The report “Biofertilizers Market by Form (Liquid, Carrier-Based), Mode of Application (Soil Treatment, Seed Treatment), Crop Type, Type (Nitrogen-Fixing, Phosphate Solubilizing & Mobilizing, Potash Solubilizing & Mobilizing), Region – Global Forecast to 2025″ The biofertilizers market is projected to reach USD 3.8 billion by 2025, from USD 2.0 billion in 2019, recording a CAGR of 11.2% during the forecast period. Rising awareness about the hazards of chemical fertilizers among consumers, soil degradation, nitrate emissions, along with government initiatives, is projected to witness significant growth during the forecast period.
Higher consumption of biofertilizers for organic fruits & vegetables contributes to the growth of the biofertilizers market in this segment
Biofertilizers have proved to be useful in numerous ways, including improving the quality, shelf-life, and yield of fruits & vegetables. The increasing trend of consumer preferences for organic fruits & vegetables due to changing lifestyle and rising per capita income is the primary factor driving market growth. A rising trend in the cultivation of organic fruits & vegetables and those under IPM practices have also created a positive impact on the growth of the biofertilizers market.
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Based on type, the nitrogen-fixing biofertilizers segment is projected to witness higher growth in the biofertilizers market
Biofertilizers has a direct effect on crops where its application enhances the population of beneficial soil microorganisms. They also secrete plant hormones which favor germination and root growth. Nitrogen-fixing microbe biofertilizers are used for leguminous as well as for non-leguminous crops. They are used to grow other crops as well, especially rice and sugarcane. Thus, the market for biofertilizers with nitrogen-fixing biofertilizers is estimated to grow in the global market in 2019.
Supply of counterfeit and less effective products
The supply of counterfeit biofertilizers is a major issue in the industry, as it is creating a negative image of the final products among farmers and hindering market growth. The cost of production of spurious products is extremely low, and it has been impossible for farmers to differentiate spurious biofertilizers from the original ones due to similar physical characteristics and identical chemical properties. To imitate a product, poor microbial load, contaminated products, or improper strains are used. Counterfeit products are being sold in Asian countries due to the presence of a highly fragmented market with unorganized players.
Furthermore, the supply of less-effective products, which is again affecting the sales of the products, is another concern that needs to be addressed. The effectiveness of biofertilizers depends on the production process of biofertilizers and their storage. The supply of low standard material by certain manufacturers can adversely affect the credibility of biofertilizers. Some local companies are also selling organic manure as biofertilizers. Spurious manufacturers use these activities to their advantage due to the lack of knowledge and training among local farmers, which is hampering the image of branded products of global manufacturers.
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North America is projected to witness the highest growth in the biofertilizers market during the forecast period
North American countries have imposed bans on the usage of harmful chemicals & fertilizers in agriculture due to its adverse effects on the ecology. This, in turn, has created a significant market potential for biofertilizers in the region. Also, increasing acceptance of organic foods among consumers is opening doors for various international players. Rapid growth in organic agriculture and rising demand for organic food in the continent has attributed to the growth of biofertilizer market. As per USDA and DOE, huge availability of biomass feedstock is also one of the drivers for the market.
This report includes a study of the development strategies of leading companies. The scope of this report consists of a detailed study of biofertilizer manufacturers such as Novozymes (Denmark), Kiwa-Biotech (China), Rizobacter Argentina S.A (Argentina), Lallemand Inc. (Canada) and Symborg (Spain).
