Difference between biofertilizers and chemical fertilizers?

If we talk about fertilizers there are only two types of fertilizers used in the market that are biofertilizers and chemical fertilizers. Chemical fertilizers are the ones that are made of synthesized compounds from a natural origin or you can say they are the byproducts of the petroleum industry and are generally acidic. Some examples are ammonium phosphate, ammonium nitrate, and potassium sulfate. The only plus point they have is that they give a response when applied.
Biofertilizers on the other hand are made from dried and composted organic matter of cow manure, crop residue, seaweed, animal resources, and concentrated compost. Biofertilizers have many positive points compared to chemical fertilizers. Although biofertilizers are slow in reacting they have a long effect on the soil and plants.