Growth in the Organic Food Industry Drives the Biofertilizers Market

The global biofertilizer market is projected to reach USD 2,305.5 million by 2022, at a CAGR of 14.08% from 2016 to 2022. Biofertilizers are formulations that contain one or more beneficial microorganism strains (or species), which help in plant growth and development. These microorganisms consume many elements from soil as food and excrete the elements into the available form of nitrogen for plants. The use of biofertilizers is increasing because of their multi-functional benefits to plants. They can partly replace or substitute chemical fertilizers and help farmers economically, as they are cost-effective.

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The key players in the Biofertilizers Market are as follows:

• Novozymes A/S (Denmark)
• National Fertilizers Limited (India)
• Madras Fertilizers Limited (India)
• Gujarat State Fertilizers & Chemicals Ltd. (India)
•  Rizobacter Argentina S.A. (Argentina)
• T. Stanes & Company Limited (India)
• Camson Bio Technologies Limited (India)
• Rashtriya Chemicals & Fertilizers Ltd. (India)
•  Lallemand Inc. (Canada)
• Nutramax Laboratories Inc. (U.S.)

Nitrogen-fixing biofertilizers are the most commonly used across the globe. Substantial R&D efforts have been carried out in the last couple of decades, along with increasing awareness of the farmers; these are the key reasons driving the growth of this market.

Growth of the biofertilizers market is significant in most regions of the world. Growth in the organics industry, rise in the cost of chemical fertilizers, and increase in hazards of chemical fertilizers are the major driving factors of this market. On the other hand, poor infrastructure and low adoption rate of biofertilizers are major hindrances affecting the growth of the biofertilizers market, globally. Increase in food demand and per-capita income has led to immense opportunities for the biofertilizers market in emerging economies of the Asia-Pacific and Latin American regions.

Growth in demand and increase in consumption of cereals & grains, across the globe, have driven the consumption of biofertilizers. Pulses & oilseeds production, across the globe, has witnessed a higher growth rate compared to that of the population, both in developed as well as developing countries, owing to the rise in consumption of pulses & oilseeds, across the globe.

Production of fruits & vegetables is high in various countries such as China, India, and the U.S. The consumption of biofertilizers for fruits & vegetables is projected to increase significantly for the period taken under consideration.

Governments in the South Asian region have provided various facilities to farmers to promote the usage of biofertilizers, which have played a key role in driving the market in the Asia-Pacific region. Agriculture is the major occupation in various Asian economies, and the rise in demand for food has led to an increase in agriculture, which has further led to the growth in consumption of biofertilizers in the Asia-Pacific region.

Developing economies in several Asian and Latin American countries have increased the purchasing power of consumers, which has resulted in the increase in demand for organic products, thereby leading to the rise in demand and consumption of biofertilizers. Hence, the Asia-Pacific and Latin American regions are projected to be the fastest-growing markets in the next six years.

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