The global market for biofertilizers is expected to reach USD 1,294.8 million by 2020, according to a new study by Grand View Research, Inc. Increasing consumer adoption of organic foods is a key factor expected to boost the demand for biofertilizers. In addition, a favorable regulatory policy, especially in India and China, promoting sustainable agrochemicals, is expected to drive demand shift from synthetic fertilizers to biofertilizers. Apart from sustainability, key biofertilizer advantages include sustaining soil health, supplement chemical fertilizers, increase grain yield, secrete plant growth substances, solubilize and mobilize nutrients.
Nitrogen fixation biofertilizers were the most dominant product in the market and accounted for over 75% in 2012. Increasing prices of nitrogen fixation chemical fertilizers has also had an impact on driving biofertilizer adoption rate. Phosphate solubilizing biofertilizers are expected to witness fastest growth over the forecast period. The primary applications of biofertilizers include seed treatment and soil treatment, with seed treatment being the dominant application. However, soil treatment is the dominant application in Asia Pacific due to the preference on biofertilizers over chemical fertilizers on account of the lower price.
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Further Key findings from the study suggest:
- The global biofertilizers market is expected to reach USD 1,294.8 million by 2020, growing at a CAGR of 15.4% from 2013 to 2020.
- North America and Latin America dominated the biofertilizers market in 2012, together accounting for over 60% of the market revenue. The growing consumer preference towards organic food coupled with increasing environmental hazards associated with chemical fertilizers is expected to drive the market in these regions.
- Argentina and Brazil, which are a part of the rest of the world segment, are expected to witness fastest growth over the forecast period due to the high rate of adoption of biofertilizers in these countries. Asia pacific would also witness significant growth on account of increased consumption in India and China due to the lower cost as compared to chemical fertilizers.
- The global biofertilizer market is highly fragmented with a large number of small local manufacturers operating in the market. Some of the major companies operating in the global market for biofertilizers include CBF China Biofertilizers, Novozymes, Biomax, Nutramax Laboratories and Mapleton Agribiotec among others.
- For the purpose of this study, Grand View Research has segmented the global biofertilizers market on the basis of product, application and region:
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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