Regulatory framework implementation against nitrogen loss in underground water will drive biofertilizers market size.
Biofertilizers market size is likely to be valued at USD 1.66 billion by 2022; as per a new research report by Global Market Insights, Inc. Shift of consumer preference towards organic food consumption owing to health benefits over inorganic foods is likely to drive market. Increasing need for high per-hectare yield in limited arable land to meet crop consumption of growing population is anticipated to drive demand.
Regulatory framework implementation by EPA and EU against nitrogen loss in underground water by using synthetic fertilizers is anticipated to drive biofertilizers market size. Shift towards adopting renewable products, by periodically phasing out synthetic, toxic products and reducing carbon footprints are likely to drive demand. Cost issues and an established market for conventional fertilizers as a result of booming crude oil & natural gas industry may hamper biofertilizers market growth.
Nitrogen fixing products dominated overall consumption and accounted for over 75% of the overall biofertilizers market share in 2014. Rising need to increase intake of compounds which includes chlorophyll and nucleic acids in plants is likely to drive demand. Phosphate solubilizing products are the second largest segment, likely to witness gains at an estimated CAGR of 13.9% up to 2022.
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Key report insights suggest:
- Global biofertilizers market size was estimated USD 535.8 million in 2014 and may register 1.66 billion by 2022, growing at an estimated CAGR of 13.2%.
- Seed treatment applications accounted for 69.7% of the total revenue share in 2014. High importance of imparting nutrients such as nitrogen, sulfur and phosphorous in fruit, vegetables and crop is likely to drive demand. Soil treatment applications are expected to witness significant growth rate, estimated at 13% from 2015 to 2022.
- North America dominated the regional demand and accounted for 32.7% of the global revenue share in 2014. Increasing adoption of bio-based products in farming coupled with growing agricultural industry in Canada and U.S. is likely to drive demand.
- U.S. biofertilizers market size dominated North America regional demand, by accounting for over 50% of revenue share in 2014.
- Asia Pacific is likely to grow at significant rate, at an estimated CAGR of 13.8% from 2015 to 2022. Increasing incentives by regulatory authority to adopt new technologies to improve cultivation yield coupled with agricultural industry growth in India, China, Indonesia and Pakistan may favor market growth.
- The global industry is fragmented with presence of domestic manufactures having strong distribution network of agents and resellers. Some companies have also established their own distribution network to improve profit margins via high penetration.
- Manor companies involved in this market include Novozymes, CBF Biofertilizers, Antibiotice, AgriLife, Labiofam, Symborg, Mapleton Agribiotec and Biomax.
For this report, Global Market Insights has analyzed the biofertilizer market on the basis of product, application and region:
Biofertilizer Market Product Analysis (Revenue, USD Million, 2012 – 2022)
- Nitrogen fixing
- Phosphate solubilizing
Biofertilizer Market Application Analysis (Revenue, USD Million, 2012 – 2022)
- Seed treatment
- Soil treatment
Biofertilizer Market Regional Analysis (Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa