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Bio-fertilizers Market Growth Forecast up to 2024: Global Demand Analysis & Future Opportunity Outlook
Bio-fertilizers Market: Global Demand Analysis & Opportunity Outlook 2024
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North America is slated to account for a leading share of 28.7% by 2024 in the bio-fertilizers market. The growth in the region is anticipated to be fostered by increasing demand for organic food products. Besides, encouragement by the government to adopt advanced agricultural techniques is also expected to positively impact the growth of bio-fertilizers market in the North America. U.S. and Canada are the prominent markets in the region. Latin America is expected to showcase modest growth over the forecast period i.e. 2017-2024 by registering a CAGR of 16.3% over the forecast period.
Further, the market is expected to account for USD 598.3 Million by 2024 from USD 183.7 Million in 2016. Factors such as increasing need for high agricultural yield in order to meet increasing population demands signals promising growth for Latin America bio-fertilizers market. Global bio-fertilizers market is segmented on the basis of product type into nitrogen-fixing, phosphate-solubilizing, potash-mobilizing and others(zinc, boron or sulphur-solubilizing). Nitrogen-Fixing segment (72.8% share in 2016) occupies the largest market of bio-fertilizers across the globe.
Further, global nitrogen-fixing market is anticipated to reach USD 2,242.4 Million by the end of 2024 from USD 805.7 Million in 2016. Further, this segment is anticipated to flourish at a CAGR of 14.0% over the forecast period. However, phosphate-solubilizing segment is anticipated to grow at highest CAGR of 14.4% during 2017-2024.
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Leading Companies of Global Market:
Gujarat State Fertilizers and Chemicals Ltd., International Panaacea Limited, Lallemand Inc., National Fertilizers Limited, Novozymes and Rizobacter Argentina S.A. are some of the major players in bio-fertilizers market.
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