According to the findings of a research report published by Grand View Research, Inc.; the global biofertilizers market is anticipated to attain a valuation of over USD 1.6 billion by 2022. The market was valued at USD 787.8 million in 2016. Rising need for feasible and eco-friendly solutions for soil and plant growth is the primary market driver. The growing concerns regarding food safety is also anticipated to spur market development during the forecast years i.e., from 2015 to 2022. Increasing efforts toward promoting and implementing sustainable farming is also expected to contribute toward the market expansion in near future.
Moreover, strict regulations along with supportive government initiative programs across various regions are also projected to augment the market over the next few years. For example, the US Department of Agriculture (USDA) recently launched a plan that promotes organic farming by focusing on development and implementation of standards for organically grown agriculture products. Rise in the industrial use of corn is also estimated to further boost the market for biofertilizers over the forecast period.
The usage of corn in High Fructose Corn Syrup (HFCS) is expected to remain constant despite the decline in the domestic usage. In addition, fluctuating prices of chemicals along with commercial response to growing costs associated with food products are also likely to drive the biofertilizers market in near future. Furthermore, increasing need for high agricultural yield to meet the growing demand has also triggered the usage of biofertilizers as they cause low environmental impact. This is also expected to augment the market over the forecast period.
Full Research Report On Biofertilizers Market Analysis: https://www.grandviewresearch.com/industry-analysis/biofertilizers-industry
The global biofertilizers market is categorized as per product type, application, and region. On the basis of product type, the market is further categorized as phosphate solubilizing, nitrogen fixing, and others. On the basis of application, the market is segregated as soil treatment and seed treatment. On the basis of geographies, the market is divided into Europe, North America, Asia Pacific, Middle East and Africa (MEA), and Latin America.
The North America market was the biggest regional market in terms of revenue in 2014. It held around 32.0% of the global market in terms of revenue share in the same year. This growth is attributed to the presence of a large number of biofertilizer manufacturers in the region. The regional market is expected to expand further in the forthcoming years on account of positive agricultural market outlook in Canada and United States. Rising awareness regarding the usage of eco-friendly farming products can further impel the regional growth. In addition, factors such as rising preference for organic food along with high awareness about the hazards of chemical fertilizers are also likely to fuel the product demand and boost the regional growth. The regional expansion is also attributed to the advancements in the US organic farming industry.
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The Europe biofertilizers market is also anticipated to witness considerable growth over the forecast period as a result of favorable regulatory scenario. For instance, the European Union (EU) “Common Agricultural Policy” encourages organic farming and usage of biofertilizers by providing 30% of the financial plan as direct green payment to its local farmers that are compliant with organic farming practices. The Asia Pacific regional market accounted for around 15.0% of the overall revenue share in 2014. China has the world’s biggest agricultural industry and hence has been promoting biofertilizer usage by offering manufacturers with exemption of excise, VAT, and agricultural tax. This is anticipated to augment the development of the market.
Some of the key companies operating in the global biofertilizers market include Symborg S.L.; Antibiotice S.A.; CBF China Bio-fertilizer AG; Texas A&M AgriLife Extension Service; and Novozymes A/S. Most of these market players have exclusive agreements with various distributors across the globe to cater to end user demands. Some of these players have their own distribution channels, which also helps increase their revenue as they distribute products of independent manufacturers. For example, companies such as AgriLife have established independent retail and distribution channels to reduce distribution costs and offer products at competitive prices.
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