The global biofertilizers market was $1.06 billion in 2016 and is estimated to reach $2.1 billion, at a CAGR of 12.04% by 2022.
Biofertilizers are used to enhance the nutrient quality of the soil. These, along with biological wastes are used to improve the fertility of the land and thus the name biofertilizers. These biological wastes contain no chemicals that are harmful to the soil but provide decomposition of organic matter and mineralization of soil. Various microorganisms used as nitrogen supplying biofertilizers are actinorhizae, azospirillum, azotobactor, and rhizobium. They are used for both leguminous as well as non-leguminous crops. Rice and Sugarcane can be grown using these products.
North America leads the biofertilizers market in 2016; however, APAC is estimated to be the fastest growing market for the forecasted period. Growth in Europe is attributed to the stringent regulations regarding maximum level of residue and also on the increasing cost of substitutes - chemical fertilizers. APAC market is growing quickly with increasing awareness among farmers on the ill effects ofchemicals. :
An increase in the rate of consumption of organic food and stringent regulatory frameworks concerning the maximum chemical residue is the major factor for the growth of the biofertilizers industry in different regions. Biofertilizers have emerged as the most feasible solution to these issues and have been gaining considerable market acceptance since the time they were first introduced. Biofertilizers, in addition to providing an eco-friendly option, also maintain the soil and crop health with increased efficiency. Biofertilizers are also being promoted in developing markets such as India with an aim to increase the production, distribution and utilization of biofertilizers.
China, the world largest agricultural market, has been promoting biofertilizers by providing companies manufacturing organic products with tax incentives. In addition, the low price of biofertilizers compared to chemical based fertilizers has also been boosting the demand for biofertilizers. However, lack of awareness amongst the farmers hailing from developing countries has been one of the major factors hindering the market growth. Along with catering to the local market, the Asia-Pacific and rest of the world regions are the biggest exporters of biofertilizers. The industry is fragmented constituting many regional players dominating the market.
Key Topics Covered:
1. Research Methodology
2. Market Overview
Bio-Fertilizers - Segmentation
Power of Suppliers
Power of Consumers
Threat from new entrants
Threat from subsititutes
Rivalry in the industry
3. Market Dynamics
Increased Organic food consumption
Advantages over the substitute
Lack of Awareness among farmers in Developing countries
5. Bio-Fertilizers Market Segmentation, Forecasts and Trends - by Revenue