Biofertilizers Market Worth 1.88 Billion USD by 2020
CHICAGO, August 12, 2015 /PRNewswire/ --
The report "Biofertilizers Market by Type (Nitrogen-fixing, Phosphate-solubilizing & Potash- mobilizing), Microorganisms (Rhizobium, Azotobacter, Azospirillum, Cyanobacteria & Phosphate-Solubilizing Bacteria), Application, Crop Type & by Region - Global Forecast to 2020" published by MarketsandMarkets, Biofertilizers Market is expected to reach USD 1.88 Billion by 2020 at a CAGR of 14.0% from 2015 to 2020
Browse 82 Tables and 75 Figures spread through 204 Pages and in-depth TOC on "Biofertilizers Market"
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The market report defines and segments the Biofertilizers Market with analysis and forecasting of the global revenues for biofertilizers. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.
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The segmentation considered for this report is based on the type, crop type, microorganisms, application, and region. The market has been segmented on the basis of type into nitrogen-fixing, phosphate-solubilizing, potash-mobilizing, and other including zinc, boron, and sulfur-solubilizing biofertilizers. The market for Nitrogen-fixing biofertilizers is projected to witness the highest growth due to increasing application in the growing agriculture industry owing to the increasing food demand in both, developed and developing nations.
The market has been further segmented on the basis of crop type into cereals & grains, pulses & oilseeds, fruits & vegetables, and others including turf & ornamentals, plantation crops, fiber crops, spices, and silage & forage crops.
The microorganisms segment of the biofertilizers include rhizobium, azotobacter, azospirillum, cyanobacteria, phosphate-solubilizing bacteria and others which include potash-mobilizing, zinc biofertilizers, sulfur-solubilizing biofertilizers, and manganese solubilizer. Cyanobacteria accounted for the largest market share of the total Biofertilizers Market in 2014. On the basis of application, the seed application accounted for the largest market share in 2014.
The Biofertilizers Market is projected to grow at a CAGR of 14.0% from 2015 to 2020. The increasing demand for organic products from emerging economies due to increased spending power and awareness level regarding health and wellness are expected to accelerate the growth of the Biofertilizers Market.
Leading players in the Biofertilizers Market include Gujarat State Fertilizers & Chemicals Ltd. (India), Novozymes A/S (Denmark), Rizobacter Argentina S.A. (Argentina), Camson Bio Technologies Limited (India), and Lallemand Inc. (Canada). One of the major developments observed in the Biofertilizers Market is expansion. This strategy was adopted due to the increasing requirements for organic food products all over the world. It helped the manufacturers to increase their organic and clean label product portfolio and also increased their geographic presence in the biofertilizers industry. Companies are adopting inorganic growth strategies such as acquisitions, agreements, and joint ventures to cope with the increasing demand of biofertilizers in the emerging markets. These strategies have enabled companies to create a large customer and partner base in key markets.
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