Transparency Market Research announces the release of a market study on the global biofertilizers market for the 2013-2019 period. According to the report, the biofertilizers market will expand at a strong 13.0% CAGR from 2013 to 2019. The market’s valuation was US$440.0 bn in 2012 and is anticipated to reach US$1,028.7 bn by 2019 owing to a growing awareness among people regarding the environmental hazards associated with the use of chemical fertilizers. The report is titled “Biofertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.” The study provides a detailed analysis and forecast of the biofertilizers market on a global as well as regional level.
According to the report, the biofertilizers market is growing due to increased awareness among consumers regarding chemicals and a growing inclination towards consuming products that are free of chemical and synthetic ingredients. An increase in government funding, support towards the use of biofertilizers, and the growth of the organic food market are some of the major factors driving the global biofertilizers market. Moreover, farmers themselves are limiting or even discontinuing the use of chemical fertilizers as their long term ill-effects have come to the fore. Heightened awareness among people regarding the detrimental effects of chemical fertilizers on the environment is also expected to benefit the market.
Major challenges faced by the market include revelations made by recent studies that suggest the use of certain biofertilizers have sedative effects. Moreover, biofertilizers have not yet been used consistently across the world, which can impede the market’s growth. In terms of opportunities, biofertilizers have a good scope of development in emerging countries such as China, where agriculture is still a major part of the country’s economy.
For the purpose of a detailed understanding, the biofertilizers market has been segmented on the basis of products, applications, and geography. On the basis of product, the market is categorized into nitrogen fixing, phosphate solubilizing, and others. Of these, nitrogen fixing biofertilizers accounted for a massive share of 78% in the global market in 2012. Nitrogen fixing biofertilizers are in demand for both leguminous and non-leguminous plants. Moreover, nitrogen fixing biofertilizers can boost the nutrient supply of plants in an ecological manner, thus they are the most sought after type of biofertilizers. However, phosphate solubilizing biofertilizers are anticipated to represent the fastest growing segment in the forecast period due to their cost effectiveness, eco-friendliness, and multi-functional attributes.
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On the basis of application, the market is broadly categorized into seed treatment and soil treatment. The report states that in 2012, the seed treatment segment was the largest and was worth US$316.5 mn. Its growth can be attributed to the growing restrictions by governments on the use of chemical-based pesticides, compelling a large number of farmers to adopt eco-friendly treatment options for seeds. For the same reasons, the soil treatment segment is anticipated to witness great demand in the forthcoming years, states the report.
Due to the growing demand for organic food, North America held the largest share in the global biofertilizers market, followed by RoW. However, Asia Pacific is anticipated to witness the highest growth rate, thanks to an increased awareness among people regarding the ill-effects of chemical fertilizers. The Asia Pacific market is expected to expand at a CAGR of 13.3% in the period from 2013 to 2019.
Leading market players in the biofertilizers industry include: Madras Fertilizers Ltd., National Fertilizers Ltd., Gujarat State Fertilizers & Chemical Ltd., Agri Life, Antibiotice S.A., Novozymes, Symborg S.L, and Lallemand Inc.
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