Global biofertilizers market to reach $ 1,028.7 million in 2019

The report ”Biofertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019” shows that the global demand for biofertilizers was valued at $440.0 million in 2012 and is expected to reach $ 1,028.7 million in 2019, growing at a CAGR of 13.0 % from 2013 to 2019.

Factors such as growth of theorganic food industry, support and promotion by government agencies and regulatory bodies for manufacturing biofertilizers and various environmental hazards associated with chemical fertilizers are expected to drive the demand for biofertilizers within the forecast period. The ill effects caused as a result of excessive use of chemical fertilizers have been one of the major drivers for the growth of bio-based plant treatment. However, certain sedative effects of biofertilizers over chemical fertilizers coupled with low adoption of biofertilizers by the farmers are expected to hamper the growth of the market. Huge potential for biofertilizers to grow in emerging economies such as China is expected to provide new opportunities to the biofertilizer industry.

Nitrogen fixing biofertilizers were the most widely used biofertilizers accounting for over 78% of the global demand in 2012. Demand for this product has been majorly due to its ecologically sound route for increasing nutrient supply coupled with increasing consumption for leguminous and non-leguminous plant products. However, phosphate solubilizing biofertilizers are expected to show the fastest growth over the next few years owing to their increasing use in agriculture as a cost-effective and eco-friendly multifunctional bio control agent.

Seed treatment accounted as the largest application segment for biofertilizers and the market for this segment was valued at $ 316.5 million in 2012. Growing restrictions on use of chemical pesticides hampering seed growth and the environmental hazards caused due to the use of chemicals in pesticides has led to a shift towards eco-friendly seed treatment methods such as biofertilizers. In addition, the demand for bio based soil treatments owing to increasing environmental concern is also expected to grow significantly over the next few years.

North America dominated the biofertilizers market in 2012 followed by Rest of the World on account of the growing demand for organic food coupled with the rising trend for consumption of genetically modified (GM) crops in farming. Asia Pacific is expected to witness the highest growth within the forecast period on account ofincreasing awareness among the population generated by government support. The rate of production of biofertilizers in the region is expected to increase significantly owing to favorable strategies planned by government and increasing population. The demand for biofertilizers in Asia Pacific is expected to grow at a CAGR of 13.3% from 2013 to 2019, on account of the above mentioned factors.

Agri Life, Antibiotice S.A., Biomax, Gujrat State Fertilizers & Chemical Ltd., Novozymes, Lallemand Inc., Madras Fertilizers Ltd., National Fertilizers Ltd., and Symborg S.L. are some of the key players present in the biofertilizer industry.