(I-BusinessNews.Com, January 23, 2020 ) The biofertilizers market is estimated to be valued at USD 2.0 billion in 2019 and is projected to reach USD 3.8 billion by 2025, growing at a CAGR of 11.2% during the forecast period. The rising demand for organic food products, along with government initiatives, is projected to drive the biofertilizers market.
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Biofertilizers increase the nutrient uptake of host plants when applied to their seeds, plant surface, or soil by colonizing the rhizosphere of the plant. They also improve soil fertility through processes such as phosphorus & potassium solubilizing and mobilizing biofertilizers, nitrogen fixation, and synthesis of growth-enhancing substances. Biofertilizers are used mainly in liquid form as it more convenient for farmers in terms of usage.
The biofertilizers market is witnessing significant growth in most of the regions across the world. Growing organic food industry; the need to increase chemical fertilizer usage efficiency; and the increasing hazards of chemical fertilizers, such as the occurrence of eutrophication and hypoxic water zones, are the major driving factors of this market. Moreover, consumers, nowadays, are becoming highly concerned about food safety issues, the rising residue levels in food, and environmental issues. This rise in awareness has induced them to prefer chemical-free food products. As a result, major supermarket chains such as Wal-Mart and Cosco are increasing their product offerings of organic foods.
Biofertilizers manufacturers such as Novozymes A/S (Denmark), International Panaacea Limited (India), and Lallemand Inc. (Canada) provide their products for a wide range of crop type. The mode of application of these products varies depending on the crop type as well as climatic conditions. In some countries such as India, biofertilizers are used mainly for soil treatment, as most of the institutes and government bodies promote the use of biofertilizers for soil treatment.
There is also a rising awareness about sustainability in modern agriculture to avoid the depletion of natural resources to maintain an ecological balance. This factor is also supporting the consumption of biofertilizers, as growers are preferring to use fertilizers that are maintaining soil health and lower pollution levels within farms. According to the FAO’s 2030 Agenda, the vision for sustainable food and agriculture, farmers and foresters are being encouraged to produce more in an economically, socially, and environmentally sustainable way.
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North American countries have imposed bans on the usage of harmful chemicals & fertilizers in agriculture due to its adverse effects on the ecology. This, in turn, has created a significant market potential for biofertilizers in the region. Also, increasing acceptance of organic foods among consumers is opening doors for various international players. Rapid growth in organic agriculture and rising demand for organic food in the continent has attributed to the growth of biofertilizer market. As per USDA and DOE, huge availability of biomass feedstock is also one of the drivers for the market.
This report includes a study of the development strategies of leading companies. The scope of this report consists of a detailed study of biofertilizer manufacturers such as Novozymes (Denmark), Kiwa-Biotech (China), Rizobacter Argentina S.A (Argentina), Lallemand Inc. (Canada) and Symborg (Spain).
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