Press release
Bio-fertilizer Market Will Multiply At An Impressive CAGR Of 14.2% By 2027 & Top Key Players AZOMURES, Sigma AgriScience, Bio Power Lanka, Rizobacter Argentina S.A., Novozymes A/S , Lallemand Inc., Gujarat State Fertilizers and Chemicals Ltd., Internation
Global Bio-Fertilizer Market reached at remarkable revenue of USD 1106.4 Million in 2016 and is expected to grow at a CAGR of 14.2% across the globe during forecast period. Global Bio-Fertilizers Market is expected to grow at a remarkable pace in future. The demand for organic food products and need for high agricultural yield is getting stronger all across the globe. The global demand for bio-fertilizers is increasing due to the rising demand for agricultural products. Further, rising global population is creating huge demand for the large scale production in agricultural sector. This factor is expected to spur the growth of the global bio-fertilizers market over the forecast period.
In crop segment, dispersible granule segment is expected to reach USD 1,155.9 Million by the end of. Further, global dispersible granule market is projected to achieve Y-o-Y growth rate of 17.6% in 2024 as compared to previous year. Government initiative to support and promote sustainable and eco-friendly agriculture methods and growing demand for organic food in developing regions are expected to foster the growth of this segment over the forecast period.
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Government Initiatives and Support
Governments of both developing and developed countries are taking various initiatives and initialization of number of programs to boost the agriculture sector. Government provides extensive support to farmers in order to purchase bio-fertilizers, which is expected to bolster the demand for bio-fertilizers across the globe. For instance, under the National Project on Organic Farming (NPOF), Government is promoting production of various organic inputs in the country which includes bio-fertilizers. Moreover, NPOF provides financial assistance up to 25% of total financial expense for setting up bio-fertilizers production units.
Thriving Agriculture Sector
Increasing demand for organic food products and elevation of bio-fertilizers by various government agencies to generate awareness among the masses and environmental hazards associated with chemical fertilizers is anticipated to positively impact the growth of global bio-fertilizers market all across the globe. Apart from this, rising need for high agricultural yield in order to meet increasing population demands has promoted the use of bio-fertilizers because of low environmental impact. This factor is expected to robust the demand of global bio-fertilizers market.
Factor such as, lack of awareness about the benefits of bio-fertilizers in developing and undeveloped nations is restricting the growth of bio-fertilizers market. Further, high initial investment is anticipated to hamper the growth of the bio-fertilizers market.
The report titled “Global Bio-fertilizer Market: Global Future Outlook (2016-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global bio-fertilizer market in terms of market segmentation by product type, by microorganism, by crop type, by form, by application and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global bio-fertilizer market which includes company profiling of AZOMURES, Sigma AgriScience, Bio Power Lanka, Rizobacter Argentina S.A., Novozymes A/S , Lallemand Inc., Gujarat State Fertilizers and Chemicals Ltd., International Panaacea Limited, National Fertilizers Limited and Risehop. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bio-fertilizer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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