AgroPages-Global biofertilizers market will reach $1.65 billion by 2022-Agricultural news

Global biofertilizers market will reach $1.65 billion by 2022

According to the report “Biofertilizers Market Analysis By Product, By application, and By geography Trends & forecast up to 2022", Global biofertilizers market is expected to reach USD 1.65 billion by 2022, according to a new study by Grand View Research, Inc. The industry is expected to witness significant gains over the next seven years owing to rising need for feasible eco-friendly solution for plant and soil growth.

Emergence as drop in replacements for chemical fertilizers on account of environment friendly properties and similar applications is expected to promote growth. Stringent regulations coupled with government initiatives supporting biofertilizers use is a primary reason for perpetuating growth over the past few years.Favorable government support for use of eco-friendly products and increasing production output of organic foods is expected to augment market growth in North America and Europe over the forecast period.

Fluctuating chemical prices coupled with commercial response to growing food cost is expected to be one of the key drivers for the market over the next seven years. Growing need for high agricultural yield in order to meet increasing population needs has triggered products use on account of low environmental impact.

Key players included CBF China Bio-fertilizer AG, Novozymes A/S, Antibiotice S.A, AgriLife, and Symborg S.L.