As cited by the business intelligence report titled ‘Global Biofertilizers Market Size study with COVID-19 Impact, by Type (Nitrogen-fixing biofertilizers, Phosphate solubilizing & mobilizing biofertilizers and Potassium solubilizing & mobilizing biofertilizers), by Crop Type (Cereals & grains, Pulses & Oilseeds, Fruits & vegetables and Others), by Form (Liquid and Carrier-based Biofertilizer), by Mode of Application (Soil Treatment, Seed Treatment and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global biofertilizers market accounted for USD 2.1 billion in 2019 and is slated to record a healthy CAGR of 11.6% during 2020-2027.
 

Flourishing organic food industry vertical, rising product adoption across private farms as well as ranches, and growing awareness regarding the sustainability in modern agriculture are bolstering the expansion of global biofertilizers market.
 

For the record, biofertilizers consist of living microorganisms that assist in enhancing the supply of nutrients to plants in order to accelerate their growth. They are primarily utilized to correct the nitrogen level of soil to support proper plant development.
 

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The sudden outbreak of the COVID-19 pandemic has drastically impaired the overall industry expansion due to stringent lockdown measures imposed to curb the aggressive spread of the virus. However, favorable government initiatives to support farmers during the upcoming rabi season are facilitating the steady growth of global biofertilizers industry.
 

Moreover, growing environmental concerns coupled with harms associated with chemical fertilizers are impelling the demand for biofertilizers, thereby stimulating the market outlook. On the contrary, technological and environmental constraints, underdeveloped infrastructure, and high initial investments are significant restraining factors for the worldwide biofertilizers market scenario.
 

With regards to crop type, the market is divided into pulses & oilseeds, cereals & grains, and fruits & vegetables, among others. The application spectrum of the business comprises of soil treatment, and seed treatment.
 

From a geographical angle, North America dominated the overall market in the past year, on account of escalating consumer demand for organic foods. On the other hand, Asia-Pacific biofertilizers market is estimated to register the highest compound annual growth rate during 2020-2027.
 

Key participants of the global biofertilizers market include T. Stanes & Company Limited, Rhizobacter Argentina S.A., Kiwa Bio-Tech, Chr. Hansen Holding A/S, Vegalab S.A., Rashtriya Chemicals & Fertilizers Ltd., Gujarat State Fertilizers & Chemicals Ltd. (GSFC), Madras Fertilizers Limited, National Fertilizers Limited (NFL), and Novozymes A/S among others.