A latest research report [115+] pages with 360-Degree visibility, titled "Mycorrhizae-based Biofertilizers Market Share, Size, Trends, Industry Analysis Report, By Mode of Application (Seed Treatment, Soil Application, and Fertilization Treatment); By Application; By Form; By Type; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.
According to the research report, the global mycorrhizae-based biofertilizers market size & share was valued at USD 468.51 million in 2022 and is expected to reach USD 1,845.67 Million By 2032, growing at a CAGR of 14.7% during the forecast period.
What is Mycorrhizae-based biofertilizers? What is Size & Share of Mycorrhizae-based biofertilizers market?
Mycorrhizae-based biofertilizers adhere to plant rhizoids leading to the development of hyphae. Hyphae boost the development and spreading of white roots into the soil leading to a significant increase in the rhizosphere. The rapidly rising demand for Mycorrhizae-based biofertilizers market can be attributed to the fungi forming a unique symbiotic relationship with the roots of plants, enhancing the growth and survivability of colonized plants. It is also beneficial in organic farming and regular commercial farming.
The rapidly increasing organic food market propels its growth, generating a high demand for mycorrhizae-based biofertilizers. With increased consumer awareness of growing health risks, increasing residues, food contamination, and other environmental issues, consumers prefer chemical-free food products. Therefore, biofertilizers and organic fertilizers increased owing to organic farming.
Key factors driving market growth
Applying mycorrhizae-based biofertilizers can competently raise crop production with reduced environmental impact. Arbuscular mycorrhizae is a friendly symbiotic relationship between plant roots and specialized soil fungi. Mycorrhizae-based biofertilizers market size is expanding as a higher AMF gestured good soil health and increased crop yields which benefitted the agricultural sector and other industries. AMF is dependent on plants and sugar while also offering benefits such as soil particle binding, higher biomass, enhanced water holding capacity, replacement of toxic compounds, improvised intake of phosphorous, zinc, and other nutrients, drought and salinity tolerance, carbon sequestering in soil, and protection from nematodes and other predatory insects.
Chemical fertilizers are costly, noneco friendly, harmful to human health, cause eutrophication, and decrease soil organic matter and microbe activity. Mycorrhizae-based biofertilizers market sales are soaring as organic, environmentally friendly, and more cost-effective than chemical fertilizers. Mycorrhizae-based biofertilizers increase soil quality by supplying nutrients and the natural environment in the rhizosphere. The microbial present in mycorrhizae-based biofertilizers such as ectomycorrhiza and endocorrhiza species are essential as they produce phosphorous and other nutrients beneficial to plants.
Recent trends influencing the market
Favorable policies by the government for organic farming to propel the market
The favorable policies put in place by the government for organic farming are increasing the growth of the market. Several governments in developing countries such as China, India, Brazil, and Indonesia encourage using these fertilizers. Recent initiatives by several government bodies in the establishment of microbial research institutes are stimulating their growth.
The enhanced consumer awareness of growing health risks, increasing food residue levels, and other environmental issues have led consumers to prefer food products without chemicals. Biofertilizers and organic fertilizers are in high demand due to the rise in the organic food sector, as they are required for organic farming.
Based on the mode of application, the seed treatment segment accounted for the highest market share. Mycorrhizae-based biofertilizers market demand is on the rise as aggressively. Continuously growing consumption of synthetic fertilizers and several other crop chemicals such as pesticides and insecticides in recent years has led to deterioration in soil quality since many governments have imposed regulations on the agricultural sector, which is projected to have a positive influence on the seed treatment sector in biofertilizers.
Based on application, the agriculture segment held the largest market volume share due to escalated production of several food products, including cereals and grains, fruits and vegetables, and many others for healthy product development. Mycorrhizae-based biofertilizers market trends include the rapidly growing population burden, particularly in countries such as India and China have caused a high demand for agriculture. Therefore, the market for these fertilizers is increasing significantly.
Global Mycorrhizae-based Biofertilizers Market: Report Scope & Trends
Asia Pacific held the largest mycorrhizae-based biofertilizers market share as there is an increased consumer preference towards the consumption of organic food and the vast number of government initiatives and reforms handled by governments of many developing Asian countries, including India, China, and Indonesia. Additionally, increasing investments by key market companies to establish their manufacturing units in these countries to provide for the growing need for biofertilizers is anticipated to fuel the market growth.
Additionally, North America dominated the global market with a significant market share due to increased government interventions in organic farming practices and early adoption of advanced and innovative products in countries such as the US and Canada. Additionally, growing consumer awareness towards the advantages of organic food consumption and the high prevalence amongst farming committees about the long-term positive impact of fertilizers is driving the market's growth in the region.
Browse the Detail Report "Mycorrhizae-based Biofertilizers Market Share, Size, Trends, Industry Analysis Report, By Mode of Application (Seed Treatment, Soil Application, and Fertilization Treatment); By Application; By Form; By Type; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/mycorrhizae-based-biofertilizers-market
The 4th Biopesticides, Biostimulants and Novel Fertilizers International Summit (BioEx 2023) will take place on 9th & 10th March in Hangzhou, China. We are pleased to invite speakers from the commercial, research, extension, government, regulatory and farming sectors to submit your proposals and abstracts for oral presentations.