The biofertilizers market is projected to grow at a CAGR of 14.08% during the forecast period, to reach a projected value of USD 2,305.5 Million by 2022. The demand for biofertilizers is completely dependent on the growth of the fertilizer industry. Furthermore, the shrinking arable land, adoption of new technology, and the increasing willingness of farmers to spend more for higher productivity are some important factors that contribute to the increasing demand for biofertilizers. The shortage in the supply of agricultural products in the last five years has resulted in an increase in their prices, and subsequently led to the increase in agricultural production. As a result, the demand for fertilizers has increased, which is expected to drive the demand for biofertilizers.
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The biofertilizers market is driven primarily by the growth in the organic food industry and increase in awareness regarding the health hazards caused by the use of chemical fertilizers. Moreover, government agencies are promoting the use of biofertilizers, which has also driven the market growth, globally.
Cereals & grains require maximum biofertilizers for proper growth. Wheat, rice, corn, barley, and oats are the major cereal & grain crops cultivated extensively across the world. Farmers have begun using biofertilizers to replace chemical fertilizers, in order to sustain the soil nutrient generation cycle. This approach has increased the demand for biofertilizers, especially for cereal & grain cultivation.
Cyanobacteria contain naturally-occurring inputs such as solar energy, nitrogen, and water to ensure better soil fertility and plant growth. Cyanobacteria, through photosynthesis, fix nitrogen from the air and turn it into soluble form for plants. Cyanobacteria fix nitrogen, which is an essential nutrient for plant growth. Cyanobacteria are cost-effective and help increase soil fertility, which is one of the key factors leading to its dominance in the biofertilizers market.
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The Asia-Pacific region holds a significant position in the global biofertilizers market, owing to factors such as growth of the organic food industry, and rise in farm expenditures. China and Brazil constituted the largest country-level markets in the Asia-Pacific and Latin American regions, respectively, in 2015. Government initiatives such as subsidies and incentive schemes, increase in awareness regarding the benefits of biofertilizers, and rise in farm expenditures have led to the large scale manufacturing of biofertilizers in these regions.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Novozymes A/S (Denmark), National Fertilizers Limited (India), Madras Fertilizers Limited (India), Gujarat State Fertilizers & Chemicals Ltd. (India), and Rizobacter Argentina S.A. (Argentina).
