Biofertilizers Market to Undertake Strapping Growth During 2025
A recent intelligence study by Transparency Market Research (TMR) suggests that the global biofertilizers market is largely fragmented, though a few companies do hold slightly dominant position via diverse product portfolio and geographical reach. The report identifies Biomax, PotashCorp Agri Life, Italpollina SpA, Bodisen Biotech, Inc., Protan AG , Novozymes A/S , T. Stanes & Company Limited, Gujarat State Fertilizers and Chemicals Ltd., Symborg S.L, Rashtriya Chemicals and Fertilizers Limited, and Rizobacters Argentina S.A. as some of the key players in the biofertilizers market.
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As per the projections provided by the report, the demand in the global biofertilizers market will increase at an impressive CAGR of 12.9% during the forecast period of 2017 to 2025, estimating it to be worth US$4,092.1 mn by the end of 2025, substantially up from its evaluated valuation of US$1,254.2 mn in 2016. In the near future, the competitive landscape of the global biofertilizers market is expected to further intensify as a result of service extensions and product improvements by the leading companies. The vendors are expected to compete via strategic pricing of their products, aggressive marketing of their brand and features, and cater to a variety of consumers. The report also suggests that the biofertilizers market relies on value chain distribution in order to provide better visibility to their products and thereby gain decent profits. The need for advanced technology and heavy capital investment are two factors that are expected to hinder the entrance of new vendors and eat into the shares of market leaders.
Product-wise, the TMR report segments the global biofertilizers market into nitrogen fixing, phosphate mobilizing, and potassium mobilizing, whereas application-wise, the market for biofertilizers has been bifurcated into cereals and grains, fruits and vegetables, oils and seeds, nursery turf, ornamental, and fruits and vegetables. Currently, cereals and grains category serves the maximum demand, and is projected to account for 40% of the overall demand by the end of 2025. North America and Europe are currently most lucrative regional markets, with favorable regulatory in developed countries such as the U.S., Canada, and Germany.
Increasing adoption of biofertilizers in soil fertility management activities is the most prominent driver of the global biofertilizers market. The significance of biofertilizers has increased in the recent past as a result of escalating food demand and decreasing arable land. In addition to that, chemical fertilizers cause serious threat to human health as well as damage the environment. Consequently, organic biofertilizers are turning into a safe and sustainable crop production method. Biofertilizers constitute several microscopic organisms such as rhizobacteria, ectomycorrhizal fungi, endo, and cyanobacteria that promote growth, leading to improved yield and plant tolerance to abiotic and biotic stress. Growth in the organic food industry, promotion by government agencies, spreading awareness regarding the ill-effects of chemical fertilizers, and rise in the cost of chemical fertilizers and pesticides are some of the other factors augmenting the demand in the global biofertilizers market.
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Technological and environmental constraints, poor agriculture infrastructure in several emerging economies, lack of awareness among the potential consumers, low adoption rate owing to cost factors, and supply of counterfeit and less effective products are hindering the global biofertilizers market from attaining its true potential. As per the author of the report, developing regions such as Asia Pacific and Latin America offer lucrative opportunities for the vendors operating in the biofertilizers market.
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