The Mycorrhizae-based biofertilizers market is projected to reach USD 1,087 million by 2027 growing at a CAGR of 14.3% from 2022 to 2027. Modern agriculture techniques encourage the increased application of biofertilizers to improve and preserve soil health, enhance nutrient solubility in soil and support sustainable agriculture.
North America dominated the mycorrhizae-based biofertilizers market in 2021
The North American market is anticipated to dominate the market owing to the surging demand for organic products, increased acceptance of biofertilizers among rural farmers, and high adoption of advanced irrigation systems, such as drip & sprinkler irrigation for fertigation. The US agriculture industry accounted for the highest GDP share in the overall North American region in 2021.
Rising preference for organic foods, demand for high crop yield and quality, evolving agricultural practices, and precision farming are some of the key factors fueling the increased application of mycorrhizae-based biofertilizers in the US agricultural industry. High disposable income of US consumers has facilitated the demand for organic foods which has further propelled the growth of mycorrhizae-based biofertilizer market in the country.
Asia Pacific region is witnessing the highest growth rate in the mycorrhizae-based biofertilizers market
Countries such as China, India, Australia & New Zealand, and Japan are projected to be the potential markets for mycorrhizal biofertilizers during the forecast period due to advancements in agricultural technology. Agriculture in Asia is essential to the continents economic development. Governments across the continent are introducing various schemes to encourage the use of biofertilizers in agriculture. Through state governments, such as the government of the state of Bihar, the Indian central government has been promoting the use of biofertilizers rather than chemical fertilizers.
These initiatives include the Paramparagat Krishi Vikas Yojana (PKVY), Mission Organic Value Chain Development for Northeastern Region (MOVCDNER)), and National Food Security Mission (NFSM). A 2020 scientific paper titled “Assessment of biofertilizer use for sustainable agriculture in the Great Mekong Region” states that the six agriculturally prosperous Asian countries of the Great Mekong Region namely – China, Vietnam, Myanmar, Thailand, and Cambodia are striving to encourage the creation and usage of biofertilizers and providing them to farmers at reasonable prices. The growth of the mycorrhizae-based biofertilizers market in Asia Pacific can thus further be influenced by the reduced application of chemical fertilizers, rising disposable income, and progressive urbanization in the region.
The key players in mycorrhizae-based biofertilizers market include Premier Tech (Canada), UPL Ltd. (India), Novozymes A/S (Denmark), Helena Agri Enterprises LLC (US), Groundwork BioAg (Israel), Valent BioSciences (US), and Lallemand (Canada).