The bio-fertilizer market in North America was valued at $273.3 million in 2014, and is projected to reach $495.0 million by 2019, at a compound annual growth rate (CAGR) of 12.7% from 2014 to 2019.
Fertilizers are produced by utilizing live microorganisms, which on their application to the soil, seed, or plant surfaces optimize plant growth by enhancing the supply of essential nutrients to plants. Bio-fertilizers increase soil fertility through varied processes, such as phosphorus solubilizing, nitrogen fixation, and synthesis of growth-enhancing substances. These processes are completely natural, and thus do not cause any harmful environmental impact. The area of agricultural produce as well as arable land in North America has been declining over time due to heavy industrialization, mining, and urbanization. The rampant use of chemical fertilizers has led to the declining fertility of soil. In order to maintain soil fertility and crop yield, farmers are opting towards the use of organic manure and bio-fertilizers. The recent shift towards the widespread adoption of organic farming is propelling the growth of the North America bio-fertilizers market.
The North American bio-fertilizer market is dominated by the U.S., followed by Canada. The U.S. is considered as an essential importer of fertilizers. In the U.S., the bio-fertilizer business is relatively new, highly fragmented, and under-capitalized. The U.S. represents a tiny share of the global fertilizers market, nevertheless the demand for organic products and bio-fertilizers is steadily progressing in this country. Incessant rise in the usage of bio-fertilizers in agriculture and the increasing demand for organic food and other organic goods are factors propelling the growth of the bio-fertilizers market.