Global Biofertilizers Market to Grow by 13.9% to $1,649.7 Million by 2019

The report “Biofertilizers Market by Type, by Crop Type, by Micro-Organism& by Geography - Global Trends & Forecasts to 2019” shows that the biofertilizers market is projected to grow at a CAGR of 13.9% from 2014 to 2019, and is expected to reach $1,649.7 Million by 2019.

The nitrogen-fixing biofertilizers market is the largest among all types. The biofertilizers market is driven primarily by growth in the organic food industry. Another driver triggering the growth of the market is promotion by government agencies. Even after extensive efforts by the government to promote biofertilizers, lack of awareness about the concept itself is a restraining factor. The booming economy in several Asian countries has increased the bargaining power of consumers, which has resulted in an increase in the demand for organic products. Thus, the Asia-Pacific region is the emerging market in the global biofertilizers industry.

Geographically, the North American region had the highest demand for biofertilizers in 2013. The Asia-Pacific region is projected to be the fastest growing market for biofertilizers from 2014 to 2019. The biofertilizers market has reached saturation levels in North America and Europe.

The key players include Novozymes A.S. (Denmark), National Fertilizers Limited (India), Madras Fertilizers Limited (India), Gujarat State Fertilizers & Chemicals Ltd. (India), Rizobacter Argentina S.A. (Argentina), T. Stanes & Company Limited (India), Camson Bio Technologies Limited (India), Rashtriya Chemicals & Fertilizers Ltd (India), Nutramax Laboratories Inc. (U.S.), and Lallemand Inc. (Canada).