The global biofertilizers market size islikely to rise at a CAGR of 10.9% between 2020 and 2027 on account of theincreasing demand for chemical-free fertilizers for agricultural production. InMay 2016, Lage y Cia, a company in Uruguay was acquired by a Canadian companyLallemand Inc., for increasing the production of yeast, fungi, and bacteria asa biocontrol, biofertilizer, and a biostimulant agent. According to a recentreport by Fortune Business Insights titled, “Biofertilizers Market Size, Share &COVID-19 Impact Analysis, By Type (Nitrogen Fixing, Phosphate Solubilizers, andOthers), Microorganism (Rhizobium, Azotobacter, Azospirillum, Pseudomonas,Bacillus, VAM, and Others), Application (Seed Treatment, Soil Treatment, andOthers), Crop Type, and Regional Forecast, 2020 – 2027,” the valueof this market was USD 1.49 billion in 2019 and is anticipated to reach USD3.28 billion by the end of 2027.
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Objectives of the Report:
The report offers a 360-degree overview of themarket for biofertilizers and emphasizes on drivers, restraints, challenges,and upcoming opportunities. It also describes the current trends, recentindustry developments, and other interesting insights that will help toaccelerate the demand for biofertilizers in the coming years. The report throwslight on the list of players operating in this market and the key strategiesadopted by them to gain a competitive edge. For more information on the report,log on to the company website.
Drivers & Restraints-
Rising Concern over Declining Soil Quality to Augment Growth
The use of chemicals and acidic fertilizers suchas calcium nitrate, monoammonium phosphate, and others has resulted indegradation of soil quality. Over the years, this has led to less cropcultivation, eventually leading to the land getting barren. This has propelledthe need for organic fertilizers, thereby augmenting the global biofertilizersmarket growth. Besides this, biofertilizers consist of living microorganismsthat help the plants to grow naturally by supplying essential nutrients. It alsohelps to increase the fertility of the soil. The aforementioned factors arealso contributing to the growth of the market.
On the contrary, biofertilizers have highproduction costs and this may pose a major challenge to the farmers, therebycausing hindrance to the growth of the market. In addition to this, they have alower shelf-life as compared to chemical fertilizers and have lowerversatility. This may also hamper the growth of the market in the forecastyears.
Nevertheless, government support in terms ofagricultural awareness programs and promotion and distribution ofbio-fertilizers are expected to create lucrative growth opportunities for themarket in the coming years.
Segmentation
Cereals Segment to Continue Dominance Owing to Rising Demand for OrganicProducts
Among all segments by crop type, the cerealssegment earned 43.74% share and emerged dominant accounting to the high demandfrom both developing and developed nations. This is further attributed to thenutritional benefits offered by cereals.
Regional Analysis
Europe and North America are Dominant Owing to Presence of Several OrganicFarms
Geographically, North America and Europe areholding the larger biofertilizers market share on account of the presence of alarge number of farms following organic agricultural practices in countriessuch as Mexico, and the United States. In 2019, North America earned a revenueof USD 470.83 million. According to the United States Department of Agriculture(USDA), organic businesses and certified farms grew at a massive rate of 13%between 2015 and 2016.
On the other side, the market in South Americais likely to emerge as the fastest growing region during the forecast period onaccount of the increasing demand for organic products from countries such asBrazil, and Argentina.
Competitive Landscape
Major Companies are Focused on Improving their Product Portfolios
Manufacturers of the global biofertilizersmarket are engaging in new product launches, and enhancing their productportfolio for gaining a competitive edge in the market. Some of them are alsoadopting collaborative efforts such as joint ventures, agreements andcontracts, and others to hold significant positions in the market competition.
Browse Detailed ResearchInsights with TOC:
https://www.fortunebusinessinsights.com/industry-reports/biofertilizers-market-100413
