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.
The fruits & vegetables segment is the fastest growing among the agricultural application of mycorrhizae-based biofertilizers 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. RhyzoMyco is a mycorrhizae-based biofertilizer manufactured by Novozymes which enhances the nutrient uptake in tuber crops like potato and cucumber. Promoting the production of fruits & vegetables is a preventive measure which would ensure good health as well as bring about economic, social, and environmental advantages thereby prompting the increased usage of Mycorrhizae-based biofertilizers.
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 continents economic development. Governments across the continent are introducing various schemes to encourage the use of biofertilizers in agriculture. Through state governments, such as the government of the state of Bihar, the Indian central government has been promoting the use of biofertilizers rather than chemical fertilizers.
These initiatives include the Paramparagat Krishi Vikas Yojana (PKVY), Mission Organic Value Chain Development for Northeastern Region (MOVCDNER)), and National Food Security Mission (NFSM). A 2020 scientific paper titled “Assessment of biofertilizer use for sustainable agriculture in the Great Mekong Region” states that the six agriculturally prosperous Asian countries of the Great Mekong Region namely – China, Vietnam, Myanmar, Thailand, and Cambodia are striving to encourage the creation and usage of biofertilizers and providing them to farmers at reasonable prices. The growth of the mycorrhizae-based biofertilizers market in Asia Pacific can thus further be influenced by the reduced application of chemical fertilizers, rising disposable income, and progressive urbanization in the region.
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).
