Biofertilizers market projected to grow at a CAGR of 14.08% during the forecast period
The biofertilizers market is projected to grow at a CAGR of 14.08% from 2016, to reach USD 2,305.5 million by 2022. The market is driven by factors such as increase in demand for fertilizers due to the rise in global food production and development in biofertilizer manufacturing technologies. The high growth potential in emerging markets and untapped regions provide new growth opportunities for the players in the biofertilizers market. Some factors restraining the biofertilizers market are lack of awareness and low adoption of biofertilizers coupled with poor infrastructure.
Nitrogen-fixing segment to dominate the biofertilizers market
Nitrogen-fixing 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. The nitrogen-fixing segment growth is attributed to the fact that nitrogen-fixing biofertilizers are the most commonly used biofertilizers, across the globe. Substantial R&D efforts have been carried out in the last couple of decades, along with increasing awareness of the farmers; these are the major reasons driving the growth of this market.
Fruits & vegetables segment is projected to be the fastest growing segment during the forecast period
On the basis of crop type, the biofertilizers market has been segmented into cereals & grains, pulses & oilseeds, fruits & vegetables, and others, which include turf & ornamentals, plantation crops, fiber crops, and silage & forage crops. The fruits & vegetables segment is projected to grow with the highest CAGR from 2016 to 2022. The growth in demand and consumption of fruits & vegetables, across the globe, has driven the consumption of biofertilizers used to cultivate them.
Asia-Pacific region to account for maximum shares of the global biofertilizers market
On the basis of region, the biofertilizers market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Rest of the World, which includes the Middle Eastern and African countries. The Asia-Pacific region dominated the global biofertilizers market in 2015, and this trend is projected to continue till 2022. The main factors driving the biofertilizers market in this region are advancement in biofertilizer production technologies, increased demand for fertilizers, and presence of biofertilizer manufacturing units in this region.
Major players include the following:
• Novozymes A/S (Denmark)
• National Fertilizers Limited (India)
• Madras Fertilizers Limited (India)
• Gujarat State Fertilizers & Chemicals Ltd. (India)
• Rizobacter Argentina S.A. (Argentina)
Other players that have a strong presence in this market, include the following:
• T. Stanes & Company Limited (India)
• Camson Bio Technologies Limited (India)
• Rashtriya Chemicals & Fertilizers Ltd. (India)
• Lallemand Inc. (Canada)
• Nutramax Laboratories Inc.(U.S.)
The biofertilizers market, on the basis of microorganism, has been segmented into rhizobium, azotobacter, azospirillium, cyanobacteria, phosphate-solubilizing bacteria, and others, which include nostoc, anabaena, tolypothrix, aulosira, and azolla. The cyanobacteria segment dominated the market in 2015, and is projected to grow at the highest CAGR during the forecast period. In this report, the biofertilizers market, on the basis of type, has been segmented into nitrogen-fixing, phosphate-solubilizing, potash-solubilizing, and others, which include zinc-, boron-, and sulfur-solubilizing biofertilizers. The nitrogen-fixing segment accounted for the largest share in the global biofertilizers market in 2015 and is projected to follow the same trend for the next six years. By crop type, the cereals & grains segment accounted for the largest share in 2015 and the fruits & vegetables segment is projected to be the fastest-growing for biofertilizers, in 2015. The market for biofertilizers has been segmented on the basis of microorganisms, under which the cyanobacteria segment accounted for the largest share in 2015. The phosphate-solubilizing bacteria segment is projected to be the fastest-growing between 2016 and 2022.
Reasons to buy this report:
• To get a comprehensive overview of the global biofertilizers market
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted
• To gain insights into the major countries/regions in which the global biofertilizers market is flourishing
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