The global market for biofertilizers has witnessed significant demand during the last few years and is projected to reach USD 2,653.48 million at a CAGR of 14.42% during the forecast period. Growing demand for organic foods followed by increasing concern for sustainable agriculture is driving the growth of the biofertilizers market. Moreover, the government support for promoting biofertilizers among the farmers is largely contributing to the growth of the market.
Biofertilizers contain living microorganisms that help crops receive nutrients. These nutrients are provided through the natural process of nitrogen fixation and solubilizing phosphorous. Biofertilizers are supplied through seed or soil to promote plant growth. The harmful effects of chemical fertilizers on the quality of crops and soil of the agricultural land has alarmed the world for inclining towards biofertilizers.
The demand for safe and residue free food is increasing tremendously, which drives the market for biofertilizers. Also, the government support for the use of eco-friendly products, is boosting the growth of biofertilizers market. Rising awareness regarding the hazards of chemical fertilizers and the higher costs of chemical fertilizers are also adding to the growth of the market.
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Major Key Players Review:
Some of the key players profiled in the global biofertilizers market are Gujarat State Fertilizers & Chemicals Ltd. (India), National Fertilizers Ltd. (India), Madras Fertilizers Limited (India), Monsanto BioAg (U.S.), and T Stanes & Company Limited (India). Camson Bio Technologies Limited (India), Rashtriya Chemicals & Fertilizers Ltd. (India), Biomax Naturals (India), Agri Life (India), and Mani Dharma Biotech Pvt. Ltd. (India) are among others.
North America dominated the market with a market share of 31.74% in Furthermore, in North America, the U.S. accounted for the major market share during the forecast period of 2017-2023.
Fruits & vegetables segment is gaining the highest growth rate during the review period, in which Asia Pacific is witnessed to have the fastest growth rate of 16.53%
Global biofertilizers market is segmented into North America, Europe, Asia Pacific, and RoW. North America projected for the maximum market share of 31.74% in the year of 2017. However, Asia Pacific is witnessed to be the fastest growing region in this market, where China has the major market share of 32.48% in the year 2017. Also, Latin America from the RoW hold substantial share in the market and is expected to grow at the fastest rate over the forecast period.
On the basis of the type, it is segmented into nitrogen-fixing, phosphate-solubilizing, others. Among them, nitrogen-fixing segment accounted for the lion’s share of 73% in the year of 2017. Moreover, it has highest market share in North America, followed by RoW. Also, phosphate- solubilizing segment is projected to have a substantial CAGR 14.58% during the forecast period.
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Based on the crop type, biofertilizers market is segmented into cereals & grains, pulses & oilseeds, fruits & vegetables, and others. Among them, cereals & grains segment is witnessed to be dominating with major market share of 43% in the year 2017, followed by pulses & oilseeds. However, fruits & vegetable segment is expected to have the highest growth rate with 15.58% CAGR over the estimated period.
On the basis of the application, biofertilizers market is segmented into seed application and soil application. Among them, the seed application segment is dominating the market in the year of 2017. Moreover, it is expected to be the fastest growing segment, at a CAGR of 14.60% during the forecast period of 2017-2023.
Based on the form, biofertilizers market is segmented into dry and liquid. Among them, the dry segment accounted for the largest market share of 73% in the year 2017. However, the liquid segment is estimated to be growing at the fastest rate over the review period.
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