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Biofertilizers Market Growth Analysis 2024 | Top Industry Players Novozymes, Rizobacter Argentina, National Fertilizers Limited, Kimitec Group, Lallemand, Biomax
Biofertilizers Market
Rising consumer preference for organic food and widespread health awareness trends are key factors driving industry growth. Strong EU regulatory compliances to curb toxic growth enhancers usage and introducing policies offering 30% subsidy to farmers to promote sustainable farming will fuel demand.
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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.
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 dominated the product segment and generated over USD 1 billion in revenue for 2016. 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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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.
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.
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.
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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.
China biofertilizers market will witness over 12% CAGR up to 2024. Inclination towards healthy lifestyle along with increase in farming expenditure will drive the industry growth. Favorable regulations coupled with subsidies on bio based products are the factors positively influencing demand.
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