North America Biofertilizers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacter

North America Biofertilizers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Nitrogen Fixing, Phosphorus Solubilizing, Potassium Mobilizing, and Others), Microorganism (Rhizobium, Azotobacter, Phosphate Solubilizing Bacteria, and Others), Crop Type (Cereals and Grains, Oil seeds and Pulses, Fruits and Vegetables, and Others), and Application (Seed Treatment, Soil Treatment, and Others)

The biofertilizers market in North America is expected to grow from US$ 487.39 million in 2021 to US$ 1,181.00 million by 2028; it is estimated to grow at a CAGR of 11.9% from 2021 to 2028. Organic farming includes growing and nurturing crops by using biological materials and products, eliminating synthetic fertilizers and pesticides from the process. Organic farming provides nutritious and high-quality food products. Along with this, it improves soil fertility, combats soil erosion, and reduces greenhouse gas emissions. The demand for organic products is increasing due to the increase in conscientious consumers and a surge in consumers’ incomes. According to a report named the World of Organic Agriculture, by the Research Institute of Organic Agriculture (FiBL) and IFOAM, in 2019, 72.3 million hectares were under organic agricultural management across the world. As per the latest FiBL survey on organic agriculture worldwide, organic farmland increased by 2.0 million hectares, and organic retail sales continued to grow to reach their peak. Consumers are becoming concerned about food safety issues, rising residue levels in food, and environmental issues, due to the growing concerns about their health. This increased awareness among the consumers has induced them to prefer chemical-free food products. As a result, major supermarket chains such as Wal-Mart and Cosco are increasing their product offerings of organic foods. According to the US Department of Agriculture (USDA), with their increasing availability, organic products are being sold in ~20,000 natural food stores and ~75% of conventional grocery stores across the US. According to the Organic Trade Association (OTA), the US organic product sales climbed 12.4% in 2020, breaking the US$ 60 billion mark and more than doubling the previous year’s growth. The growth in the organic food industry is triggering the demand for biofertilizers and organic manures, as these are pre-requisites of organic farming. Biofertilizers are one of the essential components of organic farming practices because they combine naturally occurring microorganisms with organically derived, nutrient-rich fertilizers, providing the plants and soils with a healthy growth environment that is sustainable for future growing seasons. Biofertilizers also help in enhancing the plant’s resistance against pests and abiotic stressors such as drought, excess water, and extreme temperature changes. Thus, rapid growth in organic farming due to the elevated adoption of organic products is driving the growth of the biofertilizers market in North America.

The US has reported the highest number of COVID-19 cases among all key countries in the region Such as US, Mexico, and Canada. This has hindered the overall manufacturing processes, research, and development activities in the region. Disruptions in manufacturing operations, along with raw material sourcing, has limited the biofertilizer market growth. Along with this, the pandemic has had a negative impact on the food supply chains, simultaneously affecting farm production, transport, and logistic. During the pandemic, there have been changes in the consumer lifestyle, which boosted the demand for healthy food products, especially organic food products. Thus, the resultant surge in the adoption of organic farming practices is likely to propel the need for biofertilizers in North America in the coming years.

The North America biofertilizers market is segmented on the basis of product type, microorganism, crop type, and application. Based on product type, the market is segmented into nitrogen fixing, phosphorus solubilizing, potassium mobilizing, and others. In 2020, nitrogen fixing segment held the largest share in the market. The nitrogen-fixing biofertilizers are viable cells that include the effective strains of specific nitrogen-fixing bacteria and can either be used in carrier-based powder forms or as liquid formulations. Nitrogen is an essential component for plants and is used to synthesize vitamins, amino acids, nucleic acids, and other nitrogen compounds. Nitrogen-fixing bacteria include Rhizobium, Actinobacteria, Azotobacter, and Azospirillum. The nitrogen-fixing bacteria help in transforming the inorganic, atmospheric nitrogen into water-soluble, organic compounds; a few strains have the potential to colonize the roots of crops such as sugarcane, coffee, cotton, wheat, rice, and vegetables. Biofertilizers also contain active strains of specific microorganisms, such as bacteria, algae, and fungi, which are known to be the best symbiotic nitrogen fixers. Nitrogen-fixing biofertilizers are mostly used to maintain the nitrogen levels in the soil, thereby improving the growth of the plant.

The North America biofertilizers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America biofertilizers market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the North America biofertilizers market. Kiwa Bio-Tech Products Group Corporation; Mapleton Agri Biotec Pt Ltd.; Mapleton Agri Biotec Pt Ltd.; Novozymes; RIZOBACTER; Symborg; T.Stanes and Company Limited; UPL; and Vegalab SA are among the leading companies in the market.

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