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A Biofertilizer Market is a substance which contains living microorganisms which, when applied to seeds, plant surfaces, or soil, colonize the rhizosphere or the interior of the plant and promotes growth by increasing the supply or availability of primary nutrients to the host plant. Biofertilizers add nutrients through the natural processes of nitrogen fixation, solubilizing phosphorus, and stimulating plant growth through the synthesis of growth-promoting substances.
The report further states that the world has been witnessing water and soil pollution due to the unrestrained usage of synthetic chemical fertilizers. Government bodies across the world are focusing on the use of biological plant nutrition products to restore soil biomass to achieve sustainable agriculture. This has led to the rapid adoption of biofertilizers as they are biological in nature.
List of top companies Covered in the research report are:
The global biofertilizers market is likely to gain impetus from a rise in the demand for organic products in various countries. The Fortune Business Insights™ recently published a premium research Insights on titled “Biofertilizers Market Size, Share and Global Trend By Type (Nitrogen Fixing, Phosphate Solubilizers, and Others), Microorganism (Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM, and Others), Application (Seed Treatment, Soil treatment, and Others), Crop, and Geography Forecast till 2026: Global Market Analysis, Insights and Forecast, 2019-2026”
The global biofertilizers market is projected to reach US$ 3.15 Bn by the end of 2026, exhibiting a CAGR of 11.3%. The market was valued at US$ 1.34 Bn in 2018. Moreover, governments of numerous countries have been initiating awareness campaigns in order to educate the farmers regarding the efficiency and benefits of biofertilizers and are also funding the companies to establish better supply chain network for biofertilizer products. All these factors are expected to boost the global biofertilizers market growth during the forecast period.
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Rise in Demand for Organic Products to Favor Growth in South America
The global biofertilizers market is geographically divided into South America, Asia Pacific, North America, the Middle East and Africa, and Europe. Amongst these regions, Europe and North America are two of the largest markets for biofertilizers. They had cumulatively acquired approximately 55% global biofertilizers market share.
In North America, the market in countries, namely, Mexico, the U.S., and Canada have been witnessing notable growth because of a rise in the number of organic farms along with abundant usage in non-organic farming. The United States Department of Agriculture (USDA) stated that the U.S. witnessed an annual growth of 13% during the year 2015 and 2016 in the organic certified businesses and farms.
South America, on the other hand, has begun emerging as the fastest-growing biofertilizers market. Fortune Business Insights predicts that the region is anticipated to provide immense growth opportunities to the key market players during the forecast period. Large scale commercial cultivation of soybean and corn crop in Brazil and Argentina along with extensive usage in fruits and vegetable crops are projected to support the usage of biofertilizers. The Research Institute of Organic Agriculture (FiBL) stated that Argentina was considered to be the second-largest country in 2017, in terms of the highest share in the global organic agricultural land after Australia. The country possessed approximately 3.4 million hectares of land.
Major Segments includes:
Norofert Organics, Camson, and Other Key Players Aim to Promote the Usage of Biofertilizers Through Strategic Collaborations
Norofert Group, one of the largest producers of organic bio inputs in Romania, invented an organic fertilizer in August 2018. The fertilizer has been made using BioChain technology and it comes in the form of effervescent tablets. The company had collaborated with prominent researchers of Croatia, Hungary, and the U.K. to create the tablets. The efficiency of transporting it in the field is one of the major advantages of the effervescent tablet. Also, the tablet reduces warehouse space as 1.2-kilogram container turns into a 250-gram tablet. There is also a significant rise in the shelf life of the product that can increase up to 5-7 years from 3-6 months.
Camson Bio Technologies Ltd., the first wholly integrated agricultural biotechnology company of India, collaborated with Krishi Rasayan, one of the oldest agrochemical companies, based in India in December 2017. The joint venture took place with the aim to create a state-of-the-art manufacturing facility and advanced research and development activities. This will be done to promote the production of biotechnological products, namely, bio-pesticides, biofertilizers, natural fertilizers, and others.
Fortune Business Insights has profiled some of the most prominent market players operating in the global biofertilizers market. They are Rizobacter Argentina S.A, Agrinos AS, Novozymes A/S, International Panaacea Limited, Lallemand Inc., Symborg, Gujarat State Fertilizers & Chemicals Ltd, Agri Life, BioWorks Inc., Camson Bio Technologies Ltd, and other key market players.
Gain More Insights into the Biofertilizers Market Research Report: https://www.fortunebusinessinsights.com/industry-reports/biofertilizers-market-100413
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