Press release
Biofertilizers Market size to Cross USD 3bn by 2024
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. 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.
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.
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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. 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.
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.
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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.
Global industry share includes Novozymes, National Fertilizers, Rizobacter Argentina, Camson Bio Technologies, Nutramax Laboratories, CBF China, AgriLife, Biomax, Symborg Labiofam, Antibiotice and Mapleton Agribiotec.
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