Global Biofertilizers Market: Key Highlights
- According to the new market research report “Biofertilizers Market by Product Type (Nitrogen Biofertilizers, Phosphorus Biofertilizers, Compost Biofertilizers, Others), by Microorganism (Azotobacter, Rhizobium, Blue-green Algae, Azospirillum, Mycorrhiza, Phosphate Solubilizing Bacteria, Others), by Crop Type (Fruits & Vegetables, Nuts & Seeds, Cereals & Grains, Others), by Application (Soil Treatment, Root Dipping, Seed Treatment), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) – Global Forecast (2020 to 2027)”, the global biofertilizers market is estimated to reach USD 4.4 Billion by 2027 at a CAGR of around 9.7% during the review period.
- Biofertilizers helps to eliminate plantar diseases and provides a continuous supply of micronutrients to the soil
- Promotes the development of mycorrhizal associations, which increases the availability of phosphorus on the soil
- Use of biofertilizers increases the health of plants after transplantation and avoids the risk of plant shock
- Implementation cost higher than those of certain chemical fertilizers may hamper the growth of the product market
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Global Biofertilizers Market: Key Market Dynamics
- Rising awareness of advantages offered by the consumption of organic food and beverages has expected to surge the demand for biofertilizers market
- Government initiatives promoting to increase the demand for organic goods in both local and international market is anticipated to boost the market growth
- Shortages of particular strains of microorganisms or of the best growing medium reduce the availability of some biofertilizers may hinder the growth of product market.
Global Biofertilizers Market: Regional Overview
- North America
North America expected to hold the largest market shares during the forecasted period. This can be attributed to rising in environmentally friendly and organic farming practices, particularly in the United States and Canada. Biofertilizers are organic and help in maintaining ecological balance has surged its demand. According to Forschungsinstitut für biologischen Landbau (FiBL) and The International Federation of Organic Agriculture Movements (IFOAM), organic sales in the U.S. were totaled around USD 47 billion in 2016. Moreover, organic leaders have worked with legislators to create bipartisan bills for consideration. For instance, the Organic Research Act of 2017 to increase the funding for USDA’s Organic Agriculture Research and Extension Initiative to USD 50 million every year.
Europe's biofertilizer market is expected to grow substantially during the forecasted period. The growth is attributed to rising penetration of biofertilizers in agriculture, growing demand for organic products, and reasonable cost of biofertilizers. According to Forschungsinstitut für biologischen Landbau (FiBL), the largest market for the organic product was Germany in 2016, with retail sales of USD 10.6 billion. Additionally, increasing government support and environmental guidelines are some of the other factors anticipated to surge the product growth in the region. For instance, in October 2018, the EU Fertilizer Regulation was revised with an aim to bring more innovative fertilizing products to the market, particularly those containing nutrients or organic matter recycled from bio-waste or other secondary raw materials.
Global Biofertilizers Market: Key Players Overview
Novozymes is one of the global leader in biological solutions and is engaged in providing natural and substantial solutions. The company operates through household care, food & beverage, bioenergy, agriculture & feed, technical & pharma business segments across the globe. In April 2019, announced a partnership with Univar Solutions and UPL along with Bayer. This multi-partner setup will help Novozymes to capture more value from its continued investments in BioAg.
- LALLEMAND Inc.:
LALLEMAND Inc. specializes in the development, production, and marketing of yeast and bacteria. Based on various applications of yeast and bacteria, the company has 11 plants in 45 countries across the globe. In May 2016, the company expanded its plant care division through the acquisition of LageyCia. This will help the company in product development of yeast, fungi, and bacteria, as a biofertilizer, biostimulants, and biocontrol agents in the agriculture industry.
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