Posted on 24 Feb 2017
Global Biofertilizers Market to Cross US$ 3 Billion by 2024
Biofertilizers refer to fertilizers which contain microorganisms and are used to enhance the soil health, plant’s productivity and resistance to diseases. A new research report titled, “Global Biofertilizers Market - Global Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast, 2019 to 2024”, by Syndicated Analytics estimates that the market was worth nearly US$ 2 Billion in 2018, registering a CAGR of more than 14% during 2011-2018. The report further anticipates the market to cross US$ 3 Billion by 2024, at a projected CAGR of more than 13% over the forecast period.
The market has experienced a number of scientific innovations over the past several years. Efforts have been made in order to improve the efficacy and shelf life of biofertilizers. Furthermore, manufacturers have been focusing on unique marketing strategies so as to survive in the competition and increase their profitability.
The growing health consciousness among consumers has spurred the demand for organic food products. This, in turn, has stimulated the growth of the global biofertilizers market. Moreover, the rising awareness about the adverse effects of synthetic fertilizers on the produce, soil health and environment have led the governments of a number of countries to promote the utilization of biofertilizers through various subsidies and initiatives. This is further anticipated to bolster the growth of the biofertilizers market.
However, there are several factors that hinder the market growth. Lack of awareness among the farmers, regarding the benefits of biofertilizers, is the major factor which restricts the market growth. Moreover, biofertilizers have low efficacy in an unfavorable environment which has resulted in their low adoption.
On the basis of type, there are a large number of biofertilizers available in the market, depending on the requirements of the consumers. Currently, nitrogen-fixing biofertilizers, such as Rhizobium, Azotobacter, Azospirillum, etc., account for the majority of the total market share. Phosphate-fixing biofertilizers, on the other hand, are expected to witness the fastest growth in the coming years.
On a geographical front, Asia currently enjoys the leading position in the global biofertilizers market owing to the high demand of these fertilizers in the region. Increasing population and a consequent rise in the need for agricultural products have also contributed to its growth. The region accounts for more than a third of the total global sales of biofertilizers, followed by North America and Europe.
Easy entrance and low capital investments have attracted a number of players to invest in this industry. As a result, the global biofertilizers market is highly fragmented in nature with the presence of numerous small and large manufacturers who compete in terms of prices and quality.
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