COVID-19 Impact on Biofertilizers Market is projected to reach USD 2,653.48 million at a CAGR of 14.42% during Forecast Period 2020 to 2023

Market Insight

Global COVID-19 Impact on Biofertilizers Market is expected to reach a valuation of USD 2.6 billion by 2023, exhibiting a strong CAGR of 14.42% over the forecast period from 2020 to 2023, according to the latest research report from Market Research Future (MRFR). The global biofertilizers market is profiled in detail in the research report, providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the biofertilizers market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the biofertilizers market’s growth trajectory over the forecast period are provided in the report. The leading players in the global biofertilizers market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the global biofertilizers market. The major drivers and restraints affecting the global biofertilizers market are also profiled in the report to provide readers a comprehensive overview of what is making the market tick and what is holding the market back.

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Biofertilizers are fertilizers derived from biological sources. These fertilizers are free from synthetic chemicals, making them more environmentally viable than conventional fertilizers. Biofertilizers contain living microorganisms that help produce the nutrients in the soil and deliver them to the plants. This makes them highly valued by farmers in today’s environment-conscious times, as biofertilizers eliminate the risk of deadly runoff into water bodies. The risk of fertilizers running off into water bodies and causing ecological disasters is reduced by the introduction of biofertilizers, which is likely to remain a major driver for the global biofertilizers market over the forecast period. The increasing demand for organic food is also likely to be a major driver for the global biofertilizers market. The demand for residue-free, uncontaminated food products is growing, leading to a rising dependence on biofertilizers. The growing government support to the use of biofertilizers is also likely to be a major driver for the global biofertilizers market over the forecast period.

Competitive Leaderboard

Leading players in the COVID-19 Impact on Biofertilizers Market include Mani Dharma Biotech Pvt. Ltd., Agri Life, Biomax Naturals, Rashtriya Chemicals and Fertilizers Ltd., Camson Bio Technologies Ltd., T Stanes & Company Ltd., Gujarat State Fertilizers & Chemicals Ltd., Monsanto BioAg, Madras Fertilizers Ltd., and National Fertilizers Ltd. Many of these major players in the global biofertilizers market are based in India, leading to the country emerging as a major regional market for biofertilizers. Major players are likely to focus on product development in the coming years, especially coming up with product solutions for various types of crops.

Segmentation

Global COVID-19 Impact on Biofertilizers Market is segmented based on type, crop type, application, form, and region.

By type, the global biofertilizers market is segmented into nitrogen-fixing, phosphate-solubilizing, and others. The nitrogen-fixing segment accounted for a dominant share of 73% in the global biofertilizers market in 2020 and is likely to remain the dominant market component in the coming years. The phosphate-solubilizing segment is also likely to grow at a robust growth rate, exhibiting a strong 14.58% CAGR over the forecast period.

By crop type, the Global COVID-19 Impact on Biofertilizers Market is segmented into cereals and grains, pulses and oilseeds, fruits and vegetables, and others. The cereals and grains segment dominates the global biofertilizers market. The fruits and vegetables segment is expected to be a key part of the global biofertilizers market over the forecast period, with the segment expected to exhibit a strong 15.58% CAGR over the forecast period.

By application, the global biofertilizers market is segmented into seed application and soil application. The seed application segment dominates the global biofertilizers market and is likely to be the fastest growing segment over the forecast period.

By form, the global biofertilizers market is segmented into dry and liquid. The dry segment accounts for the largest share in the global biofertilizers market.

Regional Analysis

North America dominates the global biofertilizers market, with a share of 31.74% in 2020. The widespread awareness about biofertilizers in North America and the growing demand for organic food in the region are likely to be major drivers for the biofertilizers market in North America over the forecast period.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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