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Biofertilizers Market Set for Rapid Growth 2018 to 2024
Biofertilizers Market
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It is predicted that Biofertilizers Market share will touch USD 1.66 billion till 2022 which is rising at a Compound Annual Growth Rate (CAGR) of 13.2% during the years from 2015 to 2022. This exponential growth of market is because of customers’ awareness towards fitness and wellness, bad effect of inorganic material and the rise in price of chemicals. There is a boom of organic food as its farming is popular in more than 160 countries across the world. In 2014, market of organic food reached USD 88.06 million and its growth is projected to touch USD 304.99 million till 2022, and its CAGR will remain 17.3% between years 2015 to 2022.
Chemical fertilizers are widely used for increasing the productivity of plants, but they are responsible for pollution of underground water; these fertilizers also get stored in plants which becomes hazardous. These adverse effects of chemicals have enhanced biofertilizers market trends because of their eco-friendly nature. Nitrogen fixing biofertilizers are gaining huge publicity in the market and have noticed 75% of share in revenue in the year 2014. Increasing demand of nitrogen fixation for consuming nutritious compounds like nucleic acid, chlorophylls will give a significant boost to this industry. Apart from this, these fertilizers reduce dependency on the products of petroleum and minimize emission of carbon in the environment, thereby giving one more reason to use them.
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It is the global reach of biofertilizers which has made North America a foremost region contributing around 30% of the overall share in 2014. Positive attitude of U.S. and Canada towards organic materials in agriculture has given an upsurge to North America. Countries like India and China are predicted to enjoy a decent CAGR of 13.5% till 2022. Agricultural growth in India, Pakistan, Indonesia, and China along with Malaysia is likely to include latest technologies for fuelling up the demand of these organic products.
Talking about the companies dealing with these products, Novozymes A/S along with CBF China Biofertilizers AG are the top leading firms delivering their materials to Europe as well as North America. Companies working with these products take help from resellers, contractors and distributors for exporting them, but there are firms who follow an integrated process thereby working with own resellers and distributors.
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