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. With the increasing pressure on global food production and development in technologies of fertilizer production, the demand for fertilizers is expected to increase, which in turn would enhance the growth of this market.

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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.

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.

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North America accounted for the largest market share in the biofertilizers market in 2015, which was followed by Europe. Governments of countries in North America have imposed bans on harmful chemicals used as inputs in agriculture. This created significant market potential for biofertilizers in the region.

Technological and environmental constraints coupled with poor infrastructure, act as major factors restraining the growth of the biofertilizers market. Lack of awareness about biofertilizers and low adoption rate of the same, act as major challenges for the biofertilizers market.

Expansions & investments, and agreements, collaborations & joint ventures were the key strategies adopted by industry players to achieve growth in the biofertilizers market. Acquisitions was another strategy adopted by companies to expand their share in the biofertilizers market. Novozymes A/S (Denmark), Gujarat State Fertilizers & Chemicals Ltd. (India), Rizobacter Argentina S.A. (Argentina), Camson Bio Technologies Limited (India), and Lallemand Inc. (Canada) are some leading manufacturing companies that adopted these strategies.

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