Market Introduction
Biofertilizers areliving microorganisms which provide nutrients to the crops through nitrogen
fixation and phosphorous solubilization processes. They also assist in
maintaining the quality of the soil and promoting sustainable agriculture. The
various types of biofertilizers include, nitrogen fixing biofertilizers,
phosphate solubilizing biofertilizer, plant growth promoting Rhizobacteria, and
biofertilizers for micronutrients. They are cost effective and are a renewable
source of plant nutrients. Concerns for sustainable agricultural land has
increased with the use of chemical fertilizers, which has created immense scope
for biofertilizers.
CompetitiveAnalysis
The major key playersin biofertilizers market are:
- National Fertilizers Ltd. (India)
- Madras Fertilizers Limited (India)
- Monsanto BioAg (U.S.)
- Gujarat State Fertilizers & Chemicals Ltd. (India)
- T Stanes & Company Limited (India)
- Camson Bio Technologies Limited (India)
- Rashtriya Chemicals & Fertilizers Ltd. (India)
- Biomax Naturals (India), Agri Life (India)
- Mani Dharma Biotech Pvt. Ltd. (India)
Market Forecast
The global biofertilizersmarket reports has been witnessing high demand for the last few years and is
projected to reach USD 2653.48 million by 2023 compared to USD 1183.34 million
in 2017. Increasing awareness regarding sustainable agriculture followed by
various government initiatives to promote the product is majorly driving the
growth of the market. Moreover, the growing trend of inclination towards
organic foods from the consumers is boosting the growth of the market. Growing
demand from the emerging market will surge the biofertilizers market size over
the coming years.
Based on the type,nitrogen-fixing segment is dominating the market and is witnessed to grow at
the highest growth rate of 14.74% over the forecast period. On the basis of
crop type, cereals & grains segment is expected to hold the maximum market
share of 43% on the global level. Additionally, on the basis of application,
seed application segment is anticipated to grow at the highest rate of 14.60%
during the review period. Based on the form, the dry segment dominated the
market in 2017.
By Downstream Analysis
On the basis of thetype, biofertilizers market is segmented into nitrogen-fixing,
phosphate-solubilizing, others. Among the type, nitrogen-fixing segment
accounted for the major market proportion of 73% in the year of 2017. Moreover,
it is projected to be the fastest growing segment during the forecast period of
2017-2023.
Based on the croptype, biofertilizers market segment into cereals & grains, pulses &oilseeds, fruits & vegetables, and others. Among them, cereals & grains
segment has been dominating with major market share of 43% in the year 2017.
However, fruits & vegetables segment is predicted to be the fastest growing
segment during the noticed period.
On the basis of theapplication, it is segmented into seed application and soil application. Among
them, seed application segment dominated with the market share of 72% in the
year 2017. Also, soil application segment is anticipated to have a substantial
growth during the forecast period of 2017-2023.
Based on the form, thebiofertilizers market by types is segmented into dry and liquid. It is observed
that the dry segment accounted for the maximum market share in the year 2017.
However, liquid segment is projected to surge the market growth over the
noticed period.
Regional Analysis
Among the regions,North America is dominating the biofertilizers market with over 31.74% of the
global market share and is projected to reach around USD 827.62 million by
2023. However, Asia Pacific is anticipated to be the fastest growing region for
biofertilizersmarket demand. In Asia Pacific, Japan is expected to grow at the highestrate followed by Australia and India over the forecast period.
Moreover, RoW is also projectedto witness a substantial growth rate during the forecast period 2017-2023, in
which Latin America is projected to grow at the highest rate followed by Africa
over the review period.
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