The Global Biofertilizers Market was worth $930.5 million in 2016 and estimated to be growing at a CAGR of 13.6%, to reach $1760.39 million by 2021
Hyderabad, India -- (SBWIRE) -- 03/02/2018 -- Biofertilizer is a substance that contains microbes that, once applied to seed, plant surfaces, or soil, colonizes the rhizosphere or the inside of the plant and promotes growth by increasing the availability of primary nutrients to the host plant. Biofertilizers aren't fertilizers in the way that fertilizers directly increase soil fertility by adding nutrients whereas biofertilizers add nutrients through the natural processes of fixing atmosphere Nitrogen, solubilizing Phosphorus, and stimulating plant growth through the synthesis of growth promoting substances.
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The global Biofertilizers market value is evaluated to be USD 930.5 million in 2016 and is estimated to reach USD 1,760 million by 2021 at a CAGR of 13.6%. The major driving factors of the market include the growth within the organic food trade and increase in awareness relating to the health hazards caused by the employment of chemical fertilizers.
Moreover, government agencies promoting the employment of biofertilizers will propel the market expansion. However, lack of awareness and low adoption of biofertilizers as well as poor infrastructure acts as the key restraining factors of this market.
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The EU "Common Agricultural Policy" promotes the employment of bio-based product in conjunction with organic farming and provides up to a half-hour of the budget as direct inexperienced payment to farmers obliging with property agricultural practices. Favourable regulative state of affairs, particularly in North America and Europe is anticipated to be a key driving issue for demand growth over future seven years.
Geographically, the market is categorised into North America, Latin America, Asia-pacific, Europe and Middle East & Africa. North America is expected to dominate the market globally and Asia-pacific is expected to witness a major growth rate during the forecast period owing to favourable government policies.
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Some of the key players of Bio fertilizers market include Lallemand Inc. (Canada), Camson Bio Technologies Limited (India), Rizobacter Argentina S.A. (Argentina), Novozymes A/S (Denmark), Camson Bio Technologies Limited (India) and Nutramax Laboratories Inc. (U.S.), Symborg S.L., Mapleton Agri Biotech Private Ltd and AgriLife.
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