- Nitrogen-fixing biofertilizers are the most preferred type.
- Based on the crop, cereals and grains exhibit a clear dominance in the market.
- Cyanobacter accounts for the majority of the total market share.
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.
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.
According to the global biofertilizers market report by IMARC Group, the market size reached $1.75 billion in 2018, growing at a CAGR of 14.3% during 2011-2018.
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.
On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe and Others.
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.
- Nutramax Laboratories