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July 31, 2019 | Agriculture
The nitrogen fixing segment of biofertilizers had accounted for a market share of 74.43% in the year 2018. The segment is anticipated to remain dominant throughout the forecast period due to their heavy usage in the production of numerous high-value crops. Fortune Business Insights, in a published report, titled, “Biofertilizers: Global Market Analysis, Insights and Forecast, 2019-2026,” states that the global Biofertilizers Market was valued at US$ 1.34 billion in 2018.
The market is projected to reach US$ 3.15 billion by the end of 2026, exhibiting a CAGR of 11.3%. The report also suggests that the global market is predicted to grow due to a rise in the demand for biofertilizers due to the increased focus of local and regional government bodies to restore the soil biomass for sustainable agriculture reported across the globe.
Ability to Correct the Nitrogen Levels in the Soil to Boost Growth of the Nitrogen Fixing Biofertilizers
The report classifies the global biofertilizers market on the bases of type, microorganism, application, crop, and geography. In terms of type, the market is grouped into nitrogen fixing, phosphate solubilizers, and others. Amongst these, nitrogen fixing biofertilizers are anticipated to remain in the leading position in the global market during the forecast period.
Proven abilities of nitrogen fixing bacteria biofertilizers in fixing atmospheric nitrogen into organic forms is projected to continue to support the growth of use to maintain adequate amount of nitrogen in the soil. Nitrogen biofertilizers are further classifies into associative symbiotic, free-living, and symbiotic.
Reduction in the Negative Environmental Impact to Favor Growth of Seed Treatment Segment
In terms of application, the market is further segmented into soil treatment, seed treatment, and others. The seed treatment segment had acquired the highest global biofertilizers market share in 2018. The segment is expected to remain dominant and witness an astonishing CAGR of 12.1% in the forthcoming years as seed treatment reduces the negative environmental impact and provides several agronomic benefits. By crop, the market is categorized into pulses and oilseeds, fruits and vegetables, cereals and grains, and others. By microorganism, the market is divided into Rhizobium, Azospirillum, Bacillus, VAM, Azotobacter, Pseudomonas, and others.
Ability to Efficiently Maintain Ecological Balance is Likely to Drive the Global Market
There has been a rise in the demand for organic products across the globe. This is because of an increasing income of the masses, advancements in farming practices, and conscientiousness of the consumers. That is why, the worldwide demand for organic food items has increased rapidly which in turn, has also boosted the global biofertilizers market growth.
Moreover, organic farming has several benefits. Improved soil fertility is one among them which has given rise to the usage of organic products. This has further led to an increasing demand for biofertilizer products as they aid in maintaining the ecological balance.
Key Market Players Invest Huge Sums in the Research and Development Activities
The key market players have begun participating in strategic collaborations to promote the usage and sales of biofertilizers. They are also investing huge sums of money on research and development activities that are meant to aid in the advancements in the global biofertilizers market. Such R&D initiatives are being undertaken by collaborating with agricultural research institutions in order to increase the applications of biofertilizers across several crop varieties.
Fortune Business Insights have profiled some of the most prominent market players operating in the global biofertilizers market. They are Rizobacter Argentina S.A, Agrinos AS, Novozymes A/S, International Panaacea Limited, Lallemand Inc., Symborg, Gujarat State Fertilizers & Chemicals Ltd, Agri Life, BioWorks Inc., Camson Bio Technologies Ltd, and other key market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/biofertilizers-market-100413
Global Biofertilizers Market can be segmented as follows: