Biofertilizers Market – Emergence of the product as the best solution these problems led to a significant acceptance across the world. In addition to ecofriendly nature, the product also maintain crop and soil health along with increasing yield which is expected to spur biofertilizer market growth over the forecast period. Biofertilizers are manufactured using organic and human wastes such as compost and struvite which is one of the clearest substitutes to agrochemicals. Biofertilizers can be segmented as phosphate solubilizing and nitrogen fixing. Recently with technological advancement, potash mobilizers, and sulfur and zinc solubilizers have been emerged as biofertilizers.
Favorable regulatory norms in many regions across the world are expected to surge biofertilizer market over the next eight years. The European Union issued “Common Agriculture Policy” to enhance organic farming and the product applications by issuing 30% payment as green payment. The product is being promoted in emerging economies such as China and India with a major consideration in their five year plans. Indian government introduced ‘National Project on Development and Use of Biofertilizers’ to increase production and utilization.
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Low product prices as compared to agrochemicals are projected to bolster biofertilizers market over the foreseeable future. The product has gained considerable acceptance in developed countries which is likely surge global demand. Less awareness among the farmers and consumers in developing countries regarding advantageous characteristics of the product is expected to hinder the market over the next eight years.
Biofertilizers can be segmented on the basis of product type as phosphate solubilizers and nitrogen fixation biofertilizers. Nitrogen fixing biofertilizers consists of various bacteria’s including Azotobactor, Rhizobium, Acetobactor and Azospirillum, which helps to improve soil yield coupled with microbial and organic population. Nitrogen fixing biofertilizers had major share in the product market in 2013 owing to increasing demand worldwide. Phosphate solubilizer was the second major application segment of biofertilizer in 2013, and is anticipated to be the fastest growing market over the forecast period. Phosphate solubilizers contain bacterias which helps to hydrolyze inorganic and organic phosphate from compounds. Phosphate chemical fertilizers used for plants are immobilized and reduce plants minerals intake whereas biofertilizers enhances the mineral intake of plants owing to substantial supply of phosphate.
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Biofertilizers applications include soil treatment and seed treatment. Seed treatment was the largest application market in 2013. The product addition to seeds improves sustainability for virus and bacteria attacks and improves crop yield. It helps in converting atmospheric nitrogen and makes it useful for plants. Seed treatments also improve phosphorus content in the soil by solubilizing it and enhance availability. Soil treatment is done by spraying biofertilizer on the agriculture land which improves the crop yield and fertility.
Biofertilizers were firstly commercialized in Europe and North America. North America was the major biofertilizer market in 2013 followed by Europe, together accounting for over 50% market share. Increasing atmospheric hazards awareness and pollution impact coupled with increasing demand for organic food is expected to boost the global biofertilizers market in the region over the forecast period. Stringent regulations related to green farming force farmers to switch towards biofertilizers replacing agrochemicals is projected to have positive impact on the biofertilizer market in near future. Asia Pacific was the third major market in 2013 and expected to be the fastest growing market over the next eight years on account of increasing organic food demand. Growing agricultural activities in countries such as China, India and Brazil is likely to spur the market over the next decade. Government support to agricultural sector such as incentives and subsidies is expected to boost the market in these countries.
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The major key players in the global market include Novozymes A/S, CBF China Biofertilizers AG, Agri Life, Biomax, Antibiotice S.A., Symborg S.L., Mapleton Agribiotec, and Labiofam S.A. Novozymes A/S and CBF China Biofertilizers AG holds major share in the market and supply biofertilizers particularly to North America and Europe. The market is highly fragmented due to existence of large number of regional players.
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