The biofertilizers market size in Latin America was worth USD 0.34 billion in 2023. The Latin American market is expected to grow at a CAGR of 13.9% from 2024 to 2029 and be valued at USD 0.74 billion by 2029 from USD 0.39 billion in 2024.
Biofertilizers are derived from various animal and plant-based remains and mineral ores and are also developed from advantageous microorganisms like bacteria and fungi. These organic fertilizers help keep the soil environment rich with diverse kinds of micro and macronutrients by nitrogen fixation and by releasing plant growth-regulating substances.
The market is driven by aspects such as a rise in demand for fertilizers due to the increase in food production and advancement in biofertilizer manufacturing machinery. Drive from governments and sufficient support for supportable farming is probable to maintain stable growth in the market.
The high cost of these Biofertilizers is obstructing the growth of the Latin American biofertilizers market.
Based on type, the nitrogen-fixing bio-fertilizer segment is expected to account for the major share of the Latin American market during the forecast period. The growth of the segment is majorly driven by the increasing acceptance and demand of these fertilizers and is expected to expand enormously.
Latin America had a considerable share of the worldwide market in 2023 and is predicted to grow at a healthy CAGR during the forecast period. Due to the availability of large arable lands and high population growth, the Brazilian market is estimated to grow at the highest CAGR in the forecast period.
The value chain includes producers in the Biofertilizers market and they are Lallemand Inc., Camson Bio Technologies Limited, Rizobacter Argentina S.A., Novozymes A/S, Camson Bio Technologies Limited and Nutramax Laboratories Inc., Symborg S.L., Mapleton Agri Biotech Private Ltd and AgriLife.
By Type
By Crop Type
By Microorganism
By Mode of Application
By Form
By Country
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1200
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region