Bio-Fertilizers Market Overview Highlighting Major Drivers | IPL Biologicals, Valagro, SPIC
Bio-Fertilizers was recorded at USD 2,872.3 million in 2023, which is estimated to be valued at USD 3,142.8 million in 2024 and is projected to reach USD 6,458.5 million by 2031, growing at a CAGR of 10.84% from 2024 to 2031.
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Key Industry Developments:
August 2024 (Partnership): IPL Biologicals Ltd., an agri-biological company specializing in biopesticides, biofungicides, and bio-fertilizers, partnered with AFEPASA, a Spanish manufacturer of biocontrol and plant stimulation products. This collaboration expanded IPL’s reach for its proprietary microbial biopesticides, strengthening its global presence.
Market Overview
Bio-fertilizers, comprising living microorganisms, enhance soil fertility and promote plant growth by increasing the availability of essential nutrients. The rising demand for organic food products, coupled with growing environmental concerns over chemical fertilizers, has propelled the adoption of bio-fertilizers globally.
Key Industry Developments:
August 2024 (Partnership): IPL Biologicals Ltd., an agri-biological company specializing in biopesticides, biofungicides, and bio-fertilizers, partnered with AFEPASA, a Spanish manufacturer of biocontrol and plant stimulation products. This collaboration expanded IPL’s reach for its proprietary microbial biopesticides, strengthening its global presence.
List of Key Companies in Bio-Fertilizers Market
- Kula Bio, Inc.
- Novonesis Group
- Rizobacter Argentina S.A.
- Corteva Agriscience Business
- Lallemand Inc.
- AgroLiquid
- Growtech Agri Science and Research Private Limited
- IPL Biologicals
- Valagro
- SPIC
Trends:
The bio-fertilizers market is witnessing significant innovation with the integration of farm management software, which helps farmers optimize the application of bio-fertilizers. This technology allows for precise tracking and management, enhancing the efficiency and effectiveness of fertilizer use.
Regional Insights:
North America: The region is expected to witness significant growth due to advancements in bio-fertilizer technologies and increasing organic farming practices.
Asia-Pacific: Countries like India and China are anticipated to experience substantial market expansion, driven by government initiatives and a large agricultural base.
Europe: The European market is projected to grow, supported by stringent environmental regulations and a strong consumer preference for organic products.
Bio-Fertilizers market is Segments:
By Types:
- Nitrogen-Fixing Bacteria
- Potassium Solubilizing Bacteria
- Phosphate solubilizing bacteria
- Others
By Crop Types:
- Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Others
By Source:
- Bacteria
- Fungi
- Algae
Future Outlook:
The bio-fertilizers market is poised for robust growth, driven by increasing environmental awareness, supportive government policies, and a global shift towards sustainable agriculture. Continuous research and development, along with strategic collaborations, are expected to further enhance market dynamics and offer lucrative opportunities for industry participants.
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