Global biofertilizers market is
expected to reach USD 1.65 billion by 2022, according to a new study by Grand
View Research, Inc. The industry is expected to witness significant gains over
the next seven years owing to rising need for feasible eco-friendly solution
for plant and soil growth.
Emergence as drop in
replacements for chemical fertilizers on account of environment friendly
properties and similar applications is expected to promote growth. Stringent
regulations coupled with government initiatives supporting biofertilizers use
is a primary reason for perpetuating growth over the past few years.
Favorable government support
for use of eco-friendly products and increasing production output of organic
foods is expected to augment market growth in North America and Europe over the
forecast period.
Fluctuating chemical prices
coupled with commercial response to growing food cost is expected to be one of
the key drivers for the market over the next seven years. Growing need for high
agricultural yield in order to meet increasing population needs has triggered
products use on account of low environmental impact.
In depth research report on Biofertilizers Market
Further key findings from the study suggest:
•
Phosphate solubilizing
biofertilizers market is expected to grow at the fastest CAGR of 13.9% from
2015 to 2022. These include bacillus, pseudomonas and aspergillums bacteria
which provide phosphorous macronutrients to plants. Soluble bacteria in the
product impart superior characteristics and are the key reason for high growth
expectation over the forecast period.
•
Soil treatment accounted for
over 30.0% of global market revenue in 2014 and is expected to grow at a CAGR
of 13.0% from 2015 to 2022. Rising awareness towards deployment of eco-friendly
products for increasing crop yield is expected to augment product demand.
•
North America biofertilizers
market was the largest in terms of revenue accounting for over 32.0% in 2014 on
account of numerous manufacturers in the region. Positive agriculture industry
outlook in the U.S. and Canada along with increasing awareness regarding the
application of eco-friendly products in farming is expected to have favorable
impact for biofertilizers market.
•
Some of the key biofertilizer
manufacturers include CBF China Bio-fertilizer AG, Novozymes A/S, Antibiotice
S.A, AgriLife, and Symborg S.L. In January 2011, CBF China Bio-fertilizer built
a new production line in the Shandong plant with an additional capacity of
10,000 tons. Novozymes’ new enzyme technology is known to produce high yields
of corn oil and ethanol along with energy savings during production.
Grand View Research has
segmented the global biofertilizers market on the basis of product, application
and region:
Biofertilizers Product Outlook (Revenue, USD Million, 2012
- 2022)
•
Nitrogen fixing
•
Phosphate solubilizing
•
Others
Biofertilizers Application Outlook (Revenue, USD Million,
2012 - 2022)
•
Seed Treatment
•
Soil Treatment
Biofertilizers Regional Outlook (Revenue, USD Million,
2012 - 2022)
•
North America
•
U.S.
•
Canada
•
Europe
•
France
•
Spain
•
Asia Pacific
•
China
•
India
•
Latin America
•
Brazil
•
MEA
•
Egypt
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About Grand View Research
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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