The global biofertilizers market, estimated at USD 590.9 million in 2015, is projected to reach USD 1.23 billion by 2021, witnessing a CAGR of 13.3% during the forecast period. The biofertilizers market is highly fragmented, with many small and large players present across different geographical regions.
Biofertilizers are renewable sources of plant nutrients, which supplement chemical fertilizers. These are selected strains of beneficial soil microorganisms used either for seed treatment or soil application. Investment in research and development, to introduce effective strains, is the most sought after strategy by major players. The key players in the market are also focused on new product launches to cater to wider consumer base and expand the market share in local markets.
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The tremendous growth of the market is backed by an increasing demand for organic food around the world, which is further backed by the increasing per capita income and improved standard of living. Also, the increasing environmental concern for negative impacts of chemical fertilizers and growing support from governments to manufacturers are also acting as major growth drivers for the market. However, despite the presence of such factors driving the market, there are a few that are hindering the growth and development at the global level. Low product efficacy under unfavorable conditions, high-demand and easy regulatory structure for synthetic fertilizers, and less awareness among farmers about the application and benefits are few of the key constraints for the global biofertilizers market. These constraints are also considered as opportunities for the market. The biofertilizers market has many opportunities through R&D for improving the shelf life of the products and increasing the reliability, stability and target specificity of the product. Also, companies have the opportunity to penetrate the less tapped and unexplored markets of Asia-Pacific (especially, China and India) and South America.
The global biofertilizers market is prominently segmented in three ways i.e. microorganisms, crop type and geography. By microorganisms, the market is segmented into Rhizobium, Azotobacter, Azospirillum, Blue-green Algae, Phosphate solubilizing bacteria, Mycorrhiza, and others, and by crop type, the market is segmented into cereals, legumes, fruits and vegetables, plantations, etc. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Africa. The regional market is further segmented into country markets.
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The biofertilizers market is expected to witness the fastest growth in Asia-Pacific and South America. The Asia-Pacific market is likely to witness a CAGR of 16%, which is the highest growth rate, globally. This is followed by South America, which is expected to witness a CAGR of XX%. By microorganisms, Azotobacter is one of the popular nitrogen fixing bacteria that accounts for more than 20% of the global biofertilizers market share. It is also one of the fastest growing market segments, with a CAGR of 15%. Whereas, by crop type, the fruits & vegetables segment is growing at a higher rate than the other crop types, growing at a CAGR of XX%/ The cereal crops segment is the second fastest growing segment, after fruits and vegetables.
Major companies in the sector include:
- Novozymes A/S
- Rizobacter Argentina S.A.
- Lallemand Inc.
- National Fertilizers Limited
- Madras Fertilizers Limited
- Gujarat State Fertilizers & Chemicals Ltd.
- T Stanes & Company Limited
- Camson Bio Technologies Limited
- Rashtriya Chemicals & Fertilizers Ltd.
- Agri Life
- Kiwa Bio-Tech Products Group Corporation
- Recent Industry Insights
- â€œKiwa Bio-Tech Products Group Corporation Signs Strategic Cooperation Agreement with CCOOP GROUP CO., LTD., in February 2016.â€
Key Deliverables in the Study
- Market analysis for the global biofertilizers market with competition analysis.
- Market overview and identification and analysis of the macro and micro factors that affect the global biofertilizers market.
- Extensively researched competitive landscape section with profiles of major companies and their market share, along with an analysis of their current strategic interests and financial information and strategies adopted by them to sustain and grow in the studied market.
The report holds importance for the following stakeholders-
- Producers and manufacturers
- Agricultural input companies
- Enterprises operating in the industry
- Traders and stakeholders operating in the sector
- Investors/research institutions interested in the market
- Customization Options:
- Supply chain analysis
- Regulatory framework
- Trade analysis
- Trend analysis
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