Biofertilizers Market Size, Share, Growth Analysis, By Type(Nitrogen-Fixing Biofertilizers, Phosphate Solubilizing & Mobilizing Biofertilizers, Potassium Solubilizing & Mobilizing Biofertilizers and Other Types), By Mode of Application(Soil treatment, Seed Treatment and Other Modes of Application), By Crop Type(Cereals & Grains, Pulses & Oilseeds, Fruits & Vegetables and Other Crop Types), By Region - Industry Forecast 2024-2031

Global Biofertilizers Market size was valued at USD 2.67 Billion in 2022 poised to grow from USD 2.99 Billion in 2023 to USD 6.52 Billion by 2031, growing at a CAGR of 12.3% in the forecast period (2024-2031). 

A material known as "biofertilizer" is made up of living microorganisms that give plants more nutrients, hence promoting their growth. It enhances soil nutrients or makes them physiologically accessible for plants when applied to seed, soil, or plants. Since natural farming necessitates the use of biofertilizers, the global market is seeing steady growth. Nitrogen-fixing biofertilizers are extensively used by farmers to cultivate a variety of crops in great demand like oilseeds, grains and wheat. These biofertilizers can help in enhancing healthy growth of plants by adjusting soil nitrogen level. 

The rise in naturally occurring levels of phosphorus and nitrogen that plants can absorb more readily than with traditional fertilisers, along with the restoration of soil fertility, are factors that propel the global market for biofertilizers. Additionally, biofertilizers promote the quality and texture of the soil, which aids in improving plant growth in harsh environments like droughts. Additionally, biofertilizers are affordable and simple substitutes for petrochemical products that are generated. The primary obstacle to the market for biofertilizers, however, is that they must be utilised before their expiration date and must be stored with extra caution. The absence of appropriate training in organic farming and farmers' limited understanding of biofertilizers are two more significant factors impeding the market's growth. 

US Biofertilizers Market is poised to grow at a sustainable CAGR for the next forecast year.