The global biofertilizers market is dominated by players such as Biomax, Gujrat State Fertilizers & Chemical Ltd., Agri Life, Madras Fertilizers Ltd., Symborg S.L., National Fertilizers Ltd., Novozymes, Lallemand Inc., and Antibiotice S.A. The key companies in the market are engaged primarily in product development, which has emerged as the crucial growth strategy in the biofertilizers industry, which has developed disruptively due to the rising acknowledgment of the environmental and health-related risks of using conventional chemical fertilizers.
According to Transparency Market Research (TMR), the annual revenue of the global biofertilizers market is expected to reach US$711 mn by the end of 2016 and further rise to more than US$1 bn by the end of 2019.
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Asia Pacific, Rest of the World Set to Exhibit Rapidly Growing Demand for Biofertilizers
Of the key product segments of the global biofertilizers market, the nitrogen fixing biofertilizers segment held a majority share of 78.7% in 2012, and is expected to retain its clear dominance over the coming years. Nitrogen fixation is a crucial aspect of soil fertility, as most plants can’t absorb atmospheric nitrogen but require a steady supply of nitrates. Phosphate solubilizing biofertilizers are another key product segment of the global market.
By application, seed treatment has consistently accounted for more than 70% of the global biofertilizers market and is likely to remain the dominant market segment in the coming years. The application of biofertilizers on seeds before planting them acts as a suitable alternative to chemical fertilizers as well as pesticides, which makes them highly valued in the growing organic farming sector as well as conventional agriculture. Soil treatment is the other key application of biofertilizers.
Geographically, North America is the key market for biofertilizers due to the growing demand for organic farming in the region and the rising government support for environmental conservation. Nevertheless, Brazil, Argentina, and India are set to be the key regional markets for biofertilizers in the coming years due to the steady technological advancement of the traditionally low-tech agriculture sector in these countries.
Rising Environmental Awareness Drives Demand for Alternatives to Conventional Fertilizers
“The key driver for the global biofertilizers market is the increasing awareness about the adverse effects of conventionally used agricultural chemicals on the environment,” said TMR’s lead analyst. Fertilizers and pesticides are usually nonbiodegradable and can be toxic for wildlife. The rising acknowledgement of these drawbacks has led to a growing demand to replace conventional fertilizers with biofertilizers, with governments of several countries taking proactive steps in support of the same. The economic benefits granted to users of biofertilizers are likely to remain vital for the market in the coming years, as the manufacture of biofertilizers can often cost more than that of conventional fertilizers.
The rising demand for organic farming is another key driver for the global biofertilizers market. The global organic farming sector has benefitted notably from the growing public perception of conventional fertilizers as unsafe, which has led to a steady demand for produce grown with environmentally viable and safe fertilizers.
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Slow Action, Slow Production of Biofertilizers Restrain Demand
Since biofertilizers work by enhancing the plant’s ability to react to its environment rather than by improving the environment itself, their action is usually slower than conventional fertilizers. This is a key restraint on the global biofertilizers market, as slowing down the commercial production of plants is against the producer’s interest. Some biofertilizers, especially those utilizing algae, also take a longer time to manufacture than conventional fertilizers, which has also gone against the global biofertilizers market.
The information in this preview comes from a Transparency Market Research report titled ‘Biofertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019.’
The global biofertilizers market is segmented as follows:
Biofertilizers Market: Product Segment Analysis
- Nitrogen fixing
- Phosphate solubilizing
Biofertilizers Market: Application Analysis
- Soil treatment
- Seed treatment
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