The global   herbal medicine market   was valued at USD 233.08 billion in 2024 and is forecasted to expand from USD 251.25 billion in 2025 to USD 437 billion by 2032, registering a compound annual growth rate (CAGR) of 8.23% throughout the forecast period. Europe led the market in 2024, contributing 44.55% of the global share. The U.S. herbal medicine market is also expected to experience notable growth, projected to reach USD 37.90 billion by 2032, driven by rising health awareness and a growing preference for natural care products influenced by environmental concerns.

Herbal medicines originate from natural plant parts such as roots, stems, leaves, flowers, or seeds and are used to enhance well-being and address various health conditions. Common herbs include gingko, ginseng, ginger, turmeric, and chamomile. For generations, communities have relied on plants for traditional remedies for both human and animal health, a practice that continues to support the increasing global demand for herbal medicine.

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Segments:

Pharmaceutical & Nutraceutical Segment Leads Market Share Due to Rising Demand for Herbal Products

By application, the pharmaceutical and nutraceutical segment dominates the herbal medicine market, primarily due to increased demand for herbal raw materials by dietary supplement producers and the alternative medicine sector.

Tablets & Capsules Segment Gains Significant Share Due to Wide Availability in Pharmaceuticals

In terms of form, the tablets and capsules segment commands a significant portion of the market. Their wide availability makes them a preferred form of herbal medicine within the pharmaceutical field.

Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The report delivers an extensive analysis of the market, with detailed insights into key segments. It outlines the strategies employed by leading companies to drive growth and offers practical guidance for investors. It also covers regional trends and the impact of COVID-19 on the herbal medicine industry.

Drivers and Restraints:

Growing Demand for Herbal Ingredients in Cosmetics to Drive Market Growth

The cosmetics sector offers promising opportunities for exporters of organic components from developing regions. Increasing interest in organic beauty products and a shift away from synthetic ingredients are fueling the demand for natural substances, a trend expected to persist throughout the forecast period.

Regional Insights:

Europe Dominates Market Due to High Demand for Organic Products

Europe remains the largest market, propelled by its strong cosmetics industry and increasing preference for natural components in beauty and personal care. This trend is likely to create opportunities for emerging market players.

In North America, especially the U.S., rising health consciousness is contributing to growing demand for organic care products.

Asia and Latin America are seeing rapid growth in the cosmetics sector. Enhanced internet access is increasing awareness of herbal products' benefits, further driving demand for natural and herbal remedies.

Competitive Landscape:

Leading Companies Focus on Trend-Oriented Products to Capture Market Share

Major companies are implementing diverse strategies to bolster their market presence, such as acquiring other firms to boost brand recognition and frequently launching new products based on thorough market research and consumer insights.

List of Key Players Mentioned in the Report:

• Cultivator Natural Products Pvt. Ltd. (India)
• 21ST Century HealthCare, Inc. (U.S.)
• Herbalife Nutrition (U.S.)
• ZeinPharma Germany GmbH (Germany)
• Blackmores Limited (Australia)
• Himalaya Global Holdings Ltd. (India)
• Nutraceutical Corporation (U.S.)
• Emami Limited (India)
• Nature's Answer, LLC. (U.S.)
• Patanjali Ayurved Limited (India)

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Key Industry Development:

March 2021:   Lotus, a leading Indian beauty brand, introduced the Lotus Botanicals line. This online platform allows consumers to buy a variety of skin and hair care products either directly from Lotus Botanicals or through third-party e-commerce sites.

The global   cannabis market revenue   was valued at USD 43.72 billion in 2022 and is expected to expand from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, reflecting a CAGR of 34.03% over the forecast period. North America led the cannabis market in 2022, holding an 81.79% market share. Additionally, the U.S. cannabis market is anticipated to witness substantial growth, reaching an estimated USD 428.22 billion by 2032, fueled by the increasing legalization of medical and recreational cannabis across various states.

Cannabis, a genus of flowering plants, has been used for thousands of years due to its recognized therapeutic and medicinal benefits. Its social and spiritual applications are also well-documented. The three primary species—C. sativa, indica, and ruderalis—serve as the foundation for most hybrid varieties cultivated today, combining traits from two or more of these dominant species.

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COVID-19 Impact:

Industry Growth Accelerated by Rising Consumption of Medical and In-house Marijuana

During the COVID-19 pandemic, the demand for medical marijuana remained steady. Numerous states classified medical marijuana dispensaries as essential businesses. In the U.S., some states allowed recreational stores and dispensaries to operate despite stay-at-home directives. The recognition of marijuana as essential for both medicinal and recreational use in various regions contributed to the industry's growth during the pandemic.

Segmentation:

Flowers/Buds Segment to Witness Significant Growth Due to Increasing Consumption

By type, the market is categorized into flowers/buds and concentrates. The flowers/buds segment is expected to experience strong growth over the forecast period, driven by rising global consumption.

Recreational Marijuana Segment to See Strong Growth Due to Psychoactive Effects

In terms of application, the market is divided into medical, recreational, and industrial hemp. The recreational segment is projected to expand substantially throughout the forecast timeline, fueled by growing trends in marijuana legalization and decriminalization.

THC-dominant Segment to Experience Substantial Growth Driven by High Consumer Demand

The market, based on component, is segmented into THC-dominant, CBD-dominant, and balanced THC and CBD. The THC-dominant category is forecasted to grow significantly over the estimated timeframe, supported by increased recreational use.

Geographically, the market is analyzed across North America, Asia Pacific, Europe, and the rest of the world.

Report Coverage:

The report delivers a comprehensive analysis of key trends shaping the global market landscape throughout the forecast period. It also outlines major factors contributing to industry growth during the projected period. Additionally, the report highlights strategic initiatives taken by leading players to reinforce their market presence.

Drivers and Restraints:

Market Growth Enhanced by Expanding Range of Hemp-infused Edibles

A key driver of cannabis market growth is the expanding availability of hemp-infused edible products. Industry development is further supported by innovation and advancements in packaging. However, potential side effects of medical marijuana, including cognitive impairment, could act as a limiting factor for market growth.

Regional Insights:

North America to Dominate Market Fueled by Increased Adoption of Marijuana-based Products

The increasing use of marijuana-infused products is expected to bolster North America's market share, positioning it for significant growth throughout the forecast period. Europe is also set to see notable growth, driven by favorable legislation and expanding medical marijuana usage.

Competitive Landscape:

Top Companies Pursue Partnerships to Enhance Market Position

Key industry players are implementing strategic actions such as partnerships, acquisitions, and product launches to strengthen their competitive standing. These efforts are supplemented by heightened research activities and increased involvement in industry events.

List of Key Players Featured in the Report:

• Aurora Cannabis Inc. (Canada)
• Tilray, Inc. (Canada)
• Canopy Growth Corporation (Canada)
• CannTrust Holdings Inc. (Canada)
• VIVO Cannabis Inc. (Canada)
• Cronos Group Inc. (Canada)
• Jazz Pharmaceuticals (Ireland)
• OrganiGram Holdings (Canada)
• Lexaria Corp. (Canada)
• ABcann Medicinals, Inc. (Canada)

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Key Industry Development:

February 2023   – Aurora Cannabis Inc. of Canada, in collaboration with MedReleaf Australia, introduced a new medical cannabis brand, CraftPlant, for the Australian market. The brand features three products for physician prescription—HiVolt, Navana, and Greendae.

The global   commercial seed market revenue   was valued at USD 40.70 billion in 2017 and is projected to reach USD 54.81 billion by 2032, exhibiting a CAGR of 2.5% based on our analysis in the existing report. North America dominated the commercial seed market with a market share of 39.82% in 2017.

The global agri-input industry has witnessed a significant change in the current decade due to many mergers and acquisitions activities. Global agrochemicals (including pesticides and seed) were a consolidated industry, and recent mergers & acquisitions have led to further consolidation of the industry. A combination of key industry players such as Bayer-Monsanto, ChemChina-Syngenta, and DowDupont have significantly changed the industry structure, competition level, investment trend, and supply-demand dynamics.

Fortune Business Insights™ has published a comprehensive research report on the Commercial Seed Market, offering an in-depth analysis and extensive market data.

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Gain valuable insights into the anticipated market size and growth trends of the Commercial Seed Market, with a segmented breakdown for detailed analysis.

Growing Adoption of High-Yield Crops Driving Demand for Commercial Seeds

Rising disposable incomes are anticipated to lead to increased and unrestrained resource consumption. This, in turn, is expected to heighten the demand for commercial seeds aimed at boosting crop productivity compared to traditional farm-saved seeds. Technological progress in molecular biology has significantly reduced both the time and cost of plant genome mapping. These innovations are poised to accelerate commercial seed production.

However, the commercial seed market may face obstacles in generating higher revenues due to limited profit margins associated with major industrial crops like guar, fibre hemp, cuphea, plantago, sunflower, sugar beet, safflower, potato, rapeseed, maize, jojoba, cassava, oil palm, and peas. Furthermore, government-imposed regulations on the trade of specific crops could hinder market growth. Additionally, the ban on neonicotinoids could adversely affect commercial seed production over the forecast period. Despite these challenges, the growing use of high-yield, value-added crops is projected to support the global commercial seed market.

Marketing of Enhanced Seed Quality to Support Market Growth

While growing resistance to crop protection products may present challenges to future market expansion, the cost-effectiveness of seed treatment as a crop protection method is likely to provide long-term growth prospects. Within crop segments, fruit and vegetable seeds are expected to generate significant revenue during the forecast period, driven by increasing health awareness and demand for fresh produce. The development of new hybrid vegetable seed varieties is also projected to grow rapidly in the near future.

Increasing farmer awareness of the benefits of improved seed varieties is contributing to market growth across Asia Pacific. This, along with supportive government initiatives encouraging the adoption of high-quality seeds, is expected to drive expansion of the commercial seed market in the region, positioning Asia Pacific as the fastest-growing market globally.

Agriculture Perspective:

This section explores the relationship between the Commercial Seed Market and the agriculture industry. It examines the impact of changing consumption trends and innovations in Agriculture on the Commercial Seed Market demand. The analysis also considers potential collaborations, partnerships, and untapped opportunities, along with key consumer preferences shaping market trends.

List of Top Commercial Seed Companies:

• Bayer CropScience (Monsanto)
• Syngenta AG
• DowDuPont
• Sakata Seed Corporation
• Groupe Limagrain
• Land O'lakes
• KWS SAAT SE
• Nufarm
• Adama Agricultural Solutions
• Takii & Co. Ltd.
• Other players

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KEY INDUSTRY DEVELOPMENTS

In June 2019, KWS SAAT SE signed a binding agreement to acquire Pop Vriend Seeds—a global leader in spinach seeds and a prominent supplier of vegetable seeds—in line with its strategic objective to establish a long-term presence in the expanding vegetable seeds market.

The global   aromatherapy market  size reached USD 1.51 billion in 2023. The market is poised to surge from USD 1.60 billion in 2024 to USD 2.58 billion by 2032, depicting a CAGR of 6.27% during the projection period.

Aromatherapy involves the medicinal use of aromatic essential oils for the improvement of emotional and physical health. Many individuals seek this therapy on account of its stress-relief and relaxation benefits owing to busy and modern lifestyles, which spurs product demand.

The COVID-19 pandemic period observed the temporary closure of retail stores and wellness establishments in light of the enforced lockdown restrictions. Nonetheless, the period also registered an upsurge in product sales through e-commerce platforms.

Fortune Business Insights™ provides this information in its research report, titled “Aromatherapy Market, 2024-2032”.

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Segmentation:

Holistic Aromatherapy Segment to Lead Propelled by Rising Demand

By form, the market is classified into medical aromatherapy, holistic aromatherapy, and others. The holistic aromatherapy segment is set to record a major share in the global market. This is due to the escalating product demand on account of the synergistic effect provided through combination with other wellness practices such as acupuncture, yoga, and others.

Inhalation Segment to Register Largest Share Due to Efficacy in Addressing Mood Disorders

On the basis of mode, the market is subdivided into topical, bathing, and inhalation. The inhalation segment is set to account for a key aromatherapy market share. The dominance can be attributed to the enhanced use of the mode for addressing anxiety, stress, and mood disorders due to its efficacy for these conditions.

Commercial Segment to Record Dominating Share Due to Increasing Product Adoption in the Hospitality Sector

By end-user, the market is segregated into commercial and residential. The commercial segment is poised to dominate the global market due to the escalating adoption of aromatherapy by several hospitality businesses for enhancing their overall experience.

By geography, the market has been analyzed across North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

Report Coverage:

The report provides a detailed analysis of the global business scenario on the basis of numerous segments: mode, form, end-user, and geography. It also enlists the latest trends and the key factors poised to impel industry expansion. The competitive landscape of the industry has also been provided in the report.

Drivers and Restraints:

Industry Value to Expand with Rising Innovation and Provision of Integrated Services

There has been an increase in technological advancements such as the integration of wellness apps and aromatherapy services, which offer personalized recommendations and help track therapy use. The market has also recorded the debut of various portable devices such as portable nebulizers, car diffusers, and wearable diffusers. Such aspects are slated to push product adoption.

However, the dependence of essential oil production on plants, that are sensitive to seasonal variations, could affect raw material supply, hindering aromatherapy market growth.

Regional Insights:

Europe Records Major Share Owing to Long Cultural Tradition of Plant-based Therapies

In 2023, the Europe market size stood at USD 0.57 billion and the region accounted for a leading share of the global market. This can be credited to the rich cultural tradition of using plant-based therapies and essential oils in the region. Besides, Germany and France have been exhibiting a centuries-long hold over practice and research in the field of aromatherapy.

Asia Pacific’s market value is spurring on account of a rise in disposable income. In addition, there has been an increasing incorporation of the therapy in the service portfolios of several wellness centers, resorts, and spas.

Competitive Landscape:

Prominent Players Strike Collaborations with Healthcare Providers to Enhance Patient Care

Leading market players are keen to implement various strategic steps to establish a strong footing in the industry. They are entering partnerships with healthcare providers. The intent behind such collaborations is the integration of aromatherapy into patient care.

List of Key Players Mentioned in the Report:

• The Aromatherapy Place (U.S.)
• Cleveland Clinic (U.S.)
• Aromatherapy Associates (U.K.)
• Aromatics International (U.S.)
• Aromatics Spa (Kenya)
• Lake Austin Spa Resort (U.S.)
• Tranquil Luxury Thai Spa (India)
• Aromatherapy Clinic (Australia)
• Serenity Spa (U.S.)
• Bliss Aromatherapy & Wellness (U.S.)
• Miraval Arizona Resort & Spa (U.S.)
• Lewisia Wellness (India)
• Red Mountain Resort (U.S.)
• Oriental Healing Oasis & Wellness Center (U.S.)
• Sundara Inn & Spa (U.S.)

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Key Industry Development:

September 2023 –   Molten Brown launched Reviving Rosemary. The company’s first ever aromatherapy collection has been rolled out for providing an enhanced experience to both hotel partners and guests.

The global   food colors market   was valued at USD 2.55 billion in 2018 and is projected to grow to USD 7.58 billion by 2032, registering a compound annual growth rate (CAGR) of 8.11% over the forecast period, according to our analysis. In 2018, North America dominated the market, accounting for 26.19% of the global share.

The increasing use of food colors in soft drink production, combined with rising demand for these beverages, is expected to drive substantial market growth. Additionally, the growing consumption of processed food products and carbonated beverages remains a key factor fueling the expansion of the global food colors market.

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Key Factors Driving Market Growth

The surging demand for natural food colors is driven by a shift in consumer preferences toward clean-label and natural products. Consumers are increasingly opting for colors derived from fruits, vegetables, and plants. The rising consumption of packaged and processed foods—including snacks, beverages, and confectionery—further fuels this trend.

Food manufacturers are leveraging vibrant colors to enhance product appeal, catering to consumer demand for visually attractive food items. Moreover, health and wellness trends have prompted the replacement of synthetic additives with natural alternatives. The rapid expansion of the food and beverage industry, particularly in emerging markets, is also driving the increasing demand for food colors.

Competitive Landscape

Symrise AG, a global leader in flavors and fragrances, has launched its new Asia-Pacific Flavor Innovation and Technology Center. This facility is aimed at strengthening Asia’s position as a hub for food and nutrition while enhancing local food manufacturing capabilities. Backed by a €30 million expansion of Symrise’s regional headquarters in Singapore, this initiative is expected to drive market growth in the coming years.

Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, highlighted the region’s role in shaping global food innovation trends, stating, “Asia is becoming a key driver of innovation and inspiration for new food products. Major centers like Singapore, which integrate business, technology, health, and nutrition, will play a crucial role in this global megatrend.” He further emphasized, “Singapore will remain a cornerstone of our growth strategy, and our new research and innovation facilities will encourage greater collaboration, connectivity, and creativity among industry stakeholders, reinforcing Singapore’s leadership in food research and manufacturing.”

Additionally, increasing consumer demand for food products is expected to support the expansion of the food colors market.

Regional Insights

North America

Generating USD 667.77 million in revenue in 2018, North America is poised for significant growth. This expansion is driven by a rising preference for natural food colors, fueled by regulatory bans on synthetic additives due to environmental and toxicological concerns. The ongoing westernization and commercialization of the food industry are further expected to support market growth. Additionally, the growing popularity of carbonated beverages is increasing demand for both natural and synthetic food colors, creating a favorable market environment.

Asia-Pacific

In the Asia-Pacific region, the rising consumption of ready-to-eat snacks is expected to unlock new growth opportunities. Factors such as an expanding working population and increasing disposable income are anticipated to drive market expansion across the region.

Leading Companies in the Food Colors Market

• Dohler Group
• Archer-Daniels-Midland Co.
• Symrise AG
• Ingredion, Inc.
• Sensient Technologies
• Kalsec, Inc.
• DDW, Inc.

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Key Industry Developments

• July 2021 : GNT Group introduced two new EXBERRY Coloring Foods derived from turmeric and spirulina. These products cater to the growing global demand for cost-effective, natural green food colors that align with clean-label trends.
• June 2021 : Chr. Hansen Natural Colors, now rebranded as Oterra, completed its acquisition of Symrise AG’s natural food coloring business. This strategic move is expected to strengthen Oterra’s position in the natural food coloring market.

The global   athleisure market   size was valued at USD 311.48 billion in 2023. The market is projected to grow from USD 338.48 billion in 2024 to USD 716.05 billion by 2032, exhibiting a CAGR of 9.82% over the forecast period.

Athleisure is a fashion trend blending athletic and leisure wear, crafted for both workouts and everyday casual use. Key clothing items include leggings, sweatpants, hoodies, sweatshirts, pullovers, joggers, athletic shorts, and yoga pants, focusing on functionality and style. The growing consumer demand for environmentally responsible products is driving brands to use sustainable materials such as organic cotton and recycled polyester, supporting market growth.

The COVID-19 pandemic interrupted supply chains but shifted consumer demand toward comfortable and versatile clothing for work-from-home settings. Athleisure brands responded with innovative, stylish designs that catered to the growing preference for casual, home-friendly fashion.

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Segmentation:

Mass Segment to Holds its Dominating Position owing to Growing Online Shopping

In terms of type, the market is bifurcated into mass and premium. In 2023, the mass segment held the highest market share and is projected to remain dominant throughout the study period. The growth is driven by rising online shopping, affordable pricing, and a continuous flow of new product designs that encourage frequent purchases.

T-shirt is the Leading Athleisure Product Favored by Functionality and Comfort

As per product, the market is classified into sweatpants and t-shirts, hoodies, sweatshirts, and pullovers, yoga pants & leggings, sports bras, sweatpants and joggers, athletic shorts, and others. The t-shirt segment captured the largest athleisure market share in 2023 due to their blend of comfort and functionality. Their stretch, moisture-wicking, and breathable qualities make them a preferred choice for everyday and athletic activities.

Women Segment Leads Owing to Rising Women Participation in Outdoor Activities

By end-use, the market is segregated into men, women, children, and unisex. The dominance of the women’s athleisure segment is driven by more women engaging in outdoor activities and the availability of diverse, stylish options. Market players, including new entrants such as “ONLY PLAY” in August 2022, enhance their offerings with innovation and fashion-forward designs. 

Offline Segment Records Largest Share Owing to Its Ability to Examine Product Quality

In terms of distribution channels, the market is divided into e-commerce/online stores and offline. In 2023, the offline segment led in market revenue, driven by sporting goods retailers offering diverse athleisure brands and personalized service. The ability to examine product quality and experience a trial fitting enhances consumer satisfaction and drives growth.

In terms of region, the market is categorized into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• The latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints:

Shift in Fashion Preferences to  Propel Market Growth

The growing preference for casual and comfortable clothing, fueled by remote and flexible remote environments is driving the expansion of the market. Moreover, the growing social media and influencer culture, with celebrities endorsing versatile athleisure styles, has significantly boosted the popularity of the market.

However, the widespread availability of counterfeit products, replicating premium product designs, negatively impacts brands image and sales, limiting athleisure market growth.

Regional Insights:

North America Dominated the Market Owing to High R&D Investment

North America held the apex position in the market in 2023. The region’s substantial investment in R&D for textiles and sustainability, including the use of ethically sourced materials and low-impact manufacturing, has significantly contributed to the region’s market growth.

In Europe, high awareness of health and wellness, combined with social trends favoring comfort and casual wear, has driven consumers to embrace the product, boosting market growth. 

Competitive Landscape:

Key Players Emphasis on Innovations to Enhance Product Visibility

The athleisure market is intensely competitive, with major and local brands focusing on innovation, differentiation, and strategic collaborations. Partnerships and endorsements, such as Nitches’ October 2021 deal with John Lewis, are pivotal for expanding market reach and enhancing product visibility. 

List of Key Players Mentioned in the Report:

• Lululemon Athletica Inc. (Canada)
• Adidas AG (Germany
• Under Armour, Inc. (U.S.)
• Hanesbrands Inc. (U.S.)
• EILEEN FISHER (U.S.)
• Vuori (U.S.)
• Outerknown (U.S.)
• PANGAIA (U.K.)
• Wear Pact, LLC (U.S.)
• PUMA SE (Germany)

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Key Industry Development:

March 2022:   Puma announced a long-term partnership with Lega Serie A, enhancing its global visibility through one of the most-watched football leagues. This move complements PUMA’s existing LaLiga collaborations.

The global   biofertilizers market   was valued at USD 2.53 billion in 2024 and is projected to expand from USD 2.83 billion in 2025 to USD 6.34 billion by 2032, reflecting a CAGR of 12.21% during the 2025-2032 period. In 2024, North America led the market with a 30.83% share. The U.S. biofertilizers market is expected to experience significant growth, reaching USD 1.28 billion by 2032, driven by the rising number of organic farms and government initiatives supporting sustainable agriculture.

Biofertilizers, also known as bioinoculants, are live microorganisms that enhance plant nutrition by colonizing the rhizosphere when applied through soil or seeds. Key microorganisms used in biofertilizer production include cyanobacteria, nitrogen-fixing bacteria, phosphate-solubilizing bacteria, and molds. These organisms accelerate microbial activity in the soil, making nutrients more accessible to plants. Additionally, biofertilizers boost crop yield, improve soil fertility, and protect plants from pests and diseases. Their long-term effectiveness reduces the need for frequent applications, making them a cost-efficient alternative to synthetic fertilizers. As biofertilizers are primarily derived from natural ingredients, they are more affordable to manufacture and apply, lowering overall fertilization costs for farmers and gardeners.

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Objectives of the Report:

This report provides a comprehensive analysis of the biofertilizers market, highlighting key drivers, restraints, challenges, and growth opportunities. It also examines current trends, recent industry developments, and other crucial insights that will drive market demand in the coming years. Furthermore, it presents a list of key market players and their strategies for maintaining a competitive edge. For additional details, visit the company website.

Drivers & Restraints:

Increasing Concern Over Soil Degradation to Propel Growth

The widespread use of chemical fertilizers such as calcium nitrate and monoammonium phosphate has led to soil degradation, reducing arable land and crop cultivation. This has increased demand for organic fertilizers, driving the biofertilizers market. Biofertilizers contain live microorganisms that naturally enhance plant growth by supplying essential nutrients and improving soil fertility.

However, the high production costs of biofertilizers pose a challenge for farmers, potentially hindering market growth. Additionally, biofertilizers have a shorter shelf life and are less versatile compared to chemical alternatives, which may also impact their adoption. Nevertheless, government initiatives promoting agricultural sustainability through awareness programs and biofertilizer distribution are expected to create significant growth opportunities.

Segmentation:

Cereals Segment to Maintain Dominance Due to Rising Demand for Organic Products

Among various crop types, the cereals segment accounted for a 43.74% market share, driven by strong demand from both developed and developing nations. This dominance is attributed to the nutritional benefits of cereals.

Regional Analysis:

North America and Europe Lead Due to Prevalence of Organic Farming

North America and Europe hold a major share of the biofertilizers market, primarily due to the high number of organic farms in countries such as the U.S. and Mexico. In 2019, North America generated USD 470.83 million in revenue. According to the U.S. Department of Agriculture (USDA), certified organic farms and businesses grew by 13% between 2015 and 2016.

Meanwhile, South America is expected to emerge as the fastest-growing region, driven by increasing demand for organic products in Brazil and Argentina.

Competitive Landscape:

Companies Focus on Expanding Product Portfolios

Leading biofertilizer manufacturers are launching new products and expanding their portfolios to gain a competitive advantage. Some companies are also forming joint ventures, agreements, and strategic collaborations to strengthen their market position.

Key Market Players:

• Monsanto BioAG (Missouri, United States)
• Rizobacter Argentina S.A (Argentina)
• Novozymes A/S (Copenhagen, Denmark)
• Symborg (California, United States)
• Agrinos AS (Oslo, United States)
• Agri Life (Telangana, India)
• Camson Bio Technologies Ltd (Karnataka, India)
• Gujarat State Fertilizers & Chemicals Ltd (Gujarat, India)
• BioWorks Inc. (New York, United States)
• Lallemand Inc. (Montreal, Canada)

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Industry Developments:

• June 2019   – Bayer (Germany) and Novozymes (Denmark) announced the continuation of their R&D and distribution partnership. Through this collaboration, Novozymes will form additional partnerships with companies such as Univar Solutions (U.S.) and UPL (India) to distribute biological products.

The global   sugar alcohol market   was valued at USD 3.61 billion in 2019 and is projected to reach USD 9.07 billion by 2032, exhibiting a CAGR of 7.13% during the forecast period. In 2019, Europe dominated the market with a 32.41% share.

Market growth is primarily driven by the increasing consumption of gum confectionery products, such as chewing gum, where polyols serve as a key sugar substitute. The food and beverage industry, particularly the bakery and confectionery segments, accounts for the majority of polyol consumption. With consumers increasingly opting for sugar-free food products due to fast-paced lifestyles, demand for sugar alcohols is expected to rise significantly.

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Report Coverage

The market report provides a comprehensive analysis of various factors influencing growth, including key drivers, restraints, challenges, and opportunities. It offers detailed regional insights, encompassing both qualitative and quantitative data, with a breakdown of contributions from different countries between 2020 and 2027. Additionally, the report examines the competitive landscape, highlighting major market players and their strategies such as mergers, acquisitions, collaborations, and joint ventures that are expected to drive industry expansion.

Market Dynamics

Growth Drivers

Rising Demand for Gluten-Free Food Products

The growing popularity of gluten-free diets worldwide is fueling demand for sugar alcohols. Gluten-free foods offer several health benefits, including improved cholesterol levels, better digestion, increased energy, and weight management. As a result, companies are launching new products to cater to this trend. Glucose syrups containing polyols such as maltitol and sorbitol are widely used in multiple regions, and the increasing demand for gluten-free, corn-based glucose syrups is expected to further propel market growth.

Regional Insights

Europe Leads Market Growth with Strong Demand for Sugar-Free Confectionery

Europe is expected to maintain its dominance in the global sugar alcohol market, registering the highest revenue during the forecast period. In 2019, the region accounted for a market share of USD 1.23 billion, driven by the rising demand for sugar-free confectionery products. Additionally, an increasing preference for processed foods due to busy lifestyles is further boosting market growth.

North America: A Key Market Fueled by Growing Diabetic Population

North America is projected to be the second-largest regional market, primarily due to the rising prevalence of diabetes in the U.S. The COVID-19 pandemic has also contributed to market expansion, as the increased demand for hand sanitizers—many of which contain sugar alcohols—has driven production.

Asia-Pacific to Witness Significant Growth

The Asia-Pacific region is expected to experience substantial growth due to its large population and high polyol production in countries such as China and India. These factors, along with increasing demand for sugar substitutes, will drive market expansion in the region.

Competitive Landscape

Industry Players Collaborate to Combat COVID-19

The market comprises several small, medium, and large companies aiming to strengthen their market positions. Amid the COVID-19 pandemic, companies have engaged in strategic collaborations to address global challenges and stabilize the economy.

Leading Companies in the Sugar Alcohol Market

• Archer-Daniels-Midland Co. (U.S.)
• Cargill Incorporated (U.S.)
• Ingredion Incorporated (U.S.)
• Roquette Frères (France)
• Tereos Starch & Sweeteners s.a.s (France)
• Tate & Lyle plc (U.K.)
• Pfizer Inc. (U.S.)
• Lonza Group (Switzerland)
• SPI Pharma (U.S.)
• Merck KGaA (Germany)

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Key Industry Developments

• December 2023:   Brandt’s, a prominent U.S.-based manufacturer, introduced Fenglihui Anjiachun, an innovative sugar alcohol, into the Chinese market. The product will be distributed by Beijing Xinhefeng Agricultural Materials, marking a significant expansion in the region.