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"Global Biofertilizers Market was Valued at US$ 2.1 Bn in 2019 and it is Expected to Reach More than US$ 5.4 Bn by 2028, Likely to Grow with the CAGR of 11.1% During the Forecast Period."
Biofertilizers are organic fertilizers consist of living microorganisms, which help in the growth of plants by increasing the supply of essential nutrients directly
Increased Practice of Organic Farming, the Need for Improving Soil Organic Matter, And Favorable Regulatory Structure Are the Major Factors Driving the Market
An increase in the level of nitrogen and phosphorus available to plants, more naturally than other fertilizers and improvement of soil by restoring its normal fertility these factors that drive the global biofertilizers market. In addition, biofertilizers boost the improvement of soil texture and quality, which helps plants to grow better during severe conditions, such as drought. Moreover, biofertilizers are easy-to-use alternatives to chemical products.
However, availability of synthetic fertilizers in low price, low product efficacy under unfavorable conditions along with lack of awareness among farmers may restrain industry growth.
The Nitrogen-Fixing Biofertilizers Segment Is Expected To Dominate The Biofertilizers Market During The Forecast Period
Nitrogen-fixing was the largest product segment, accounting for over 60.0% of global revenue share in 2019 and this trend is expected to continue over the forecast period. The product demand is largely catered by the regional markets of North America and the European region. The Nitrogen-fixing biofertilizers are applicable for the leguminous as well as for non-leguminous crops. They are also used to grow other crops such as rice and sugarcane. Thus, the market for biofertilizers with nitrogen-fixing biofertilizers is expected to grow in the global market.
The Soil Treatment Segment Is Expected To Witness Highest Growth in the Biofertilizers Market Across The Globe
Based on the mode of application, the soil treatment segment was accounted for above 25 % of the global biofertilizer industry in 2019 and is projected to grow at the highest rapid pace during the forecast period. The growth in the segment is largely attributed to the growing demand for organic food in developing countries. Additionally, the soil treatment methods increase the crop yield and help in fetching better results. When applied to the soil, it increases the availability of nutrients and improves the yield by 10 to 25% without adversely affecting the soil as well as the environment.
The Market In Europe Expected To Hold A Significant Share In Biofertilizers Market Over The Forecast Period
Europe is anticipated to hold above xx% over the forecast period and is expected to grow at CAGR of above 12%.The stringent government regulations regarding optimum nitrogen level maintenance in soil & water will propel the market growth in Europe. In addition, an increasing awareness pertaining to the degradation of soil and prolonged chemical traces in soil and food due to chemical fertilizer usage has led to shifting preference towards biofertilizers.
The EU “Common Agricultural Policy” promotes the use of bio-based products along with organic farming and provides up to 30% of the budget as direct green payment to farmers complying with sustainable agricultural practices. Favorable regulatory scenario, especially in North America and Europe is expected to be a key driving factor for demand growth over the next seven years. Europe and North America together accounted for over 54% of the global revenue. Rising awareness regarding hazards associated with chemical fertilizers and atmospheric pollution along with growing preference towards organic food has resulted in high consumption of the product in these regions.
Asia Pacific Is Expected To Be the Fastest Growing Region for Biofertilizers Market During Forecast Period
The Asia Pacific accounted for over 15.0% of global revenue share in 2019 and is expected to be the fastest-growing region with growth over xx % during the forecast period. The Asia Pacific accounts for 40% of the global arable land along with high product availability and subsidized prices will drive the biofertilizers market. For instance, China is the world’s largest agricultural market has been promoting biofertilizers by providing organic product manufacturers with an exemption of VAT, excise and agricultural tax. These factors are likely to fuel demand over the forecast period. In addition, shifting trends towards a healthy lifestyle along with increasing consumer awareness about health & safety will drive the regional demand.
The global biofertilizers market is fragmented with large number of domestic companies focusing on regional markets. CBF China Biofertilizers AG and Novozymes A/S were the largest players supplying products majorly to North America and Europe. Some of the key players in the global biofertilizers market are Novozymes, T Stanes & Company Ltd , Kiwa Biotech ,Madras Fertilizers Limited , Gujarat State Fertilizers & Chemicals Ltd , National Fertilizers Limited ,Rizobacter Argentina S.A ,Rashtriya Chemicals & Fertilizers Ltd ,ASB Greenworld, Australian Bio Fert Pty Ltd. And BioAg Pty Ltd.
Biofertilizers Market Key Segments:
Biofertilizers Market,Product Type
- Nitrogen-fixing biofertilizers
- Phosphate solubilizing & mobilizing biofertilizers
- Potassium solubilizing & mobilizing biofertilizers
- Others (zinc, silica, and sulfur-solubilizing biofertilizers)
Biofertilizers Market, By Mode of Application
- Soil Treatment
- Seed Treatment
- Others (foliar treatment, root dipping, and seedling root treatment)
Biofertilizers Market, By Crop Type
- Cereals & grains
- Pulses & Oilseeds
- Fruits & vegetables
- Others (turf & ornamentals, plantation crops, fiber crops, and silage & forage crops)
Biofertilizers Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America