BIOFERTILIZERS MARKET ANALYSIS
Biofertilizers are fertilizers which contain living microorganisms, and are used as microbial or soil inoculants that aid crop plants to uptake nutrients when applied through soil or seeds. Biofertilizers offer various advantages such as high yield of crops, retaining fertility of soil, are eco-friendly, and cost effective. Based on its nature and function, biofertilizers are classified into nitrogen fixing biofertilizers, phosphate solubilizing biofertilizers, potash moving biofertilizers, biofertilizers for micronutrients, and plant growth promoting rhizobacteria. Biofertilizers aid in decomposition of organic residue and accelerate overall plant development and growth. Increasing demand for high crop yield is expected to drive growth of the biofertilizers market.
Market Dynamics
Rising demand for organic food products is expected to drive demand for biofertilizers over the forecast period. Factors such as growing concerns for health, increasing disposable income, and environmental awareness is expected to drive demand for organic food. According to the International Federation of Organic Agriculture Movements, in 2017 a total of 69.8 million hectares of land was under organic crop cultivation, representing a 20% growth over 2016. According to the same source, the global organic food market was valued at US$ 97 billion in 2017, wherein the U.S. accounted for major market share, followed by Germany, France, and China. Furthermore, increasing demand for food, decline in total arable land, and increasing awareness about soil fertility is expected to drive demand for biofertilizers market.
Extensive & long term application of biofertilizers can result in accumulation of heavy metals, salts, and nutrients which can have adverse effects on plant growth & soil fertility. Also large volumes of biofertilizers are required for application due to low contents of nutrients, which can make it costly compared to chemical fertilizers. These factors are expected to restrict market growth of the biofertilizers over the forecast period.
Market Outlook
Among region, Asia Pacific is expected to witness highest growth rate in the market over the forecast period, owing to increasing crop production in the region. According to the India Brand Equity Foundation (IBEF), the total food grain production in India was pegged at 275.11 million tons in 2016, which increased by 4.40 million tons to reach to 279.51 million tons in 2017.
By functionality, Nitrogen-fixing biofertilizers segment is expected to account for the highest market share during the forecast period. Importance of nitrogen fixation for increasing intake of various compounds such as chlorophylls & nucleic acids is expected drive the demand for nitrogen-fixing biofertilizers. Nitrogen-fixing biofertilizers are used for both leguminous & non-leguminous crops, especially, when growing rice & sugarcane. Increasing sugarcane production is expected to drive demand for nitrogen-fixing biofertilizers. For instance, according to United States Department of Agriculture’s Foreign Agriculture Service, in 2018 total sugarcane production in Brazil was 620 million metric tons which is expected to reach 627 million metric tons by 2019.
Key Market Players
Major players operating in the global biofertilizers market include Lallemand Inc., Novozymes A/S, Agrinos AS, Symborg, Biomax Green Pte Ltd, LABIOFAM S.A., National Fertilizers Ltd., AgriLife, Kiwa Bio-Tech, and Mapleton Agri Biotec Pty Ltd. Companies operating in biofertilizers market are focusing on partnership & collaborations in order to enhance their market share. For instance, in 2017, Agrinos partnered with Krishi Rasyan Exports Pvt. Ltd. (an agrochemical company based in India with strong presence in northern part of India) for distribution of its products in India. This will help Agrinos to expand its presence in northern India.
Market Taxonomy
On the basis of crop type, the global biofertilizers market is segmented into:
On the basis of form, the global biofertilizers market is segmented into:
On the basis of functionality, the global biofertilizers market is segmented into:
On the basis of application, the global biofertilizers market is segmented into:
On the basis of region, the global biofertilizers market is segmented into:
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