According to a recent market research report published by Transparency Market Research, the global biofertilizers market is estimated to expand at a CAGR of 13.0% during the period between 2013 and 2019. The report, titled “Biofertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” estimates the global biofertilizers market to reach a valuation of more than US$1 bn by 2019. The overall market was worth US$440.0 mn in 2012.
Biofertilizers contain living microorganisms that promote plant growth by increasing the availability of primary nutrients to the host plant. Azotobacter, Rhizobium, and Azospirillium are the various fertilizers used for soil and seed treatments. The report points out that regulatory support for the usage of biofertilizers, along with the growing demand for organic foods, has boosted the growth of the global biofertilizers market. Rising health concerns regarding the usage of chemical fertilizers have further fuelled the demand for biofertilizers. However, certain biofertilizers reportedly have sedative effects. Nevertheless, the global biofertilizers market has a huge opportunity to grow across the emerging economies.
On the basis of product type, the report segments the global biofertilizers market into phosphate solubilizing, nitrogen fixing, and others. In 2012, nitrogen fixing biofertilizers held 78% of the global demand and dominated the market. Owing to their ability to boost nutrient supply in an ecologically sound way, the demand for nitrogen fixing biofertilizers is high across leguminous and non-leguminous plant products. During the forecast horizon, phosphate solubilizing biofertilizers will witness the fastest growth in the market owing to their cost-effectiveness, multifunctional attributes, and eco-friendliness as a bio control agent.
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In terms of applications, the report categorizes the global biofertilizers market into soil treatment and seed treatment. Seed treatment was the largest application segment in 2012 and was worth US$316.5 mn. Due to the increase in government restrictions in an attempt to curb the usage of chemical-based pesticides, farmers now prefer eco-friendly seed treatment options. During the forecast period, biobased soil treatments will witness an upswing in demand.
The report studies the global biofertilizers market across Asia Pacific, North America, Europe, and Rest of the World. In 2012, North America dominated the overall market, followed by the Rest of the World region. Higher demand for organic food products in North America has propelled the growth of the biofertilizers market. During the forecast horizon, Asia Pacific is expected to be the fastest growing region in the market. The report projects that the demand for biofertilizers in the region will surge at a CAGR of 13.3% during the period from 2013 to 2019. The rapid growth of the biofertilizers market in Asia Pacific can be attributed to the growing consumer awareness about the ill-effects of synthetic fertilizers.
Some of the key players in the global biofertilizers market are Gujarat State Fertilizers & Chemical Ltd., Madras Fertilizers Ltd., Agri Life, Antibiotice S.A., Novozymes, Lallemand Inc., National Fertilizers Ltd., and Symborg S.L.
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