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. Due to this, various kinds of biofertilizers, including mycorrhizae-based biofertilizers, are becoming more popular in the agricultural space, especially in the arena of organic agriculture.
Between the two essential forms of liquid mycorrhizae-based biofertilizers, the liquid segment is projected to record a higher growth rate in the next five years due to the increase in acceptance among farmers for their higher shelf life. The long shelf life allows the farmers to purchase them in bulk quantities at a lower rate and store them for one or two years, thus increasing the profit margin. It also does not cause any health hazards to workers and is easy to transport. It can also be used in drip irrigation and as a component of organic farming. With the invention of the latest technologies in agriculture, liquid biofertilizers find potential applications in modern agriculture, such as soilless farming systems, including hydroponics and fertigation.
By mode of application, seed treatment is anticipated to be the fastest-growing segment. Seed treatment has various advantages, such as an increase in crop quality, increased plant stress tolerance, and improved water and nutrient uptake. With the increase in seed prices and new trait technologies generating an increase in yields and agronomic performance, many farmers are adopting seed treatments to protect their valuable investments. The usage of biofertilizers helps to improve seed germination, as well as the early development of corn. Various studies report this method would provide the maximum number of all bacteria required for better results. Similarly, ongoing studies, as well as experiments performed globally, are the key factors encouraging the market growth of seed treatment in the coming years.
Agricultural applications are estimated to dominate the market growth due to the growing demand for cereals & grains and fruits & vegetables across the globe, encouraging the consumption of mycorrhizae-based biofertilizers. In agriculture, the use of these biofertilizers in fruit & vegetable cultivation is the fast-growing segment and is projected to grow at a CAGR of 15.72% during the forecast period. Fruits & vegetables ensure a secure supply of food and nourishment. Producing vegetables is a crucial part of farm diversification methods and aids in reducing rural unemployment and poverty in developing nations. With respect to human health, they are the most accessible source of vitamins and minerals. Promoting the production of fruits & vegetables is a preventive measure that would ensure good health as well as bring about economic, social, and environmental advantages, thereby prompting the increased usage of Mycorrhizae-based biofertilizers.
The 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 continent’s economic development. Governments across the continent are introducing various schemes to encourage the use of biofertilizers in agriculture.
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).
