DUBLIN--(BUSINESS WIRE)--The "Global Mycorrhizae-based Biofertilizers Market by Type (Ectomycorrhizae and Endomycorrhizae), Form (Liquid and Solid (Powder and Granules)), Mode of Application, Application (Agricultural and Non-agricultural) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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.
Mycorrhizae-based biofertilizers have high demand in organic food production
The organic food market began to thrive a decade ago, and since then, it is only expanding. According to FiBL, sales of organic food and beverages exceeded EUR 106 billion (USD 104.72 billion) in 2019.
The US was the world's largest market by far (42%), followed by the European Union (EUR 41.4 billion/USD 40.9 billion or 39%) and China (EUR 8.5 billion/USD 8.4 billion, 8.0%). Growing public awareness of the adverse repercussions of synthetic chemicals used in food production has helped organic food production in recent years.
The organic food business is yet to undergo full-fledged development, given the type of innovation combined with this expanding demand. When weighed against the health advantages of eating organic food, the price difference between organic and inorganic food is negligible.
Although organic food may cost higher than conventional, it shields the body from unnecessary pesticide and fertilizer intake. Long-term, this lowers the probability of health risks and avoidable medical costs even more. Organic farming involves extensive use of mycorrhizae-based biofertilizers, and with the growing organic farmland and increasing organic food market, the mycorrhizae-based biofertilizers market is projected to expand exponentially.
Asia Pacific is projected to witness substantial growth during the forecast period in the mycorrhizae-based biofertilizers market
The growth of mycorrhizae-based biofertilizers in Asia Pacific countries such as China, India, Australia & New Zealand, and Japan is projected to be potential during the forecast period due to the adoption of science-backed, advanced agricultural practices.
The Asia Pacific mycorrhizal biofertilizers market is fragmented among multinational companies and numerous small-scale manufacturers that produce biofertilizers for crops cultivated. Moreover, the government policies focused on encouraging the application of biofertilizers are boosting the growth of the market in the region.
In 2021, in China, Yunnan national development released a policy on restricted usage of fertilizers, basic chemical material, coal processing and ferro-alloy smelting industries based on their energy consumption. As Yunnan is the primary site for phosphate production and with the new policy released the consumers need to shift towards wet-process phosphoric acid as an alternative.
The Indian government has been limiting the application of chemical fertilizers and promoting the usage of biofertilizers through government initiatives such as the Paramparagat Krishi Vikas Yojana (PKVY), Mission Organic Value Chain Development for Northeastern Region (MOVCDNER)), and National Food Security Mission (NFSM).
- Multiple Benefits of Mycorrhizae-based Biofertilizers
- Shift in Demand for Natural and Sustainable Flavors
- Surge in Demand for Organic Food
- Detrimental Impacts of Synthetic Fertilizers on Environment
- High Production Cost of Mycorrhizae-based Biofertilizers
- Lack of Knowledge and Awareness Regarding Organic Farming
- Increased Prices of Liquid-based Biofertilizers
- Benefits of Mycorrhizae in Stimulating Plant Growth and Enhancing Crop Productivity
- Demand for Sustainable and Environment-Friendly Solutions
- Willingness of Farmers to Substitute Conventional Chemical Fertilizers with Mycorrhizae-based Biofertilizers
- Lack of Strong Regulations Regarding Application of Mycorrhizae-based Biofertilizers
- Supply of Counterfeit and Less Effective Products
- Ezzy Biosciences
- Groundwork Bioag
- Helena Agri-Enterprises, LLC
- Lallemand Inc.
- Neologie Bio Innovations I Private Limited
- Novozymes A/S
- Phms Technocare Private Limited
- Plant Health Care PLC
- Premier Tech Ltd.
- Privi Life Sciences
- Sikko Industries
- Sustane Natural Fertilizer
- Symbiom Sro
- T. Stanes & Company Limited
- Tainio Biologicals, Inc.
- Upl Limited
- Valent Biosciences
- Vegalab SA
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