Market Overview:
Market Research Future (MRFR) has published a report stating that the global biofertilizers market is marked to expand remarkably at a CAGR of 14.42% during the forecast period of 2017-2023 and reach the valuation of USD 2,653.48 Mn by the end of the assessment period. Biofertilizers assist in maintaining the quality and fertility of soil with the help of microorganisms that provide nutrition to the crops through phosphorous solubilization and nitrogen fixation.
Market Drivers:
Biofertilizers aid in stimulating plant growth through synthesizing growth promoting substances such as fixing atmospheric nitrogen and solubilizing phosphorous. Unlike chemical fertilizers, biofertilizers are eco-friendly and do not cause any adverse effect on environment as well as on consumers. Increasing emphasis on adoption of natural fertilizers over chemical substances is majorly driving the growth of the global biofertilizers market. Increasing environmental awareness and rise in demand for biofertilizers are some other factors that are propelling the growth of the global biofertilizers market. Government initiatives for promoting the advantages of biofertilizers are also fueling the expansion of the global biofertilizers market.
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Key players:
The major players profiled by MRFR operating in the global biofertilizers market are National Fertilizers Ltd. (India), Madras Fertilizers Limited (India), Monsanto BioAg (the U.S.), Gujarat State Fertilizers & Chemicals Ltd. (India), and T Stanes & Company Limited (India), Biomax Naturals (India), Camson Bio Technologies Limited (India), Rashtriya Chemicals & Fertilizers Ltd. (India), Agri Life (India), and Mani Dharma Biotech Pvt. Ltd. (India) and others.
Industry Updates:
In October 2018, it was announced by the vice presidency’s director of Biotechnology Development Department that biofertilizers produced in Iran will be exported to African countries.
In October 2018, Kiwa Bio-Tech Products Group Corp., one of the emerging agricultural company that focuses on developing, manufacturing and selling bio-fertilizers, has announced that it has received approval from the Yangling Free Trade Zone in China for obtaining land for the construction of a manufacturing facility to meet the growing demand for biofertilizers in China.
In August 2018, Norofert Organics, a Romanian producer of fertilizers and chemicals, has launched its first effervescent biofertilizers.
Market Segmentation:
The Global Biofertilizers Market has been segmented on the basis of type, crop type, application and form. Based on type, the biofertilizers market has been segmented into nitrogen-fixing biofertilizers, phosphate solubilizing biofertilizers and others. The nitrogen-fixing segment is anticipated to constitute for the major share in the global biofertilizers market during the forecast period. Based on crop type, the biofertilizers market has been segmented into cereals and grains, pulses and oilseeds, fruits and vegetables and others. Based on application, the biofertilizers market has been segmented into seed application and soil application. The cereals and grains segment is forecasted to be dominating the global biofertilizers market. However, the fruits and vegetables segment is projecting the fastest growth in the global biofertilizers market. Based on form, the biofertilizers market has been segmented into dry and liquid.
Regional Analysis:
Geographically, the global biofertilizers market has been segmented into four major regions such as Asia Pacific, North America, Europe and the rest of the world. The North America region is forecasted to dominate the global biofertilizers market owing to the rising awareness regarding the harmful effects of chemical fertilizers on human health as well as environment and increasing demand for natural products in the agriculture sector of this region. The biofertilizer market in the Asia Pacific region is forecasted to expand at the fastest growth rate in the global biofertilizers market during the assessment period owing to the increasing manufacturing activities in order to meet the growing needs for biofertilizers in the rapidly expanding agriculture sector in this region. Increasing research activities for the development of highly effective biofertilizers and rise in demand for these fertilizers are primarily fueling the growth of the biofertilizers market in the Europe region.
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