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Market Overview
The India
biofertilizers market was valued at USD 99.59 million in 2021 and is
projected to grow from USD 110.07 million in 2022 to USD 243.61 million by
2029, reflecting a CAGR of 12.02% over the forecast period. The
COVID-19 pandemic had a significant impact on the market, leading to
lower-than-expected demand compared to pre-pandemic levels. However, despite
these challenges, the market still recorded a 7.66% growth in 2020
compared to 2019.
List of Key Market Players
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
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.
Market Overview
The India
biofertilizers market was valued at USD 99.59 million in 2021 and is
projected to grow from USD 110.07 million in 2022 to USD 243.61 million by
2029, reflecting a CAGR of 12.02% over the forecast period. The
COVID-19 pandemic had a significant impact on the market, leading to
lower-than-expected demand compared to pre-pandemic levels. However, despite
these challenges, the market still recorded a 7.66% growth in 2020
compared to 2019.
List of Key Market Players
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
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.
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