Biofertilisers - #SectorUpdates
The farmers in India are increasingly using adoptive profitable, credible, and cost-effective production methods and inputs for agricultural commodities. The adoption of a sustainable and effective alternative to toxic chemical-based fertilizers is increasing the India biofertilizers market share. The increase in Government’s efforts to boost product usage has aided market growth. In India, the biofertilizers market size was USD 99.59 million in the year 2021. The market is projected to grow from USD 110.07 million in 2022 to USD 243.61 million by 2029, exhibiting a CAGR of 12.02% during the forecast period. It is noteworthy that, the growing adoption of organic farming, coupled with the ever-increasing population, stimulates market growth in this sector. Moreover, the growing product market and its new launches by key market players are anticipated to fuel the market growth in this sector.