Global biofertilizers market is expected to reach $1.67 billion by 2022, according to a new study by Grand View Research, Inc. The industry is expected to witness significant gains over the next seven years, owing to rising need for feasible eco-friendly solution for plant and soil growth.
Emergence of a drop in replacements for chemical fertilizers, on account of environment friendly properties, and similar applications is expected to promote growth. Stringent regulations coupled with government initiatives supporting biofertilizers use is a primary reason for perpetuating growth over the past few years.
Favorable government support for use of eco-friendly products and increasing production output of organic foods is expected to augment market growth in North America and Europe over the forecast period.
Fluctuating chemical prices coupled with commercial response to growing food cost is expected to be one of the key drivers for the market over the next seven years. Growing need for high agricultural yield in order to meet increasing population needs has triggered products use on account of low environmental impact.
Further key findings from the study suggest:
- Phosphate solubilizing biofertilizers market is expected to grow at the fastest CAGR of 13.9% from 2015 to 2022. These include bacillus, pseudomonas and aspergillums bacteria which provide phosphorous macronutrients to plants. Soluble bacteria in the product impart superior characteristics and are the key reason for high growth expectation over the forecast period.
- Soil treatment accounted for over 30.0% of global market revenue in 2014 and is expected to grow at a CAGR of 13.0% from 2015 to 2022. Rising awareness towards deployment of eco-friendly products for increasing crop yield is expected to augment product demand.
- North America biofertilizers market was the largest in terms of revenue accounting for over 32.0% in 2014 on account of numerous manufacturers in the region. Positive agriculture industry outlook in the U.S. and Canada along with increasing awareness regarding the application of eco-friendly products in farming is expected to have favorable impact for biofertilizers market.
- Some of the key biofertilizer manufacturers include CBF China Bio-fertilizer AG, Novozymes A/S, Antibiotice S.A, AgriLife, and Symborg S.L. In January 2011, CBF China Bio-fertilizer built a new production line in the Shandong plant with an additional capacity of 10,000 tons. Novozymes' new enzyme technology is known to produce high yields of corn oil and ethanol along with energy savings during production.
To view the report, "Biofertilizers Market Analysis By Product (Nitrogen Fixing, Phosphate Solubilizing), By Application (Seed Treatment, Soil Treatment) And Segment Forecasts To 2022" click here.