IMARC Group, a leading market research company, has recently releases report titled “Europe Biofertilizer Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the Europe biofertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Europe biofertilizer market?
The Europe biofertilizer market size reached US$ 521.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,158.9 Million by 2028, exhibiting a growth rate (CAGR) of 14.81% during 2023-2028.
What is a biofertilizer?
Biofertilizer refers to substances rich in microorganisms that promote plant growth by improving nutrient acquisition. It includes organic, compost, mycorrhizae, algal, nitrogen, and phosphorous biofertilizers. They are comprised of various microorganisms such as azospirillum, blue-green algae, azotobacter, acetobacter, and potassium, zinc, and sulfur solubilizing bacteria. Biofertilizer is widely used in farming to increase crop yield, improve soil fertility, reduce production costs, stimulate plant growth, and minimize the adverse impact of chemical fertilizers. It increases plant vigor, improves nutrient use efficiency, and provides biotic and abiotic stress tolerance. As compared to chemical fertilizers, biofertilizer is cost-effective, eco-friendly, improves soil texture, prevents pathogens' growth, and protects crops from drought and diseases.
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What are the growth prospects and trends in the Europe biofertilizer industry?
The increasing adoption of organic farming practices is one of the primary factors driving the market growth in the region. Biofertilizers are cost-effective and environmentally friendly substances extensively used in organic farming to improve soil fertility, combat soil erosion, reduce greenhouse gas (GHG) emissions, offer high profitability to producers, and achieve maximum production yield. In addition to this, rising awareness among farmers regarding the adverse impact and toxicity of synthetic fertilizers is acting as another growth-inducing factor. Furthermore, growing consumer demand for organic food products that are healthy and produced from sustainable farming practices, owing to the rising health consciousness, is favoring the market growth. Apart from this, various initiative by the European Union (EU), such as the common agricultural policy (CAP), to promote the adoption of bio-based products and organic farming by providing direct subsidies and payments to farmers is positively influencing the market growth. In line with this, several regional governments are providing institutional support to farmers to increase the area under organic farming, which, in turn, is supporting the market growth.
Additionally, the recent development of innovative products, such as nano and biofilm-based biofertilizers that are eco-friendly, highly efficient, offer good field performance, and enhance productivity, is providing an impetus to the market growth. Other factors, including rising environmental concerns regarding conventional agricultural practices, increasing investments in research and development (R&D) activities to engineer innovative biofertilizer formulations, and the recent introduction of encapsulation technology for the controlled release of biofertilizers, are anticipated to drive the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Nitrogen-Fixing Biofertilizers
- Phosphate-Fixing Biofertilizers
- Others
Breakup by Crop:
- Cereals and Grains
- Pulses and Oilseeds
- Fruits and Vegetables
- Others
Breakup by Microorganism:
- Cyanobacter
- Rhizobium
- Phosphate Solubilizing Bacteria
- Azotobacter
- Others
Breakup by Mode of Application:
- Seed Treatment
- Soil Treatment
- Others
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
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