The global biofertilizers market size is likely to rise at a CAGR of 10.9% between 2020 and 2027 on account of the increasing demand for chemical-free fertilizers for agricultural production. In May 2016, Lage y Cia, a company in Uruguay was acquired by a Canadian company Lallemand Inc., for increasing the production of yeast, fungi, and bacteria as a biocontrol, biofertilizer, and a biostimulant agent. According to a recent report by Fortune Business Insights titled, “Biofertilizers Market Size, Share & Industry Analysis, By Type (Nitrogen Fixing, Phosphate Solubilizers, and Others), Microorganism (Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM, and Others), Application (Seed Treatment, Soil Treatment, and Others), Crop Type, and Regional Forecast, 2020 – 2027,” the value of this market was USD 1.49 billion in 2019 and is anticipated to reach USD 3.28 billion by the end of 2027.
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