Press release
Global BioFertilizers Market will multiply at an impressive CAGR of 14.2% by 2024 & Top Key Players AZOMURES, Sigma AgriScience, Bio Power Lanka, Rizobacter S.A., Novozymes A/S, Lallemand Inc., Gujarat State Fertilizers and Chemical Ltd.
The demand for organic food products and the need for high agricultural yield is getting stronger across the globe. With rapid awareness regarding adverse effects of chemical fertilizers combined with its rising prices is driving people towards the applications of ecological products in farming. Additionally, the increased spending by government on agricultural sector to encourage the use bi0-fertilizers is believed to intensify the demand for bi0-fertilizers across the globe. Further, the adoption of advanced bio-fertilizers is offering various opportunities for bio-fertilizers manufacturers. These factors are predicted to expand bio-fertilizers market with significant market size of USD 3,124.5 Million by 2024 from USD 1,106.4 Million in 2016 by witnessing a CAGR of 14.2% over the period 2017-2024.
The Global Biofertilizers Market is segmented by product type into nitrogen-fixing, phosphate-solubilizing, potash-mobilizing and others (zinc, boron or sulphur-solubilizing), out of which, the nitrogen-fixing segment dominated the overall bio-fertilizers market by reaching USD 8o5.7 Million, contributing the largest market share of 72.8% during 2016. Further, the phosphate-solubilizing segment is predicted to be the second largest segment under product type and is anticipated to achieve absolute $ opportunity of USD 301.4 Million between 2017 and 2024 owing to its contribution in root formation, plant growth and seed formation. Subsequently, the potash-mobilizing segment is believed to flourish with highest CAGR over the forecast period.
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Increasing Food Security Concerns to Escalate the Demand for Bio-Fertilizers in Future
The bio-fertilizers market is thriving on the back of growing popularity of environment-friendly fertilizers over the chemical fertilizers across the world.
Government Initiatives & Support – Government of both developing and developed countries are taking various initiatives and initializing number of programs to boost the agriculture sector.
Thriving Agriculture Sector – Rising necessity for high agricultural yield coupled with increasing need to maximize return on investment in agriculture is likely to fuel the growth of the global bio-fertilizers market.
Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global Bio-Fertilizers Market
According to Research Nester, high farming tax and interest rates in various regions such as Brazil are some of the key reasons which are adversely affecting the purchasing power of the farmers. Further, the weak implementation of government laws and policies in underdeveloped countries is obstructing the growth of the agriculture sector which in turn is likely to dampen the growth of the bio-fertilizers market across the globe.
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The report titled “Global Bio-Fertilizers Market Outlook: Industry Demand Analysis & Opportunity Evaluation 2016-2024” delivers detailed overview of the global bio-fertilizers market in terms of market segmentation by product type, by microorganisms, by crop, form, application and by region. 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-fertilizers market which includes company profiling of AZOMURES, Sigma AgriScience, Bio Power Lanka, Rizobacter S.A., Novozymes A/S, Lallemand Inc., Gujarat State Fertilizers and Chemical 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-fertilizers 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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