Biofertilizers have become immensely popular supplement for chemical fertilizers due to surging awareness regarding the ill effects aligned with the use of chemical fertilizers. Biofertilizers have gained widespread acceptance in modern agricultural practices since they have proved their mettle in improving the nutrient availability and soil fertility. —
The Global Biofertilizers Market has demonstrated substantial growth in recent years and is projected to reach USD 2,653.48 Mn at an impressive CAGR of 14.42% over the forecast period of 2017-2023, affirms Market research Future (MRFR) in an in-depth study.
The augmenting need for sustainable agriculture practices has been a key driver behind the growth of the Global Bio Fertilizers Market. Biofertilizers ate biologically active products which can convert atmospheric nitrogen to plant-usable forms and are a cost effective, eco-friendly &renewable source of plant nutrient. Towering concerns pertaining to soil contamination, environmental hazards associated with chemical fertilizers as well as health risks to humans have been an area of concern for dependent industrial sectors. This has prompted farmers to adopt bio fertilizers which has emerged as a feasible solution to the above-mentioned issues and gained substantial market acceptance.
The bio fertilizers market also derives much of its growth from the increasing trend of organic food consumption. Heightened demand for organic food items coupled with elevation in the level of awareness regarding the ill effects of chemical fertilizers has generated huge demand for biofertilizers. Moreover, government regulations are increasingly becoming restrictive regarding the use of various hazardous chemicals from agricultural practices has forced farmers to adopt biofertilizers instead of their chemical counterparts.
Booming population has exerted considerable pressure on land and other natural resources which has advocated the idea of organic farming. Bio fertilizers being an essential component of organic farming practices have been able to garner huge demand to meet the long-term sustainability goals. Moreover, growing demand for safe and residue free food products is fostering the use of biofertilizers.
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Various governments across the globe are promoting improved agricultural practices involving biofertilizers and are introducing favorable policies to support sustainability goals which is likely to augment the growth of the market over the forecast period.
Onn the downside, the growth of the global bio fertilizers market might be deterred by lack of awareness and low adoption rate among end users. However, advancement in biofertilizer manufacturing technologies along with increasing adoption in emerging economies is expected to provide growth opportunities to the market
• Mani Dharma Biotech Pvt. Ltd. (India)
• Agri Life (India)
• Madras Fertilizers Limited (India)
• Rashtriya Chemicals & Fertilizers Ltd. (India)
• T Stanes & Company Limited (India)
• National Fertilizers Ltd. (India)
• Gujarat State Fertilizers & Chemicals Ltd. (India)
• Monsanto BioAg (U.S.)
• Biomax Naturals (India)
• Camson Bio Technologies Limited (India)
The global bio-fertilizer market has been segmented based on Type, Application, Form, and Crop Type.
The nitrogen-fixing segment counted for the foremost share of 73% in 2017 and has the highest market share in North America. The phosphate-solubilizing segment is anticipated to grow rapidly at a CAGR of 14.58% over the forecast period.
• Seed application
• Soil application
The seed application segment is the leading segment which led the market in 2017. The seed application segment is anticipated to be the fastest growing segment as well and strike a CAGR of 14.60% over the forecast period.
The dry segments dominating the market and occupied 73% share of the global market in 2017. However, the liquid segment is expected to be the fastest growing segment over the forecast period.
By Crop Type
• Cereals & grains
• Pulses & oilseeds
• Fruits & vegetables
The cereals & grains segment held the maximum share of 43% in 2017 and are the largest segment. The pulses & oilseeds segment is the second largest segment while the fruits & vegetables segment is likely to be the fastest growing segment and capture a CAGR of 15.58% over the forecast period.
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By Region, the global bio-fertilizers market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
APAC is poised to be the fastest growing market for bio-fertilizer where, Japan, India, and Australia are likely to contribute significantly.
North America accounted for the lion's share of 31.74% in 2017 and is estimated to reach USD 827.62 Mn by the end of 2023.
The RoW market is also poised to showcase substantial growth and will be driven by Latin America and Africa.
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