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(MoneyNewsWire.Net, September 13, 2019 ) According to the latest report by IMARC Group, titled “Biofertilizer Market Research Report and Forecast 2019-2024”, the global biofertilizer market size reached US$ 1.75 Billion in 2018, growing at a CAGR of 14.3% during 2011-2018. Biofertilizers are made from biological wastes and contain living microorganisms that enrich the nutrient quality of the soil. These microorganisms decompose organic matter and help in soil mineralization. This allows easier absorption of the same by plants, which further promotes their growth. These fertilizers also make nitrogen available for legume crops by fixing atmospheric nitrogen in the soil and their root nodules. They also enhance the fertility of the soil and improve the yield significantly, without adversely affecting the environment. Some of the most common examples of biofertilizers that are widely used for organic farming include bacteria, fungi and cyanobacteria.
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Global Biofertilizer Market Trends:
Growing environmental consciousness is one of the key factors driving the market growth. There is an increase in inclination toward biofertilizers owing to the rising awareness about the adverse environmental effects, such as soil contamination and pollution, caused by the use of chemical fertilizers. Additionally, the escalating demand for organic fruits and vegetables, owing to the rising health-consciousness among consumers, is also providing a thrust to the market. Furthermore, governments of numerous countries have taken initiatives to discourage the use of chemical fertilizers and promote sustainable methods of agriculture, which is fostering the market growth globally. For instance, as a part of the National Mission of Sustainable Development (NMSA), along with several other rural agricultural programs, the Government of India is actively promoting the use of biofertilizers in the agriculture sector. The initiative intends to extend every form of support and financial assistance to the farmers, while also spreading awareness regarding the usage of biopesticides and sustainable methods to increase the overall crop production. On account of the aforementioned factors, the market is expected to reach a value of US$ 2.65 Billion by 2024, growing at CAGR of 12.1% during 2019-2024.
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Market Summary:
Market Breakup by Type:
On the basis of the type, the market has been divided into nitrogen-fixing biofertilizers, phosphate-fixing biofertilizers and others. Amongst these, nitrogen-fixing biofertilizers are the most preferred type.
Market Breakup by Crop:
Based on the crop, cereals and grains exhibit a clear dominance in the market. Other major segments include pulses and oilseeds, fruits and vegetables, and others.
Market Breakup by Microorganism:
On the basis of the microorganism, the market has been segregated into Cyanobacter, Rhizobium, Phosphate Solubilizing Bacteria, Azotobacter and others. At present, Cyanobacter accounts for the majority of the total market share.
Market Breakup by Mode of Application:
Based on the mode of application, the market has been segmented into seed treatment, soil treatment and others. Currently, seed treatment represents the largest segment.
Market Breakup by Region:
On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe and Others.
Competitive Landscape:
The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of these players include Novozymes A/S, National Fertilizers Limited, Madras Fertilizers Limited, Gujarat State Fertilizers & Chemicals Ltd., Rizobacter Argentina S.A., T. Stanes & Company Limited, Camson Bio Technologies Limited, Rashtriya Chemicals & Fertilizers Ltd., Lallemand Inc. and Nutramax Laboratories.
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