Global biofertilizers market is expected to be valued at USD 2.0 billion by 2024 owing to the increasing need for organic farming with the rising inclination of consumers towards organic food and beverages. Furthermore, biofertilizers are cost-effective nutrients for plants, eco-friendly and are the healthy alternate for chemical fertilizers. The market demand for biofertilizers is projected to grow on account of the wide applications in seed treatment, soil treatment, and other composting applications.
The growing preference towards organic food coupled with rising awareness regarding the hazards associated with much of chemical fertilizers usage and their impact on environment has helped in the inclination towards the usage of biofertilizers. In addition, multiple economies including the developing countries have put in place multiple initiatives promoting the adoption of biofertilizers.
Biofertilizers provides less contamination of seeds, longer endurance, and better survival of soil and seeds. Organic fertilizers are widely used in soil fertility management applications and are helpful in increasing the absorbing surface for nutrients. As a result, accelerating usage and applications of biofertilizers is projected to contribute to the market growth during the forecast period.
Environmental regulations against the use of synthetic fertilizers are expected to augment biofertilizers demand over the forecast period. Bio-fertilizers enhance the absorption capacity of nutrients such as phosphorus and zinc in plants. Additionally, the use of biofertilizers in agriculture aids the decomposition of organic residues and stimulates overall plant development and growth. In recent times, the excessive usage of agrochemicals to increase production is leading to soil contamination. The use of synthetic fertilizers results in loss of nitrogen to underground water due to leaching and nitrification. This has led to introduction and implementation of a regulatory framework by the United States Environmental Protection Agency (EPA) and European Union limiting the level of nitrogen in ground water to less than 50 milligrams per liter. This is expected to impact the demand of synthetic fertilizers particularly in North America and Europe, consequently fueling the biofertilizers market.
North America is projected to contribute the largest share in overall biofertilizers market. Followed by Europe, which held the second largest share in 2016, owing to the soil management practices undertaken in the field of organic production. Asia Pacific region presents a potential growth venue over the forecast period with its prevailing agriculture sector.
The key companies in biofertilizers manufacturing include Novozymes AG, AgriLife, Mapleton Agri Biotech Pvt. Ltd., Biomax, Rizobacter Argentina SA, Symborg SL, National Fertilizers Ltd., Antibiotice SA, and Growing Power Hairy Hill. Majority of the companies have established exclusive agreements with distributors to cater their products to end-users. The players operating in market are focusing on technological innovations aimed at improving the manufacturing process of bio-products coupled with new product developments using various microbial strains.