(MENAFN- GlobeNewsWire - Nasdaq) NEWARK, Del, May 29, 2023 (GLOBE NEWSWIRE) -- The global bioenzyme fertilizer market size is forecast to expand from US$ 645 million in 2023 to US$ 1500 million by 2033. Over the next ten years (2023 to 2033), global sales of bioenzyme fertilizers are projected to rise at 8.9% CAGR.
The rising adoption of sustainable agricultural practices along with burgeoning demand for organic food products is providing impetus for market expansion.
Bioenzyme fertilizers can improve nutrient availability and soil health, leading to increased crop productivity and reduced reliance on chemical fertilizers. This transformation promotes sustainable agricultural practices and reduces environmental impacts.
The market for bioenzyme fertilizers is expected to witness healthy growth due to increasing awareness about sustainable agricultural practices and the need for environmentally friendly fertilizers.
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Bioenzyme fertilizers are derived from natural sources and are becoming suitable alternatives to chemical fertilizers. They are gaining wider popularity among farmers globally due to their various attractive benefits.
Growing demand for organic and sustainably produced food is another factor expected to create significant opportunities for bioenzyme fertilizer manufacturers.
Another key factor that is expected to positively impact bioenzyme fertilizer sales is the rising concerns regarding food insecurity triggered by the reduction in arable land and population explosion.
According to the Food and Agriculture Organization (FAO) of the United Nations, severe food insecurity rose to 11.7% in 2021. This in turn is prompting farmers globally to use innovative agricultural products, technologies, and biofertilizers to enhance their crop production.
Key Takeaways:
Global bioenzyme fertilizer sales are expected to soar at 8.9% CAGR during the projection period. By product type, the multi-enzyme segment is forecast to thrive at 8.6% CAGR from 2023 to 2033. Based on end-user, crop producers segment is poised to exhibit a CAGR of 7.4% through 2033. The United States bioenzyme fertilizer market is predicted to reach US$ 360 million by 2033. The United Kingdom market is anticipated to cross US$ 100 million market by 2033. Bioenzyme fertilizer demand in China will rise at around 8.5% CAGR through 2033. The bioenzyme fertilizer industry in Japan is forecast to exhibit a CAGR of 7.6% from 2023 to 2033.
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Competitive landscape:
Mycorrhizae, Biozyme Granules Manufacture, Agri Life, Ram Shree Chemicals, Laford Agrotech Limited, Bhuvan Biologicals, Farmer Crop Care Biotech, Sjv Biotech Private Limited, Somnath Crop Care, Shivshakti Minerals, ACROBiosystems, Rapid Agro Enterprise, Bio Gel Organic Fertilizers, Organic Bio Fertilizers, Novazymes, Syngenta, Valagro, Stoller Enterprises, Symborg, and Seipasa are few of the leading bioenzyme fertilizer manufacturers profiled in the report.
The growing interest in bioenzyme fertilizers has also attracted new players to enter the market. These companies bring innovative formulations, technologies, and approaches, aiming to capture market share by offering unique products and differentiation.
There are already well-established companies in the bioenzyme fertilizer market that have a strong presence and a wide range of products. These companies are investing in research and development, building strong distribution networks, and establishing brand recognition.
Ongoing research and development efforts in the field of bioenzyme fertilizers contribute to competition. Companies are investing in developing new enzyme formulations, improving delivery systems, and enhancing product effectiveness to gain a competitive edge.
The competition may vary across regions due to differences in market maturity, agricultural practices, and regulatory frameworks. Certain regions may have a more developed bioenzyme fertilizer market with several local players, while others may have limited competition.
Companies in the bioenzyme fertilizer industry also form strategic partnerships and collaborations with research institutes, agricultural organizations, and other stakeholders. These alliances help in leveraging expertise, expanding market reach, and accelerating product development.
Price competitiveness is a factor in the market, but it is often balanced with the value proposition of bioenzyme fertilizers, including their efficacy, environmental benefits, and overall impact on crop yield and quality.
Recent Developments:
In 2023 , to boost wheat yields with reduced fertilizer, a new biostimulant was introduced by Syngenta Crop Protection.
More Valuable Insights Available:
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global bioenzyme fertilizer market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the bioenzyme fertilizer market based on product type (protease-based, amylase-based, cellulase-based, phosphatase-based, chitinase-based, laccase-based, and multi-enzyme), form (liquid concentrates, powder, granules, and pellets), and end-user (crop producers, gardening & landscaping, nurseries, and DIY) across various regions.
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Key Segments Profiled:
By Product Type:
Protease-based Amylase-based Cellulase-based Phosphatase-based Chitinase-based Laccase-based Multi-enzyme
By Form:
Liquid Concentrates Powder Granules Pellets
By End Use:
Crop Producers Gardening & Landscaping Nurseries DIY
By Region:
North America Latin America Europe East Asia South Asia Oceania The Middle East & Africa
Table of Content ( ToC ):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trend
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Application Innovation / Development Trends
4. Key Success Factors
4.1. Application Adoption / Usage Analysis
4.2. Application USPs / Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Units) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (Units) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis
6. Global Market - Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Global Average Pricing Analysis Benchmark
Complete TOC:
Explore FMI's Extensive Coverage in the Chemicals & Materials Domain:
fertilizer additives market size : The global fertilizer additives market is projected to reach a market value of US$ 1,075.3 Million in 2022 and a market value of US$ 1,685.96 Million by 2032, with a CAGR of 4.6% from 2022 to 2032.
fertilizer applicators market share : Increasing use of fertilizers in large agricultural fields is expected to push the demand for fertilizer applicators, during the forecast.
phosphate fertilizer market growth : The global phosphate fertilizer market is expected to expand its roots at an average CAGR of 5.5% by 2022 to 2032, while it holds a revenue of US$ 65.02 Billion in 2022 and is anticipated to hold a market value of USD 105.27 Billion by the end of 2032.
water soluble fertilizer market demand : Global Water Soluble Fertilizer Market is expected to reach a market valuation of US$ 17,623.1 Million in 2022 and expand at a CAGR of 6.5% between 2022 and 2032. By the end of the forecast period, the market is expected to be worth US$ 33,080.9 Million.
organic fertilizer market trends : According to Future Market Insights' most recent market study, the global market for Organic fertilizers is expected to reach US$ 9,248.6 Million in 2022 and grow at a CAGR of 6.3% between 2022 and 2032.
green fertilizer market value : The global green fertilizer market is projected to have an average-paced CAGR of 4.5% during the forecast period. The current valuation of the market is US$ 2,145.73 Million in 2023.
north america organic fertilizers market outlook : The North American organic fertilizers market has seen remarkable growth as consumers shifted towards eco-friendly products and the growing trend of sustainability among businesses.
algaecides market overview : The global algaecides market is estimated to be valued at US$ 3.04 billion in 2023 and is expected to reach a valuation of US$ 5.09 billion by 2033. The demand for algaecides is estimated to record a steady 5.3% CAGR.
sulphur hexafluoride market analysis : The Sulphur hexafluoride market valuation is secured at US$ 288.37 Million in 2023 and is estimated to rise to US$ 487.93 Million by 2033. The market is growing at a significant CAGR of 5.4% during the forecast period.
potassium sulfate market sales : Future Market Insights (FMI) forecasts the market value to top US$ 4,742.0 Million in 2022. Demand for potassium sulphate is projected to grow at 4.8% CAGR between 2022 and 2029.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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