Market Definition: —
The global biofertilizers market is mainly driven by the cheap costs of biofertilizers, the comprehensive nutrient profile offered by biofertilizers, and the increasing demand for organic and sustainable agriculture around the world. Market Research Future (MRFR) has announced a new release on the global biofertilizers market. The report predicts the global biofertilizers market to exhibit a 14.42% CAGR over the forecast period from 2018 to 2023, rising to a valuation of USD 2,653.48 million.
Market Scenario and Key Factors:
The growing demand for organic agriculture is likely to be a major driver for the global biofertilizers market over the forecast period. Organic produce doesn t have any inherent health benefits over conventional produce, but the demand for organic fruits and vegetables is growing at a rapid growth rate and is likely to remain a major driver for the global biofertilizers market over the forecast period. Organic farming has especially picked up steam in developed Western economies such as the U.S., which has been reflected in North America s dominance in the global biofertilizers market. The growing demand for organic produce in Asia Pacific and Europe is also likely to be a major driver for the global biofertilizers market. The increasing emphasis on the sustainability of agricultural processes has also led to producers relying on less toxic, less powerful biofertilizers rather than chemical fertilizers, which can ruin both the long-term cultivation prospects of the land as well as the ecological balance of the land.
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The steady availability of organic matter and micronutrients in biofertilizers is a major driver for the global biofertilizers market. While chemical fertilizers focus on the major nutrients such as nitrogen and phosphorus to the exclusion of micronutrients, biofertilizers provide a much more rounded, comprehensive nutrient profile. This is likely to be a major driver for the biofertilizers market in relatively impoverished, developing countries, as the combination of the low costs and comprehensive nutrient profile of biofertilizers makes them a highly attractive proposition for farmers who lack the economic resources of conglomerates or more advanced Western farmers.
Leading players in the global biofertilizers market include National Fertilizers Ltd., Monsanto BioAg, T Stanes & Company Limited, Rashtriya Chemicals & Fertilizers Ltd., Agri Life, Mani Dharma Biotech Pvt. Ltd., Biomax Naturals, Camson Bio Technologies Limited, Gujarat State Fertilizers & Chemicals Ltd., and Madras Fertilizers Ltd.
In August 2018, Romanian company Norofert Organics launched the first effervescent biofertilizers in the Romania, Spain, and Croatia markets.
The Global Biofertilizers Market is segmented on the basis of type, crop type, form, application, and region in the report.
By type, the global biofertilizers market is segmented into nitrogen fixing, phosphate solubilizing, and others. Nitrogen fixing biofertilizers held a dominant 73% of the global biofertilizers market in 2017 and are likely to remain the leading revenue generator over the forecast period, despite the phosphate solubilizing segment exhibiting a robust 14.58% CAGR.
By crop type, the global biofertilizers market is segmented into cereals and grains, fruits and vegetables, pulses and oilseeds, and others. The cereals and grains segment is the dominant shareholder in the global biofertilizers market and accounted for 43% of the global market in 2017. Cereals and grains, followed by pulses and oilseeds, are likely to remain the dominant crop segments in the global biofertilizers market over the forecast period. Moreover, the fruits and vegetables segment is expected to exhibit a robust 15.58% CAGR over the forecast period.
By form, the biofertilizers market is segmented into dry and liquid, with dry biofertilizers accounting for a majority share in the global market in 2017 and likely to retain the dominant position over the forecast period.
By application, the global biofertilizers market is segmented into seed application and soil application. The seed application segment is dominant in the global biofertilizers market and is likely to further exhibit a strong 14.60% CAGR over the forecast period.
North America accounted for the largest share of 31.74% in the global biofertilizers market in 2017 and is likely to remain dominant over the forecast period due to the growing popularity of organic produce and the increasing ease of purchasing biofertilizers. Asia Pacific and Latin America are both expected to exhibit rapid growth in the biofertilizers market over the forecast period, with the agrarian economies in these regions accounting for significant shares in the global biofertilizers market. China is likely to emerge as a global leader in the global biofertilizers market over the forecast period.
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Name: Abhishek Sawant
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Organization: Market Research future
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Release ID: 486544