The Biofertilizers Market research report is a very detailed study anticipated to rise at an enormous growth rate during the forecast period 2019-2025.
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Biofertilizers are the substance containing the living/latent cells of micro-organisms. Biofertilizers increase the nutrients of host plants by colonizing the plant's rhizosphere when applied to their seeds, plant surfaces or soil.
Compared to chemical fertilizers, biofertilizers are more cost effective. Over the past decades, chemical fertilizers have facilitated farmers to increase the crop yield.
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Overuse of these fertilizers, however, has proved to be harmful as they cause air and water pollution, as well as deplete essential minerals present in the soil. Therefore, it is necessary to switch to sustainable farming involving the use of biofertilizers.
This report also examines various aspects of the biofertilizers industry by assessing the market using value chain analysis and PESTEL analysis. It includes a qualitative narrative on market drivers, market restraints and key industry trends of the biofertilizers industry.
Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local manufacturers.
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Some of the top players in the global biofertilizers industry include Lallemand Inc., Camson Biotechnologies Ltd., Novozymes, Symborg S.L., and National fertilizers limited.
Biofertilizers were first marketed in North America and Europe, but in parts of Asia Pacific and South America, there is a growing preference for their use. Europe, followed by North America, is the largest market for biofertilizers.
These markets together accounted for more than 50% of global revenue. Growing preference for organic food items coupled with growing awareness of the hazards associated with chemical fertilizers and air pollution has resulted in high regional consumption.
Furthermore, a strict regulatory scenario has enforced many farmers to implement biofertilizers instead of their chemical counterparts, and this is expected to boost biofertilizer demand over the next decade. The "Common Farming Practice" restricts and limits the use of synthetic fertilizers while encouraging the use of biofertilizers and organic farming.
The biofertilizers market is segmented by product, as nitrogen fixing, solubilizing and others. The market is dominated by nitrogen-fixing biofertilizers, accounting for about 76.9% of global revenue in 2018.
In particular, nitrogen-fixing biofertilizers are widely used for both leguminous and non-leguminous crops especially while growing sugarcane & rice. Growth in the nitrogen-fixing segment is attributed to the fact that the most commonly used biofertilizers worldwide are nitrogen-fixing biofertilizers.
Also significant R&D efforts have been made over the past few decades which is further fuelling the growth of market.
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The key issue in market growth and acceptance for biofertilizers is the value chain of the industry. It consists of producers and suppliers of raw materials, producers of biofertilizers, channels of distribution and end users (farmers, domestic growers).
Biofertilizers are produced from various sources, including law crops, frying oils, potato peels, manure, and waste from slaughterhouses, organic domestic waste, and residues from the food industry. Feedstock suppliers, who outfit the producers of biofertilizers, also have a significant presence.
Key forms of organic food products include fruits, vegetables, meat products, natural alcoholic beverages such as beer & wine. Growing consumer awareness of the adverse impact of inorganic food on human health has led to a shift in the trend towards promoting the market for organic food and is expected to remain one of the key growth factors for the market for biofertilizers over the forecast period.
North America is the second largest biofertilizer market and accounted for approximately 25.2% of global market share in 2018. The U.S. holds the largest share in North America, with more than 80% of the market share of North America.
The growth in organic and environmentally friendly farming practices has increased demand for biofertilizer products, especially in the U.S. and Canada. However, in the taxonomy of North American biofertilizers industry, Mexico & Canada are still emerging markets.
Therefore, biofertilizers' multifarious advantages lead to their wide usage, as well as rendering increased adoption and usage for sustainable farming.
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