Mycorrhiza-based Biofertilizer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The mycorrhiza-based biofertilizer market is projected to register a CAGR of 14.8% during the forecast period, 2022-2027.

The global crisis caused by the COVID-19 pandemic exerted a significant impact on most industries. However, the fertilizer industry, including the mycorrhiza-based biofertilizer market, has shown some resilience in the supply chain during the crisis. Fertilizer companies have developed global immunity by working in a highly turbulent environment for a long time.

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. These are driving the usage of mycorrhiza biofertilizers. Increased food demand and the need for sustainable agricultural development, impressive efficacy in the growth of important crops, and depleting phosphorous levels in soils are the factors driving the market. This, in turn, has led the mycorrhiza manufacturers to meet the demand-supply gap for these biofertilizers since there is a growing trend toward organic products.

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 solutions 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 in 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 water uptake. Asia-Pacific is the largest market for Mycorrhiza-based biofertilizers. In India, commercial mycorrhiza-based biofertilizers are used in large-scale rice production. They have resulted in around 10% yield increases 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 2018, China’s Ministry of Agriculture released a pilot plan for fertilizer replacement in around 100 districts of China, which aimed at reducing the chemical use of fertilizer by at least 20%. Thus, in turn, encouraging the use of mycorrhiza biofertilizers in the country.​ 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.​ Thus, the aforementioned factors drive the market in the Asia-Pacific region and are anticipated to grow during the forecast period.

Competitive Landscape

The mycorrhiza-based biofertilizers market is a fragmented market with many regional players occupying shares to be competitive in the market. Agrilife, Agrinos, Symborg, Sustane Natural Fertilizers Inc., and Valent Biosciences LLC are some of the major players in the market. These players 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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.