Global Biofertilizers Market To Cross USD 2.31 Billion in Next Five Years
Farming is one of the prime and basic industries that is existing since ages. In the course of time, it has seen many advancements in various aspects. Meanwhile, after green revolution & globalisation, biofertilizers have gained much importance due to their usefulness.
The global biofertilizers market has already achieved double-digit compound annual growth rate (CAGR) and will continue to post a CAGR of 14% or more in the forecast period. It is estimated that the market revenue will cross the value of USD 2.31 Billion by 2022.
The market is driven due to multiple factors. The Huge growth in the organic food industry, increasing awareness about the health hazards causing due to chemical fertilisers. Also, it is a scientifically proven fact now, that most (almost all) of the crops need bio-ingredients for their proper growth. Bio-ingredients increase the nutritional value of the crop hence increasing its cost. So, ultimately using a biofertilizers instead of chemical fertilisers will lead to the huge profits too.
Biofertilizers are basically segmented based on the type and demographics. As far as types are concerned, cyanobacteria accounted the largest share in the global biofertilizer industry in 2015. This fertiliser contains naturally occurring inputs such as solar energy, nitrogen & water to ensure better soil fertility and plant growth. Through photosynthesis process, it fixes nitrogen from the air and turns it into soluble form for plants. In addition, cyanobacteria segment is much cost-effective in compassion with the chemical fertilisers in the same segment. These are some of the key driving points for its dominance over the vertical.
Based on the demographics, Asia-Pacific region remains on a leading position in the global biofertilizers market. Countries like India and China are one of the largest producers of the agricultural yields across the globe. Hence, there is also a large scope for R&D of biofertilizers in the region.
The report from market research and consulting firms include the study of marketing and developing strategies, along with the product portfolios of dominant companies in this vertical. Currently, Brazil and China accounted for the largest share in the industry in 2015. India is one of the most important potential regions for biofertilizers market. As of now, lack of awareness about the gains of biofertilizers and their less adaptation coupled with the poor infrastructure are proving to be a barrier for this industry in India. Honest endeavours should be made to overcome these obstacles.
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