Good Growth Prospects in Biofertilizers Market — Thanks to the Growing Organic Food Industry
Biofertilizers are basically substances consisting of living microorganisms, which enhance the growth of the plant by providing it with essential nutrients. Apart from supplying necessary nutrients, they also act as obstacles to keep pathogens away from entering the plant along with protecting the plant from pests and decomposing of organic residues. Looking at advantages of biofertilizers over chemical fertilizers, the market for biofertilizers has become a focal point in the agriculture industry.
Drivers and Opportunities
The major driving factors responsible for the growth of biofertilizers market are:
• Upcoming organic food industry in developing as well as developed nations
• Growing awareness regarding health and fitness
• Awareness about ill effects of chemical fertilizers
• Increasing costs of chemical fertilizers
• Support from the government towards encouraging the use of biofertilizers
Moreover, the companies involved in this industry are now actively adopting strategies like expansions, new product launches, partnerships & joint ventures, and acquisitions & investments in order to grow as well as maintain their grip on the market. Furthermore, the market in Asia-Pacific is likely to be the fastest-growing due to rising demand for food, owing to the increasing population.
Although this market is poised to see good growth in the near future, it may also face some challenges ahead. Lack of awareness about benefits of biofertilizers and lesser adoption rate may hamper the growth of this market in the years to come.
The global biofertilizers market is expected to be valued at USD 1.88 Billion by 2020, progressing at a CAGR of 14.0% during the forecast period. In 2014, North America emerged as the dominant region, accounting for the biggest share of the total market. However, the market in Asia-Pacific is expected to be the fastest-growing during the projected period.
Among types, phosphate-solubilizing segment is witnessing the fastest growth in the global market for biofertilizers, whereas, Nitrogen-fixing biofertilizers is expected to foresee the highest growth by 2020. Among the microorganisms segment, cyanobacteria took up the largest share of the market in 2014, whereas as per crop types, cereals & grains was the largest market in 2014. Furthermore, as per application, the seed segment is likely to emerge as the largest market during the forecast period.
The major giants competing in the market for biofertilizers are Gujarat State Fertilizers & Chemicals Ltd. (India), Novozymes A/S (Denmark) , Rizobacter Argentina S.A. (Argentina), Camson Bio Technologies Limited (India), Lallemand Inc. (Canada), National Fertilizers Limited (India), Madras Fertilizers Limited (India), T. Stanes & Company Limited (India), Rashtriya Chemicals & Fertilizers Ltd. (India), and Nutramax Laboratories Inc. (U.S.).
The global biofertilizers market is analyzed and forecasted by breaking it down into following categories:
• Type: Nitrogen-fixing, Phosphate-solubilizing, Potash-mobilizing, Others (including zinc, boron, and sulfur-solubilizing biofertilizers)
• Crop Type: Cereals & Grains, Pulses & Oilseeds, Fruits & Vegetables, Others (including turf & ornamentals, plantation crops, fiber crops, and silage & forage crops)
• Microorganisms: Rhizobium, Azotobacter, Azospirillum, Cyanobacteria, Phosphate-solubilizing bacteria, Others (including potash-mobilizing, zinc biofertilizers, sulfur-solubilizing biofertilizers, and manganese solubilizer)
• Application: Seed, Soil, Others (including set treatment, foliar treatment, root dipping, and seedling root treatment)
• Geography: North America, Europe, Asia-Pacific, Latin America, RoW