The global biofertilizers market is segmented by microorganism type (nitrogen-fixing microbes, phosphate solubilizing & mobilizing microbes, potassium solubilizing & mobilizing microbes, other microorganism types), crop type (cereals & grains, oilseeds & pulses, fruits & vegetables, other crop types), mode of application (fertigation, foliar application, seed treatment, other modes of application), and formulation (dry biofertilizers, liquid biofertilizers). The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on microorganism type, in 2022, the nitrogen-fixing microbes segment is expected to account for the largest share of the global biofertilizers market. The large market share of this segment is attributed to the hazards associated with the use of chemical fertilizers, the rising number of initiatives by government agencies along with increasing awareness about the need for sustainability in modern agriculture, the rising adoption of advanced farming with drip irrigation and sprinklers, and the growing health concerns. In addition, nitrogen-fixing microbes are a more economical, ecological, and profitable solution to provide nitrogen to plants contributing to their increased adoption.