The global Biofertilizers market is projected to grow at over 13.2 % CAGR during 2016 to 2024 (forecast period). It should reach around USD 2 billion by 2024. The industry may gain considerably due to the need for feasible ecological solutions for soil & plants.
High applications of agrochemicals for plants & crops resulting in eco-safety are said to be the key market driver. Biofertilizers help maintain the health of crops & soil. They are produced; with natural wastes, such as compost & struvite that act as substitutes for chemical-based fertilizers.
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Low prices of biofertilizers will boost market demand till 2024. Varying chemical prices along with commercial response to escalating food costs are a prime industry driver. However, lack of awareness among farmers, especially in developing countries, can pose an industry challenge. Moreover, major usage of synthetic phosphate fertilizers in Australia, China, and India due to the availability of production facilities is likely to remain an industry hindrance.
The biofertilizers market is categorized into products, applications, and regions. Products include phosphate solubilizers and nitrogen fixers. Nitrogen fixers dominated in 2014, capturing over half the total shares. Nitrogen fixers comprise mixed strains of nitrogen fixing bacteria; such as azospirillum, rhizobium, azotobacter, acetobacter, etc.
Phosphate solubilizers were the second largest product in 2014. They are estimated to grow rapidly (at a healthy CAGR) from 2016 to 2024. These consist of phosphate solubilizing bacteria that hydrolyze inorganic & organic phosphate, mainly from artificial compounds.
The application segments are soil treatment and seed treatment. Seed treatment was the biggest and generated over half of the total shares in 2014. Seeds treated with biofertilizers can withstand bacterial & viral attacks and increase crop-yield.
These seeds harness atmospheric nitrogen and provide it to plants. They can boost the soil’s phosphorus content by solubilizing it & enhancing its availability. Higher adoption of the said seeds among farmers is predicted to further market growth. Soil treatment helps improve soil fertility and enhance plant & crop productivity. Rising need for fertile lands across the United States, India, China, Italy, and Brazil should positively impact the worldwide industry.
Geographically, Asia-Pacific led in 2014. China, being the biggest market globally, has been encouraging product usage by offering manufacturers exemption on VAT and agricultural tax. This factor would boost the demand for biofertilizers in the next eight years.
North America and Europe together contributed over half of the total revenues. Preference for organic food along with awareness regarding atmospheric pollution & chemical fertilizers has led to higher employment of biofertilizers in these regions.
The worldwide biofertilizers market is fragmented, with several domestic firms concentrating on regional industries. Most of these firms have signed exclusive contracts with suppliers to meet the demands of consumers. Few firms possess supply networks, thereby augmenting their sales by supplying the products of autonomous producers.
Some participants have also formed their supply & retail outlets to lower the supply costs and sell affordable products (at competitive prices). Key companies in the global market are Novozymes A/S; CBF China Bio-fertilizer AG; Symborg S. L.; and Antibiotice S. A.
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