Study shows global biofertilizers market worth by 2017
The report "Global Biofertilizers Market By Types (Nitrogen Fixing, Phosphate Solubilizing, And Potash Mobilizing), Applications and Geography — Trends and Forecasts To 2017," defines and segments the global biofertilizers market with analysis and forecasting of the global revenue for biofertilizers. It also identifies the driving and restraining factors for the global market with analysis of trends, opportunities, burning issues, winning imperatives, and challenges.
The market is segmented and revenue is forecasted on the basis of major regions such as North America, Europe, Asia-Pacific, and Rest of the World. The key countries are covered and forecasted for each region. Further, market is segmented and revenue is forecasted on the basis of types and geography.
Biofertilizers are carrier based preparations which contains active strains of various specific microorganisms. These biofertilizers enhances the soil fertility by fixing atmospheric nitrogen and by mineralization of P & K.
Biofertilizers are used as a supplement to the chemical fertilizers thus reducing the usage of chemical fertilizers. The reduction in the use of chemical fertilizers ultimately results in reduced cost of fertilization.
The biofertilizers also enhances the growth of the plant and helps to retain the fertility of the soil for longer duration. The major advantage of biofertilizers over chemical fertilizers is the cost benefit. The biofertilizers are comparatively cheaper than the chemical fertilizers making it affordable to the poor farmers.
Major Biofertilizers are nitrogen fixing biofertilizers, phosphate solubilizing biofertilizers and potash mobilizing biofertilizers. Apart from these classes other biofertilizers includes zinc and sulphur solubilizing biofertilizers.
The demand driving factors of global biofertilizers market are healthy growth for organic products, promotion by government agencies to push biofertilizers in the market and various environmental hazards associated with chemical fertilizers. Major restraints of the industry are lack of awareness about the concept of biofertilizers and low rate of adoption by the farmers.
Various advantages of chemical fertilizers are another factor which is holding back the customers from making a switch to biofertilizers. However unauthorized biofertilizers which are low quality biofertilizers are stealing a big chunk of revenues of the market. The increasing demand from Asia-Pacific region is the opportunity for the producer's with expansion plans. The manufacturers are developing innovative production techniques to manufacture effective microbial strains at lower cost.
The global market for biofertilizers in terms of revenue was estimated to be worth around $5,013.1 million in 2011 and is expected to reach $10,298.5 million by 2017, growing at the CAGR of 12.8 percent from 2012 to 2017.
Leading companies focused on expansion of the business in local as well as foreign market and setting up new plant for increasing production capacity with product line.