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.
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?
Biofertilizers are natural substances that comprise living microorganisms, such as bacteria, fungi, or algae, that can enhance soil fertility and plant growth. It works symbiotically with plants by fixing atmospheric nitrogen, solubilizing phosphorus, and producing growth-promoting substances. It offers several advantages, such as eco-friendliness, reduces the need for synthetic fertilizers, and improves soil structure and nutrient content over time, making it more sustainable for agriculture. Additionally, these microorganisms can enhance plant disease resistance and overall crop yield. For instance, rhizobium bacteria is a common biofertilizer that forms a mutualistic relationship with legume plants, enabling them to fix atmospheric nitrogen into a form that plants can use. Another instance is mycorrhizal fungi, which form associations with plant roots, increasing nutrient absorption.
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What are the growth prospects and trends in the Europe biofertilizer industry?
The market is primarily driven by the ongoing research and development efforts in the biofertilizer industry. In addition, the development of more effective and specialized products enhances the confidence of European farmers in biofertilizers' efficacy, further contributing to market growth. Moreover, the widespread adoption of biofertilizers to enhance soil fertility and support plant growth with seed treatment, soil applications, foliar spray, composting, and crop rotation represents another major growth-inducing factor. Besides this, biofertilizers improve soil health by enhancing its nutrient content and promoting beneficial microbial activity, thus accelerating the market growth. Also, healthy soils lead to better crop yields and quality. As European farmers increasingly recognize the importance of preserving soil fertility, they turn to biofertilizers as a long-term solution. Along with this, the increasing product application in organic farming is due to the growing consumer demand for organic products, which is propelling the market growth. Organic farming relies on natural inputs, including biofertilizers, to maintain soil fertility and ensure chemical-free crop production, thus escalating the demand for biofertilizers. Furthermore, the rising number of agricultural extension services, farmer education programs, and information sharing are essential in disseminating knowledge about the benefits of biofertilizers, thus creating a positive market outlook.
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
Breakup by Crop:
- Cereals and Grains
- Pulses and Oilseeds
- Fruits and Vegetables
Breakup by Microorganism:
- Phosphate Solubilizing Bacteria
Breakup by Mode of Application:
- Seed Treatment
- Soil Treatment
Breakup by Country:
- United Kingdom
Note: If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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