Northbrook, IL 60062 -- (SBWIRE) -- 04/19/2023 -- The global biofertilizers market is expected to experience a Compound Annual Growth Rate (CAGR) of 10.9% from 2023 to 2028, growing from USD 3.1 billion in 2023 to USD 5.2 billion in 2028.

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The market was valued at USD 2.8 billion in 2022. The growth is attributed to the increasing adoption of modern agricultural techniques such as precision farming and protected agriculture. The demand for sustainably sourced and packaged organic food products, particularly in urban areas, is also fueling the market growth.

Phosphate solubilizing and mobilizing biofertilizers are expected to be the fastest-growing segment due to the importance of phosphorus in enhancing crop productivity, improving root growth, and making plants resistant to pests and diseases. The use of phosphate solubilizing and mobilizing biofertilizers in modern agricultural methods such as hydroponics, aquaponics, and protected cultivation is also driving market growth.

The fastest-growing segment during the forecast period is projected to be pulses and oilseeds due to their importance in international trade and their contribution to financial advantages. Rhizobium inoculation is often recommended for crops like chickpeas and pigeon peas to improve nitrogen availability from the soil. Rhizobium and Azotobacter are commonly used in producing pulses and oilseeds.

Seed treatment is estimated to be the fastest-growing segment during the review period due to its cost-effectiveness and simplicity in delivering nitrogen to roots for nutrient absorption. Seed treatment improves crop quality, enhances plant stress tolerance, and increases water and nutrient absorption.

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Europe is projected to be the fastest-growing region in the biofertilizers market due to the increasing use of technologies and machinery in the agricultural sector, making it a major producer and exporter of agricultural goods. The region's biofertilizers market has expanded significantly due to a developing economy and increasing customer demand.

Major players in the biofertilizers market include Novozymes, UPL, Chr. Hansen Holding A/S, Syngenta, IPL Biologicals Limited, T.Stanes and Company Limited, Lallemand Inc, Rizobacter Argentina S.A., Vegalab SA, and Kiwa Bio-tech Product Group Cooperation.

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Drip Irrigation Market by Crop Type, Component (Drip Mainlines/Drip Tubes, Filters & Fertilizer Injectors, Fittings & Accessories, Emitters/Drippers, Pressure Pumps, and Valves), Emitter/Dripper Type, Application and Region - Global Forecast to 2027

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