Transparency Market Research has published a new report titled "Biofertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" to its report store.
Albany, NY -- (SBWIRE) -- 09/04/2014 -- A new report based on the global biofertilizers market is added to the vast research-report database of Transparency Market Research.
The report, titled “Biofertilizers (Nitrogen Fixing, Phosphate Solubilizing and Others) Market for Seed Treatment and Soil Treatment Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, states that the market could reach a net market worth of US$ 1,028.7 million by 2019, growing at a CAGR of 13.0% during 2013 and 2019. This market valued US$ 440.0 million in 2012.
Rising concerns about the harmful side effects of chemical fertilizers on soil and environment, rising popularity and adoption of the organic food industry, and promotional activities by government bodies supporting the production and distribution of biofertilizers are the major driving factors for the global biofertilizers market.
Rising awareness about the innumerous benefits of biofertilizers in emerging economies such as China and India also presents huge growth potential for this market. However, low adoption rates due to lack of knowledge of proper usage of these products is a major factor that could potentially hamper the expected growth of this industry in the global market.
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The report focuses on three broad categories of the global biofertilizers market - types of products, areas of application, and regional markets.
Product types segment is further classified into Nitrogen fixing, phosphate solubilizing, and other nominal product types. Demand for nitrogen fixing biofertilizers was the highest in 2012 when this product segment acquired nearly 78% shares of the total global biofertilizers market.
High market share of this product segment is due to its ecologically profound way of increasing nutrient supply to plants. Also the need to increase leguminous and non-leguminous crop yield in a cost effective and environmentally safe manner, to meet the rising food demands on a global level, is also fueling market growth.
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Application-wise, the market is further categorized into soil treatment and seed treatment. Seed treatment accounted for the largest market shares and had a net worth of nearly US$ 316.5 million in 2012. According to the report, the rising restrictions on the use of chemical fertilizers due to their ill-effects on the environment as well as the final harvest are resulting in the shift from chemical fertilizers to biofertilizers for soil treatment.
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Geography-wise, the region of North America led the global biofertilizers market in 2012, accounting for nearly 32% shares of the global demand. This was due to the presence of a huge industry of genetically modified crops in the region, where biofertilizers are widely used for treating crops.
Asia-Pacific is expected to witness growth at the fastest pace owing to rising awareness about environmental hazards associated with chemical fertilizers, intensive adoption of organic farming, and promotion by government bodies through grants, tax exemptions, and tax incentives for producing and distributing biofertilizers.
The report also discusses profiles and market shares of major industry players such as Antibiotice S.A., Agri Life, Madras Fertilizers Ltd., Symborg S.L., Novozymes, Lallemand Inc., Gujrat State Fertilizers & Chemical Ltd., and Biomax.
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