CHICAGO, November 21, 2022 /PRNewswire/ — The Mycorrhizal Biofertilizers Market should reach $1,087 million by 2027, growing at a CAGR of 14.3% over the forecast period according to a new report from MarketsandMarkets™. Growing awareness of climate change, eutrophication, agricultural sustainability and the resulting shift to organic farming is encouraging farmers to adopt environmentally friendly farming practices such as the application of biofertilizers to basis of mycorrhizae. Mycorrhizal biofertilizers can ensure the maintenance of soil health by reducing soil erosion, improving nutrient solubility, increasing crop yield and preventing eutrophication.
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Fruits and vegetables segment is witnessing the fastest growth among agricultural applications of mycorrhizal biofertilizers during the forecast period
Fruits and vegetables provide a secure supply of food and nourishment. Vegetable production is a crucial part of agricultural diversification methods and contributes to reducing rural unemployment and poverty in developing countries. When it comes to human health, they are the most accessible source of vitamins and minerals. RhyzoMyco is a mycorrhizal biofertilizer manufactured by Novozymes that improves nutrient uptake in tubers like potato and cucumber. Promoting fruit and vegetable production is a preventative measure that would ensure good health as well as economic, social and environmental benefits, thus incentivizing the increased use of mycorrhizal biofertilizers.
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Asia Pacific the region is experiencing the highest growth rate in the mycorrhizal biofertilizer market
countries such as China, India, Australia & New Zealandand Japan are expected to be the potential markets for mycorrhizal biofertilizers over the forecast period due to advancements in agricultural technology. Farming in Asia is essential to the economic development of the continent. Governments across the continent are setting up 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 biofertilizers rather than chemical fertilizers. These initiatives include the Paramparagat Krishi Vikas Yojana (PKVY), the Organic Value Chain Development Mission for the North Eastern Region (MOVCDNER) and the National Food Security Mission (NFSM). A 2020 scientific paper titled “Assessment of Biofertilizer Use for Sustainable Agriculture in the Greater Mekong Region” states that the six agriculturally prosperous Asian countries in the Greater Mekong Region, namely – China, Vietnam, Burma, Thailandand Cambodia strive to encourage the creation and use of biofertilizers and to provide them to farmers at reasonable prices. The growth of the mycorrhizal biofertilizer market in Asia Pacific can therefore further be influenced by the reduction in the application of chemical fertilizers, the increase in disposable income and the progressive urbanization of the region.
Key players in the mycorrhizal biofertilizers market include Premier Tech (Canada), UPL Ltd. (India), Novozymes A/S (Denmark), Helena Agri Enterprises LLC (USA), Groundwork BioAg (Israel), Valent BioSciences (United States) and Lallemand (Canada).
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