Use of biofertilizers is one of the important components of integrated nutrient management, as they are cost effective and renewable source of plant nutrients to supplement the chemical fertilizers for sustainable agriculture. Several microorganisms and their association with crop plants are being exploited in the production of biofertilizers. They can be grouped in different ways based on their nature and function.
As the ill effects related to the excessive and long-term use of chemical fertilizers come to the fore, many farmers are discontinuing their use. Consumers, on the other hand, are now reading product labels more carefully than ever before and show a greater inclination toward chemical- and synthetic-ingredient-free products. All of these factors augur well for the greater adoption of bio-based plant treatment. Thus, the Biofertilizers market is a potential market growing at healthy CAGR growth rates during the forecast period 2015-2020.
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Major Market Driving Factors:
Rising environmental awareness, enhancing soil fertility and increasing demand for organic food are noted to be the leading market drivers of the Biofertilizers Market across the world. The growing demand for organic food products and increasing prices and harms of chemical fertilizers are also expected to drive the market. In addition to this, key factors such as increasing awareness regarding ill-effects of chemical fertilizers and increasing adoption of soil-fertility management are projected to support the growth in the biofertilizers market in the forthcoming years.
Factors restraining the growth of bio-fertilizer market are lack of awareness and lower adoption rate by farmers. The unmet demand for fertilizers, formulation of favorable government policies and countries having agriculture dominant economy would provide growth opportunities for this market.
Geographically, APAC is accounted to be the fastest growing market region in the biofertilizer market owing to the high adoption and healthy acceptance of organic farming as well as biofertilizers in countries like India and China.
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Market Segmentation:
After a thorough analysis of the overall bio fertilizer market, recent research has segmented the market into 3 broad types with further sub classifications based on factors like:
1. By Type: Rhizobium, Azospirillum, Azobacter, Blue Green Algae, Phosphate Solubilizer Bacteria, Zinc Solubilizer Bacteria and Others.
2. By Crops: Food and Commercial Crops.
Food Crops: Cereals & Grains, Pulses & Oilseeds, Legumes, Vegetables, Fruits & Nuts and Others.
Commercial Crops: Cotton, Sugarcane and Others.
3. By Geography: Americas, Europe, APAC and ROW.
Key Market Vendors:
IndustryARC has studied the Global Biofertilizers Market on the basis of various business prospects like development records, future estimations, analysis of the company’s past 5-10 years, financial status details and more. Strategic expansions and partnerships & joint ventures have been the key strategies adopted by leading companies to bridge the existing gaps in their product offerings, end market requirements, and geographical constraints. Companies have also adopted acquisitions and investments to accommodate the fast changing technologies in the application areas and to increase their market share. Some of the leading companies included in this market research report are:
• Antibiotice S.A.
• Novozymes A/S
• Symborg S.L.
• Agrivi Ltd.
• T Stanes & Company Limited
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