According to the new research report published by Premium Market Insights, titled "Biofertilizers Market was valued at US$ 1,996.13 million in 2021 and is projected to reach US$ 4,744.43 million by 2028. It is expected to grow at a CAGR of 12.3% from 2021 to 2028. 

The scope of our recent study, titled "Biofertilizers Market to 2028 - COVID-19 Impact and Global Analysis - by Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)" consists of the factors fueling the biofertilizers market growth, revenue estimation and forecast, and market share analysis. It also includes the identification of significant market players along with their key developments.

Market Overview

The largest consumers of fertilizers are found in the Asia Pacific and African regions, where a growing population has led to increased demand for food and, consequently, fertilizers. Despite this growth, there is a growing concern in these regions about the pollution and contamination of soil, and the harmful effects that this can have on human health. In response, governments in these regions have encouraged the use of eco-friendly fertilizers, such as biofertilizers, biopesticides, vermicompost, and organic manure, to combat the negative effects of chemical fertilizers.  

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Market Segmentation

The report "Biofertilizers market analysis to 2028" is a comprehensive and specialized study of the chemicals and material industry that focuses on analyzing global market trends. Its objective is to provide a detailed overview of the biofertilizers market, including precise market segmentation based on the product type, microorganism, crop type, application, and geography. The global biofertilizers market is classified into different categories based on product type, including nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and others. The nitrogen fixing segment is a leading segment of the biofertilizers market because nitrogen is an essential element required for the growth and development of plants. Nitrogen is typically obtained by plants through the soil, and it is required for the synthesis of amino acids and nucleic acids, which are essential building blocks for the growth of plants. Biofertilizers that fix nitrogen provide a natural and eco-friendly alternative to synthetic fertilizers, which are typically made from non-renewable resources and can have negative impacts on the environment. The nitrogen fixing segment of the biofertilizers market is expected to continue its growth in the coming years, as there is a growing demand for eco-friendly and sustainable agriculture practices. This is particularly true in developing countries, where there is a need to increase agricultural productivity while also reducing the negative impacts on the environment. Similarly, based on microorganism, the global biofertilizers market is categorized into rhizobium, azotobacter, phosphate solubilizing bacteria, and others. The biofertilizers market is also segmented based on crop type, which includes cereals and grains, oil seeds and pulses, fruits and vegetables, and others. Additionally, the report analyzes the biofertilizers market based on application, which includes seed treatment, soil treatment, and others.

Impact of COVID-19

The pandemic has taken a toll on the global economy, and governments in various regions have implemented measures to control the spread of the virus. Country-wide lockdowns have had a direct impact on the growth of industrial sectors, and as a result, many electric vehicle manufacturers have faced difficulties sourcing lithium-ion batteries. China, along with South Korea and Taiwan, is a major supplier of lithium-ion cells to other countries. Additionally, supply constraints have led to a significant increase in the costs of battery metals, and prices of battery-grade lithium carbonate have risen as well.

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