The U.S. biofertilizers market size was USD 419.18 million in 2022. The market is slated to expand from USD 469.49 million in 2023 to USD 1,023.73 million by 2030, exhibiting a CAGR of 11.78% over the estimated period. The surge is due to the heavy reliance of farmers on using agricultural inputs for the improvement of crop yield.
This information is provided by Fortune Business Insights™ in its research report, titled “U.S. Biofertilizers Market, 2023-2030”.
COVID-19 Impact:
Market Growth Affected Due to Logistics Disruption amid COVID-19 Pandemic
The coronavirus pandemic impacted industry expansion driven by an increase in product prices. The agricultural activities were operational during the pandemic. However, disruptions in transport and lockdown restrictions affected the ability of manufacturers to source raw materials required for the transportation and manufacturing of final goods to farmers. This affected U.S. biofertilizers market share to some extent.
Information Source: https://www.fortunebusinessinsights.com/u-s-biofertilizers-market-107602
Segments:
Nitrogen Fixing Segment to Emerge Prominent Due to Escalated Crop Demand
By type, the market is subdivided into phosphate solubilizers, nitrogen fixing, and others. The nitrogen fixing segment is estimated to register a notable surge over the anticipated period. The rise is due to the growing product usage for iron sequestration and nitrogen fixation.
Rhizobium Demand to Rise Driven by Escalating Demand for Nitrogen Fixing Biofertilizers
Based on microorganism, the market is classified into rhizobium, pseudomonas, azotobacter, bacillus, azospirillum, VAM, and others. The rhizobium segment is poised to exhibit appreciable growth throughout the projected period. The surge is driven by the increasing demand for nitrogen fixing solutions.
Seed Treatment to Gain Prominence Owing to Higher Bioavailability
By application, the market is fragmented into soil treatment, seed treatment, and others. The seed treatment segment is expected to record substantial growth throughout the estimated period. The expansion is due to the escalating usage of seed treatment for the improvement of nutrition intake.
Cereals to Depict Notable Surge Driven by High Production
Considering crop type, the market is categorized into pulses & oilseeds, cereals, fruits & vegetables, and others. The cereals segment is set to depict a considerable upsurge over the estimated period. The surge is driven by the high production of cereals in the country.
Report Coverage:
The report gives an in-depth account of the major aspects propelling market expansion over the forecast period. Additional aspects of the report include the prominent steps undertaken by leading industry participants for strengthening their position in the market. These insights have been provided after extensive data collation and research from credible sources.
Drivers and Restraints:
Rising Number of Organic Farms to Impel Industry Expansion
The U.S. biofertilizers market growth is being driven by an increase in the transition of conventional farms to organic farming. The industry expansion is further impelled by an upsurge in product deployment for enhancing crop productivity.
However, the industry expansion may be hampered by the varying effect of biofertilizers depending on climatic and soil conditions.
Competitive Landscape:
Major Companies Undertake Strategic Initiatives to Gain Strong Foothold
Key biofertilizers market participants are focused on undertaking a series of strategic steps for the consolidation of industry position. These steps include partnerships, merger agreements, and a range of initiatives for strengthening their business position. Some of the other steps comprise an increase in research activities and the launch of new products.
Key Industry Development:
February 2022 – The Mosaic Company inked an agreement for the acquisition of Plant Response Inc., an agricultural biologicals producer for catering the needs of biofertilizer products in North America.
List of Key Players Mentioned in the Report:
- Lallemand Inc. (Canada)
- Kiwa Bio-Tech Products Group Corporation (U.S.)
- BioWorks, Inc. (U.S.)
- Novozymes A/S (Denmark)
- Rizobacter S.A. (Argentina)
- SYMBORG CORPORATE, SL. (Spain)
- Suståne Natural Fertilizer, Inc. (U.S.)
- The Espoma Company (U.S.)
- AgroLiquid (U.S.)
