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Mycorrhiza-based Biofertilizer Market - Growth, Trends, and Forecast (2020 - 2025)

Mycorrhiza-based Biofertilizer Market - Growth, Trends, and Forecast (2020 - 2025)

  • May 2020
  • 97 pages
  • ID: 5903698
  • Format: PDF
  • Mordor Intelligence LLP
Up to $1125 off Until Aug 20th 2020

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The global mycorrhiza-based biofertilizer market was valued at USD 268.8 million in 2019, and it is projected to be worth USD 621.6 million by 2025, by registering an estimated CAGR of 14.8% during the forecast period, 2020-2025. Governments of different countries are providing various schemes for encouraging the manufacturers of biofertilizers, and they are taking several initiatives to bring about a shift from conventional farming practices to organic farming practices. All this is encouraging the use of mycorrhiza biofertilizers. Increased food demand and the need for sustainable agricultural development, impressive efficacy on the growth of important crops, and depleting phosphorous levels in soils are the factors driving the market. While high demand for synthetic fertilizers and low shelf life of microorganisms are expected to restrain the market.

Key Market Trends
Depleting Phosphorous Levels in the Soil

Phosphorus is a macronutrient that plays many crucial roles in plants. It is a vital component of nucleic acids, thereby, playing a vital role in plant reproduction, of which, grain production is an important result. The concentration of soluble phosphate in most soil solution is very low, and phosphorus is relatively immobile in the soil. Adding to that, the overuse of agricultural land by continuous cropping and frequent drought conditions, have led to further depletion of phosphorous levels in many regions around the world. Given the rising global demand for food and the current rate of phosphorus extraction brought by increasing use and decreasing worldwide supply, there is a dire need for a sustainable alternative. Microorganisms, such as mycorrhizal fungi, that can greatly enhance phosphorus uptake, could thus be a very effective approach to overcome the phosphate crisis. For instance, in India, a major agricultural country, phosphorus deficiency is widespread in all major rice ecosystems. Large scale use of mycorrhiza-based biofertilizers for rice production has resulted in yield increases of around 10% along with a significant reduction of chemical fertilizer use. Thus, mycorrhizal biofertilizers can effectively enrich the soil with phosphorus deficiency

Asia Pacific dominates the market

Mycorrhizae contribute significantly to plant nutrition, particularly to phosphorus uptake. They contribute to the selective absorption of immobile (P, Zn, and Cu) and mobile (S, Ca, K, Fe, Mn, Cl, Br, and N) elements from plants, and to water uptake. In India, commercial mycorrhiza-based biofertilizers are used on large-scale rice production and have resulted in yield increases of around 10% with a 25-50% reduction of fertilizer, considering India’s low phosphorus soils. With the rising price of phosphate fertilizers and almost 50% of Indian soils being phosphorous deficient, mycorrhiza can play a major role in farm fertilization.? In 2017, China’s Ministry of Agriculture released a pilot plan for fertilizer replacement in around 100 districts of China, which aimed at reducing chemical use fertilizer by at least 20% by 2020. Thus, in turn, encouraging the use of mycorrhiza biofertilizers in the country.? Also, since mined phosphate levels in the Chinese soils have been depleted, mycorrhiza fertilizers can serve as excellent alternatives to chemical counterparts to revive the phosphate levels in the soils naturally.?

Competitive Landscape
Companies operating in the mycorrhiza based bio-fertilizer market are adopting various strategies, such as product launches, partnerships, and acquisitions, to gain a larger share in the market. Investment in R&D and the introduction of new products is a primary strategy adopted by all major companies involved in the market studied. Apart from product launches, companies are entering into partnerships and agreements, in order to increase their customer base and develop R&D capabilities.

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