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The global biofertilizers market size is estimated to hit USD 3.28 billion by the end of 2027 owing to the rising level of soil and water pollution and increasing need to increase fertility of soil. According to a Fortune Business Insights report titled, “Biofertilizers Market Size, Share & COVID-19 Impact Analysis, By Type (Nitrogen Fixing, Phosphate Solubilizers, and Others), Microorganism (Rhizobium, Azotobacter, Azospirillum, Pseudomonas, Bacillus, VAM, and Others), Application (Seed Treatment, Soil Treatment, and Others), Crop Type, and Regional Forecast, 2020 - 2027,” the value of this market was USD 1.49 billion by 2019 and is projected to rise at a notable CAGR of 10.9% between 2020 and 2027.
Joint Venture for Distributing Moroccan Fertilizers was Declared by Al Dahra Agriculture
In July 2020, Office Chérifien des Phosphates or the OCP Group entered into a collaboration with Al Dahra Agriculture, a company based in Abu-Dhabi announced the distribution of chemical fertilizers into the Romanian market. Investors have already started bidding for their share in this production unit so as to be a part of this venture. OCP is one of the world leaders in the phosphates concentrates business and holds accessibility to more than 70% of the world reserves for phosphate rocks.
However, the Department of Commerce in the United States has issued an investigation for possible illegal subsidies permitted to the use of phosphate fertilizers by Moroccan producers. Such issues related to illegal subsidy is propelling most manufacturers to adopt chemical-free and biologically safe fertilizers, thereby aiding in expansion of the market in the forthcoming years.
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Rise in Need for Improving Soil Productivity to Add Impetus to Market Growth
The increasing need to feed the growing population stands as a major factor propelling the need for massive agricultural production. However, continuous use of chemical and acidic fertilizers has destroyed the quality of soil, thereby turning it to barren land within a few years of productivity. The increasing need to improve the quality of soil and increase agricultural productivity stands as the key factors boosting the global biofertilizers market growth. This, coupled with the high nutrient property of biofertilizers and rapidly increasing demand for organic fruits and vegetables by consumers worldwide will also bolster growth.
However, high cost of machinery and equipment needed to produce biofertilizers and their low shelf-life may pose major hindrances to the growth of the market in the coming years. Nevertheless, the increasing initiatives taken by the governments of various nations in the form of agricultural awareness programs for farmers and others to promote, produce, and distribute a wide variety of biofertilizers are likely to aid in expansion of the market in the forthcoming years.
Players Focusing on Collaborative Efforts to Gain Competitive Edge
Some of the players operating in the market are engaging in development of innovative products to enhance their product portfolio and establish their presence in the global market. A few other companies are investing heavily on product launches, and focusing on collaborations with other players to gain a significant position in the market.
Some Industry Developments of this Market include:
List of Key Players in the Market include:
Further Report Findings
The Global Market is categorized into:
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