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Biofertilizers Market Trends, Growth, Share, Size and Forecast Research Report 2027

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Biofertilizers Market Trends, Growth, Share, Size and Forecast

Research Report 2027



The global biofertilizers market size


 is

likely to rise at a CAGR of 10.9% between 2020 and 2027 on account of the

increasing demand for chemical-free fertilizers for agricultural production. In

May 2016, Lage y Cia, a company in Uruguay was acquired by a Canadian company

Lallemand Inc., for increasing the production of yeast, fungi, and bacteria as

a biocontrol, biofertilizer, and a biostimulant agent. According to a recent

report by Fortune Business Insights titled, “Biofertilizers Market Size, Share &

COVID-19 Impact Analysis, By Type (Nitrogen Fixing, Phosphate Solubilizers, and

Others), Microorganism (Rhizobium, Azotobacter, Azospirillum, Pseudomonas,

Bacillus, VAM, and Others), Application (Seed Treatment, Soil Treatment, and

Others), Crop Type, and Regional Forecast, 2020 – 2027,” the value

of this market was USD 1.49 billion in 2019 and is anticipated to reach USD

3.28 billion by the end of 2027.



The impact of the novel coronavirus on the whole world is

devastating. Most businesses are facing a crisis owing to the imposition of

temporary lockdown by the governments of various nations. This COVID-19

pandemic has left a major dent on the world economy as well. Major investments

were made on research and development of an antidote to fight the novel

coronavirus.



Fortune Business Insights is offering detailed analysis of various

markets impacted by the coronavirus pandemic. These reports will help investors

gain a strategic viewpoint on the markets and accordingly plan ahead of the

future of the market.




Objectives of the Report:



The report offers a 360-degree overview of the market for

biofertilizers and emphasizes on drivers, restraints, challenges, and upcoming

opportunities. It also describes the current trends, recent industry

developments, and other interesting insights that will help to accelerate the

demand for biofertilizers in the coming years. The report throws light on the

list of players operating in this market and the key strategies adopted by them

to gain a competitive edge. For more information on the report, log on to the

company website.



Drivers & Restraints-



Rising Concern over Declining Soil Quality to Augment Growth



The use of chemicals and acidic fertilizers such as calcium

nitrate, monoammonium phosphate, and others has resulted in degradation of soil

quality. Over the years, this has led to less crop cultivation, eventually

leading to the land getting barren. This has propelled the need for organic

fertilizers, thereby augmenting the global biofertilizers market growth.

Besides this, biofertilizers consist of living microorganisms that help the

plants to grow naturally by supplying essential nutrients. It also helps to

increase the fertility of the soil. The aforementioned factors are also

contributing to the growth of the market.



On the contrary, biofertilizers have high production costs and

this may pose a major challenge to the farmers, thereby causing hindrance to

the growth of the market. In addition to this, they have a lower shelf-life as

compared to chemical fertilizers and have lower versatility. This may also

hamper the growth of the market in the forecast years.



Nevertheless, government support in terms of agricultural

awareness programs and promotion and distribution of bio-fertilizers are

expected to create lucrative growth opportunities for the market in the coming

years.




Segmentation





Cereals Segment to Continue Dominance Owing to Rising Demand for Organic

Products



Among all segments by crop type, the cereals segment earned 43.74%

share and emerged dominant accounting to the high demand from both developing

and developed nations. This is further attributed to the nutritional benefits

offered by cereals.



Regional Analysis




Europe and North America are Dominant Owing to Presence of Several Organic

Farms



Geographically, North America and Europe are holding the larger

biofertilizers market share on account of the presence of a large number of

farms following organic agricultural practices in countries such as Mexico, and

the United States. In 2019, North America earned a revenue of USD 470.83

million. According to the United States Department of Agriculture (USDA),

organic businesses and certified farms grew at a massive rate of 13% between

2015 and 2016.



On the other side, the market in South America is likely to emerge

as the fastest growing region during the forecast period on account of the

increasing demand for organic products from countries such as Brazil, and

Argentina.




Competitive Landscape




Major Companies are Focused on Improving their Product Portfolios



Manufacturers of the global biofertilizers market are engaging in

new product launches, and enhancing their product portfolio for gaining a

competitive edge in the market. Some of them are also adopting collaborative

efforts such as joint ventures, agreements and contracts, and others to hold

significant positions in the market competition.





Source:




https://www.fortunebusinessinsights.com/industry-reports/biofertilizers-market-100413