The biofertilizers market was valued at USD 946.6 Million in 2015; the market is projected to grow at a CAGR of 14.08% from 2016 to 2022.
Northbrook, IL -- (SBWIRE) -- 03/28/2018 -- The report "Biofertilizers Market by Type (Nitrogen-Fixing, Phosphate-Solubilizing, Potash-Mobilizing), Microorganism (Rhizobium, Azotobacter, Azospirillium, Cyanobacteria, P-Solubilizer), Mode of Application, Crop Type, Form, and Region - Global Forecast to 2022", The biofertilizers market is projected to grow at a CAGR of 14.08% during the forecast period, to reach a projected value of USD 2.31 Billion by 2022.
Browse 87 market data Tables and 62 Figures spread through 178 Pages and in-depth TOC on "Biofertilizers Market - Global Forecast to 2022"
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This market is primarily driven by the growth in the organic food industry and increase in awareness regarding the health hazards caused by the use of chemical fertilizers. Moreover, government agencies are promoting the use of biofertilizers, which has also driven the market growth, globally. However, lack of awareness and low adoption of biofertilizers coupled with poor infrastructure are the major restraining factors in this market.
Cereals & grains segment to dominate the biofertilizers market
Cereals & grains require maximum biofertilizers for proper growth. Wheat, rice, corn, barley, and oats are the major cereal & grain crops cultivated extensively across the world. Farmers have begun using biofertilizers to replace chemical fertilizers, in order to sustain the soil nutrient generation cycle. This approach has increased the demand for biofertilizers, especially for cereal & grain cultivation.
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Cyanobacteria segment accounted for the largest share in 2015
Cyanobacteria contain naturally-occurring inputs such as solar energy, nitrogen, and water to ensure better soil fertility and plant growth. Cyanobacteria, through photosynthesis, fix nitrogen from the air and turn it into soluble form for plants. Cyanobacteria fix nitrogen, which is an essential nutrient for plant growth. Cyanobacteria are cost-effective and help increase soil fertility, which is one of the key factors leading to its dominance in the biofertilizers market.
Growth in organic food industry and increase in farm expenditure: Key to success in the Asia-Pacific and Latin American regions
The Asia-Pacific region holds a significant position in the global biofertilizers market, owing to factors such as growth of the organic food industry, and rise in farm expenditures. China and Brazil constituted the largest country-level markets in the Asia-Pacific and Latin American regions, respectively, in 2015. Government initiatives such as subsidies and incentive schemes, increase in awareness regarding the benefits of biofertilizers, and rise in farm expenditures have led to the large scale manufacturing of biofertilizers in these regions.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Novozymes A/S (Denmark), National Fertilizers Limited (India), Madras Fertilizers Limited (India), Gujarat State Fertilizers & Chemicals Ltd. (India), and Rizobacter Argentina S.A. (Argentina).
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