Global Mycorrhiza-based Biofertilizers Market Size More Than Doubles to Touch USD 1.63 Billion by 2029.
Global mycorrhiza-based biofertilizers market is flourishing because of an increasing demand for organic food and growing awareness about benefits of mycorrhizae-based biofertilizers.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated global mycorrhiza-based biofertilizers market size at USD 648.14 million in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global mycorrhiza-based biofertilizers market size to grow at an impressive CAGR of 14.15% reaching a value of USD 1,626.74 million by 2029. Major growth drivers for the global mycorrhiza-based biofertilizers market include an increasing popularity of organic farming practices, rising awareness about sustainable agriculture, and the focus on food security. The adoption of modern farming practices and the shift towards eco-friendly agriculture are further fueling the market growth. Governments across countries are implementing multiple programs to encourage biofertilizer manufacturers and promoting a transition from traditional to organic farming practices. These factors have boosted the usage of mycorrhiza-based biofertilizers. The market is driven by the rising demand for food and sustainable agricultural practices, the exceptional effectiveness of these biofertilizers in cultivating essential crops, and the reduction of phosphorus levels in soil. As a result, manufacturers of mycorrhiza biofertilizers are bridging the demand-supply gap due to the increasing preference for organic products. However, high production cost of mycorrhizae-based biofertilizers is anticipated to restrain the overall market growth.
Global Mycorrhiza-based Biofertilizers Market – Overview:
Mycorrhiza-based biofertilizers are natural soil supplements that contain beneficial mycorrhizal fungi, which form a symbiotic relationship with plants’ roots. These fungi penetrate plant roots and extend the plant’s reach for nutrients and water, thus improving nutrient uptake, water absorption, and overall plant growth. Mycorrhiza-based biofertilizers are eco-friendly and a sustainable alternative to chemical fertilizers, as they reduce the use of chemical fertilizers and promote soil health, leading to better crop yields and improved agricultural productivity.
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Impact of COVID-19 on Global Mycorrhiza-based Biofertilizers Market
COVID-19 pandemic had dual impact on the global mycorrhiza-based biofertilizers market. On the positive side, the pandemic led to an increasing demand for organic food products, which indirectly boosted the demand for mycorrhiza-based biofertilizers. It is because consumers are becoming more health-conscious and are looking for food products that are free from harmful chemicals and pesticides. However, the pandemic also caused disruptions in the global supply chain, leading to a shortage of raw materials and production delays. It has resulted in an increase in the prices of mycorrhiza-based biofertilizers, making them less affordable for farmers, especially small-scale farmers. Additionally, the pandemic led to a decrease in the availability of labor in some regions, leading to a slowdown in agricultural activities, including the use of biofertilizers.
Global Mycorrhiza-based Biofertilizers Market – By Mode of Application:
Based on the mode of application, the global mycorrhiza-based biofertilizers market is divided into Seed Treatment, Soil Mode of Application:, and Fertilization Treatment segments. The seed treatment segment is expected to hold the highest share in the global mycorrhiza-based biofertilizers market. In recent years, the increased use of synthetic fertilizers and various chemicals like pesticides and insecticides has caused a decline in soil quality. To combat this issue, many governments have introduced regulations in the agriculture sector, which are expected to have a positive impact on the seed treatment sector of biofertilizers. The soil application segment is expected to witness significant growth due to its ability to improve soil conditions and facilitate the absorption of essential minerals by plants. This segment also aids in the decomposition of organic substances in the soil, promoting soil mineralization and enhancing its cultivation properties. These factors are likely to drive the growth of the soil application segment market.
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Competitive Landscape:
Major players operating in the global mycorrhiza-based biofertilizers market include: Novozymes, UPL Limited, Premier Tech, Plant Health Care, Groundwork, Valent BioSciences, Agrotecnologias Naturales Atens, Lallemand Inc., AgriLife, Ezzy BioSciences, Privi Life Sciences, PHMS Technocare, Sikko Industries, Symbiom SRO, Helena Agri-Enterprises, Tainio Biologicals, and Vegalab. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Mycorrhiza-based Biofertilizers Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Mycorrhiza-based Biofertilizers Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market
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