North America biofertilizers market is expected to grow
The North America Biofertilizer Market report defines and segments the biofertilizers market in North America with analysis and forecast of revenue. The biofertilizers market in North America is estimated to grow at a compound annual growth rate (CAGR) of 14.4% from 2013 to 2018.
Biofertilizers is an emerging market in North America. Agriculture as well as arable land here has been declining over the period of time, due to heavy industrial activities, mining, and urbanization in the region. Due to the rampant use of chemical fertilizers, the fertility of the soil is declining. In order to maintain the soil fertility as well as the yield of the crop, the farmers are heading towards organic manures and biofertilizers. However, the lack of support from the governments for organic farming is restricting the growth of the industry. Nevertheless, in the recent scenario a shift towards the organic farming is favoring the growth of the biofertilizers industry.
U.S. is the major market, acquiring 64% of the total market revenue,as of 2012. Mexico is the emerging market in the North American biofertilizer industry.
This market is segmented and forecasted on the basis of types of biofertilizers, such as nitrogenous, phosphate, and potash,among others. The market is further segmented and forecasted on the basis of major countries, such as the U.S., Mexico, and Canada.