Biofertilizers Market Valuation Worth US$ 4,092.1 Mn By 2025
With the growing awareness about the adverse effects of chemical fertilizers on environment, the global biofertilizers market gathers momentum. Chemical fertilizers significantly contaminate water and pollute the soil, which has shifted the preference toward biofertilizers, as they are environment friendly. In addition, an increased awareness about one’s health and with the concept of eating healthy, the global biofertilizers market has garnered momentum. In the case of organic farming, use of biofertilizers is compulsory, as such with the growing popularity of organic food, the market expands.
Some of the well-known companies in the global biofertilizers market are Rashtriya Chemicals & Fertilizers Ltd, Ajay Bio-Tech (India) Ltd, Camson Bio Technologies, International Panaacea Limited, Rizobacter Argentina S.A, and T Stanes & Company Ltd.
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Researchers at Transparency Market Research (TMR) have prepared a comprehensive report on global biofertilizers market. The analysts predict that the global biofertilizers market to likely to expand at a double digit growth rate of 12.9 % CAGR over forecast tenure, 2017 to 2025.
North America and Europe are Projected to Drive the Growth of the Market
The global biofertilizers market is split into the major regions of Asia Pacific, Middle East and Africa, Latin America, North America, and Europe. The segmentations make an offering of region-based information and market dynamics that could impact the growth of the global biofertilizers market in times to come.
Considering regional classifications, it is estimated that North America is expected to experience high demand for biofertilizers, thanks to demand for high production and existence of sound administrative infrastructure. Growth of the biofertilizers market in the region is likely to be estimated to be driven by Canada and the U.S. Europe is expected to closely follow North America in the years to come. Presence of common agricultural policy (CAP) in Europe boosts biofertilizers market in the region.CAP is responsible for the implementation of various agricultural subsidies and many other programs in the region. The overall policy recommends the lesser use of chemical inputs.
In Asia Pacific, it is expected that the market will flourish in years to come following growing awareness among farmers about the advantages of using biofertilizers. Furthermore, substantial rise in the research and development activities is expected to further boost the Asia Pacific biofertilizers market over the forecast period, from 2017 to 2025.
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Increased Use in Soil Treatment to Accentuate Demand for Biofertilizers over Forecast Tenure
Soil treatment methods are capable of improving the yield of crops with better quality. When biofertilizers are mixed with the soil, the nutrient content of the soil gets better, which has proven to increase yield by a good 10 percent to 15 percent. In addition, it does not deteriorate the quality of soil and the overall environment. The global biofertilizers market is likely to be encouraged by the growing popularity of soil treatment, particularly in the Asian countries.
The global biofertilizers market gathers momentum from the growing shortage of arable land and increased demand for agricultural yield to cater to the need of increasing population. The products that come under the segment of oats and grain need considerable amount of biofertilizers. Oats, wheat, grain, and rice are some of such crops that need substantial amount of biofertilizers to optimize output thereby supporting growth of the global biofertilizers market over the forecast tenure.
Biofertilizers have gained traction in recent times as it has proved to be beneficial for in more than one ways. Improvements in the yield, shelf life, and overall quality of vegetables and fruits have been observed with use of biofertilizers. In addition to that, the growing inclination toward organic vegetables and fruits owing to growing awareness about its benefits and rise in per capita income of the people is another growth factor for the global biofertilizers market.
The information shared in this review is based on a TMR report, bearing the title, “Biofertilizers market for energy industry (Product – Nitrogen Fixing, Phosphate Mobilizing, and Potassium Mobilizing; Application – Cereals and Grains, Fruits and Vegetables, and Oil Seeds and Pulses) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 – 2026.”
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The global biofertilizers market for energy industry is segmented based on:
- Nitrogen Fixing
- Phosphate Mobilizing
- Potassium Mobilizing
- Cereals and Grains
- Fruits and Vegetables
- Oil Seeds and Pulses