Biofertilizers Market : Growth, Demand, Supply, SWOT, Consumption, ROI to 2025
The demand in the global market for biofertilizers is projected to augment at a robust CAGR of 12.9% during the forecast period of 2017 to 2025, gaining traction from a number of factors such as growing awareness regarding its health and environmental benefits, gradual shift from chemical-based farming techniques to organic practices, growing adoption of biofertilizers in soil fertility management activities, growth of the organic food industry, and rise in the cost of chemical fertilizers and pesticides. On the other hand, lack of awareness in several potential emerging markets, poor infrastructure, and technological constraints are obstructing the proper prosperity of the biofertilizers market.
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The global biofertilizers market is estimated to be worth US$4,092.1 mn by the end of 2025, up from its evaluated valuation of US$1,254.2 mn in 2016. As the awareness regarding biofertilizers grows in the emerging economies via persistent government support, the vendors of this market are expected to gain new opportunities.
Cereals and Grains Emerge as Profitable Application Segment
Application-wise, global biofertilizer market has been bifurcated into cereals and grains, fruits and vegetables, oil seeds and pulses and others segment including nursery turfs and ornamental plants. Currently, cereals and grains category provides the maximum demand for biofertilizers, owing to increasing population and decreasing arable land. It has been detected that cereals & grains need considerable amount of biofertilizers for proper growth. Rice, wheat, corn, oats, and barley are a few major cereal & grain crops cultivated extensively across the globe. Farmers have started to use biofertilizers as a replacement to chemical fertilizers as it helps in sustaining the soil nutrient generation cycle. This development has escalated the demand for biofertilizers, especially for cereal & grain cultivation.
Based on product, the global bio-fertilizer market has been segmented into phosphate mobilizing bio-fertilizer, nitrogen fixing bio-fertilizer, and potassium mobilizing bio-fertilizer. Some of the examples of nitrogen fixing bio-fertilizers are azotobacter, anabaena, clostridium, and nostoc. Examples for the phosphate mobilizing bio-fertilizers can be pantoea agglomerans, microbacterium laevaniformans, and psuedomonas putida Bacillus edaphicus, which is one of the most common potassium mobilizing biofertilizer.
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North America and Europe to Exhibit Most Lucrative Prospects
Geographically, the global biofertilizers market has been bifurcated into North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa (MEA). In terms of consumption, North America currently serves the maximum demand for biofertilizers, followed by Europe. This chunk of demand for biofertilizers from these two regions can be can be attributed to the favorable regulatory scenario in these regions that house a number of developed countries such as The U.S., Canada, Germany, and Russia. The demand for high yielding crops are high in these regions as well. The high demand for biofertilizers North America is also a reflection of the progress of biotechnology (especially fermentation technology) as well as advancements in molecular biology. Common Agricultural Policy formulated by the European government promotes organic farming and the application of biofertilizers. In Asia-Pacific region, the market for biofertilizers is expected to flourish in the coming years owing to the overall advancements and increase in population in the region. Latin America is also a key region for the global biofertilizers market with significant contribution from Mexico. The growth potential in Middle East & Africa, however remain unattractive.
Biomax, Novozymes A/S, Protan AG, Bodisen Biotech, Inc., T. Stanes & Company Limited, PotashCorp Agri Life, Italpollina SpA , Symborg S.LGujarat State Fertilizers and Chemicals Ltd., Rashtriya Chemicals and Fertilizers Ltd., and Rizobacters Argentina S.A are some of the key companies currently operating in the global biofertilizers market.
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