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