Mycorrhizae-based Biofertilizers Market Worth US$1,087 Million By 2027

CHICAGO, November 21, 2022 /PRNewswire/ — That Market for mycorrhizae-based biofertilizers is expected to grow $1,087 million to 2027, growing at a CAGR of 14.3% over the forecast period according to a new report by MarketsandMarkets™. Growing awareness of climate change, eutrophication, agricultural sustainability and the resulting conversion to organic farming are encouraging farmers to adopt environmentally sound agricultural practices such as the application of mycorrhizal-based biofertilisers. Mycorrhizal-based biofertilizers can ensure soil health maintenance by reducing soil erosion, improving nutrient solubility, increasing crop yield and preventing eutrophication.

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The fruits and vegetables segment will grow fastest under the agricultural application of mycorrhizal-based biofertilizers during the forecast period

Fruits & vegetables ensure a secure supply of food and nourishment. Vegetable production is a crucial part of farm diversification methods and helps reduce rural unemployment and poverty in developing countries. In terms of human health, they are the most accessible source of vitamins and minerals. RhyzoMyco is a mycorrhizal-based organic fertilizer manufactured by Novozymes that improves nutrient uptake in tuberous crops such as potatoes and cucumbers. Encouraging fruit and vegetable production is a preventive measure that ensures good health and brings economic, social and environmental benefits, encouraging the increased use of mycorrhizal-based biofertilisers.

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Asia Pacific Region records the highest growth rate in the mycorrhizal-based biofertilizers market

countries like China, India, Australia & New Zealandand Japan are expected to be the potential markets for Mycorrhizal Biofertilizer due to the advancements in agricultural technology during the forecast period. agriculture a Asia is essential for the economic development of the continent. Governments across the continent are introducing various programs to encourage the use of biofertilizers in agriculture. Through state governments, such as the Bihar State Government, the Indian central government has encouraged the use of organic fertilizers instead of chemical fertilizers. These initiatives include the Paramparagat Krishi Vikas Yojana (PKVY), the Mission Organic Value Chain Development for Northeastern Region (MOVCDNER) and the National Food Security Mission (NFSM). A 2020 scholarly paper entitled “Assessing the use of biofertilizers for sustainable agriculture in the Great Mekong Region” states that the six agriculturally prosperous Asian countries of the Great Mekong Region namely – China, Vietnam, Burma, Thailandand Cambodia strive to promote the development and use of organic fertilizers and offer them to farmers at reasonable prices. – The growth of the mycorrhiza-based biofertilizer market in Asia Pacific may therefore be further impacted by reduced use of chemical fertilizers, increasing disposable income and ongoing urbanization in the region.

Major Players in Mycorrhizal Based Organic Fertilizer Market include Premier Tech (Canada), UPL Ltd. (India), Novozymes A/S (Denmark), Helena Agri Enterprises LLC (USA), Groundwork BioAg (Israel), Valent BioSciences (USA) and Lallemand (Canada).

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