The global biofertilizers market is projected to attain high earnings by 2021, according to a report on Radiant Insights, Inc. It is expected to showcase a remarkable CAGR during the estimated period (2017–2021). Need for eco-friendly solutions to counter the effects of agrochemicals is expected to drive market growth during the forecast period. Government initiatives to create awareness among farmers regarding its efficacy may also contribute to market demand in the forthcoming years.
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Biofertilizers are substances consisting of living microorganisms that fix the atmospheric content in soil to improve its productivity. They can increase nutrient volume in plants via nitrogen fixation, solubilizing phosphorus, and other plant growth stimulation methods. These organisms can restore original nutrient cycle and reduce its reliance on chemical fertilizers.
Government policies promoting the use of biofertilizers, like the European Union (EU) Common Agricultural Policy, is expected to influence the overall market scenario. Overall, manufacturers are experimenting with new microbial strains to increase crop harvests. Nations such as India are launching biofertilizer-friendly programs to increase its adoption rate among farmers. Lack of qualified personnel in synthetic fertilizer production units and high cost of chemicals may be the biggest market bottleneck. However, rising need for food globally may lead to a decline in chemical prices.
The worldwide biofertilizers market is segmented according to type, application, and region. By type, the market consists of potassium mobilizing, phosphate mobilizing, and nitrogen fixing. Nitrogen fixing was the biggest product segment, accounting over 75% of the revenue in 2014. This segment employs the use of bacteria such as azospirillum, rhizobium, azotobacter, and acetobacter to enrich soil content and improve crop quality. Phosphate mobilizing was the second largest product segment and is projected to grow at a CAGR close to 14% during the forecast period.
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Major market applications comprise fruits and vegetables, cereals and grains, and oil seeds and pulses. The cereals and grains segment can become the biggest market application by the end of the forecast period with farmers using biofertilizers to improve crop cycle. In addition, demand may increase with major cereals such as wheat and barley being produced extensively. The fruits and vegetables segment is expected to exhibit a significant CAGR over the forecast period due to consumer preference for natural fruits.
By regional segmentation, the market is divided into Asia Pacific (APAC), North America, and Europe. North America was the biggest market in 2014, followed by Europe. Pro-farming regulations and adoption of biofertilizers across Canada and the United States (U.S.) can be credited to the region’s dominance. Asia Pacific accounted over 15% of global revenue in 2014. Awareness of biofertilizers, increased farming expenditures, and government incentives have led to increased regional market demand.
Key market players include Biomax Technologies, BioProtan, Mapleton Agri Biotec Pty Ltd., Italpollina, and Novozymes A/S. Majority of the players are partnering with distributors to gain a better view of supply chains. Creating partnerships with retailers is also seen as a major strategy to attain higher profit margins.
In 2015, Novozymes A/S decided to partner with the Monsanto Company, known as The BioAg Alliance, to improve crop yields through the use of natural microbes. It has tested more than 2,000 microbes in more than 50 locations in the U.S. The alliance is slated to result in the launch of a viable well-tested solution in the market by 2017.
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