The Biofertilizers Market is anticipated to reach USD 5.01 Billion by 2032, with a compound annual growth rate (CAGR) of 12.25% projected during the forecast period from 2023 to 2032. The market growth is primarily driven by rising prices of synthetic fertilizers worldwide, driven by consumers' preference for naturally cultivated food products amidst increasing prices of synthetically grown food items.
September 2021: Novozymes introduced five biological solutions, including inoculants, to tackle major issues confronting North American producers. Additionally, the company established a new sales team to provide direct assistance to clients in the United States. Among the new products are inoculants addressing concerns related to nutritional effectiveness, nodulation, and nitrogen fixation.
June 2021: Large-scale production of liquid biofertilizers, aimed at enhancing soil health and agricultural productivity, commenced at the State Government's Ettaiyapuram factory in India. The construction of this plant is geared towards encouraging farmers to replace chemical fertilizers with biological alternatives as often as possible.
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