogen fixing microbial products in China, India, Thailand, and Vietnam.