Biofertilizers Market Analysis 2024 focusing on Top Industry Players Novozymes, Rizobacter Argentina, National Fertilizers Limited, Kimitec Group, Lallemand, Biomax
Strong demand outlook in the overall agrochemicals industry along with rising adoption for bio based plant growth enhancers will drive the biofertilizers market. Decrease in arable land availability due to excessive synthetic fertilizer consumption will facilitate biofertilizers penetration.
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R&D to improve plant productivity will facilitate the industry growth. Ease in product registration, less capital-intensive production process, and shifting farming trends for bio inputs are factors attracting manufacturers to invest in biofertilizers.
Nitrogen-fixing dominated the product segment and generated over USD 1 billion in revenue for 2016. Enhancing soil fertility and increase in farm yield up to 15% are key properties propelled the product demand.
• Increasing adoption of biofertilizers in organic farming and soil fertility management practices
• Rising environmental awareness and loss of arable land
• Regulatory compliance to promote bio-based agricultural inputs
Phosphate-solubilizing will witness significant growth over 12% up to 2024. Increased product consumption for cereals & grains and pulse & oilseeds due to their anti-fungal properties will drive the demand.
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Large availability of synthetic fertilizers at competitive price coupled with lack of awareness among farmers may restrain market expansion. Organic farming education among farmers and low biofertilizers market price trend will be among the key strategies to drive industry growth. Cereals & grains accounted for more than 40% of the global biofertilizers market share in 2016. Being a staple crop in the world along with rise in consumer preference towards high nutrient grains will drive product penetration.
• Agri Life
• National Fertilizers Limited
• Jay Enterprises
• Chema Industries
• Kimitec Group
• Madras Fertilizers Limited
• Ajay Bio-Tech (India) Ltd.
• Gujarat State Fertilizers & Chemicals Limited
• Symborg SL
• Rashtriya Chemicals & Fertilizers Ltd.
• Maharashtra Bio Fertilizers Pvt. Ltd.
• Lallemand Inc.
• Mapleton Agri Biotec Pty Ltd
• Biomax Naturals
• SKS Bioproducts Pvt. Ltd.
• Sushila Biofertilizer Company
• Saosis Biotech Private Limited
• Camson Bio Technologies Limited
• Koppert B.V.
• Nutramax Laboratories, Inc.
• CBF China Bio-Fertilizer AG
• Bharat Biocon
• Bodisen Biotech, Inc.
Fruits & vegetables will witness growth over 12% through to 2024. The product is used to improve the protein percentage and enhances the fruit plumpness. Shift in consumer preference for organic fruits & vegetables will fuel business growth. Seed treatment dominated the application segment and valued at over USD 1.2 billion in 2016. Protection from soil-borne diseases and improving seed germination are the key properties enhancing demand.
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Soil treatment will witness over 11% CAGR up to 2024. Necessity to maintain salt content and salinity level of soil will play a key role in stimulating product demand.
Dry formulation biofertilizers accounted for more than 70% of the overall industry demand in 2016. Easy handling along with wide availability at competitive prices have encouraged product penetration. Liquid formulations will witness fastest growth over 12% up to 2024. Longer shelf life and easy storage are the key properties driving growth.
North America biofertilizers market catered over 40% of the global demand in 2016. Stringent regulations on chemical fertilizers usage along with increasing consumer spending on organic food will drive the regional industry growth.
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