Biofertilizers are natural fertilizers made from biological wastes which contain living micro-organisms. Unlike chemical fertilizers, biofertilizers are environment friendly. They enrich the soil with organic nutrients and improve the fertility of the soil which in turn promotes a healthy growth of the plant or the crop. Biofertilizers also make the plants disease resistant and help solve problems like increased salinity of the soil. In recent times, the understanding of environmental hazards of chemical fertilizers, mainly pollution and contamination of the soil and the food chain has pushed the demand of bio-fertilizers in the agriculture sector. Growing health concerns have also urged people to adopt organic foods. As the use of biofertilizers is mandatory in organic farming, the biofertilizer market is experiencing a strong growth all over the world. Another major factor driving the demand of biofertilizers is the increasing implementation of regulatory policies by various governments that favour the use of biofertilizers. According to IMARC Group, the global biofertilizer market was worth more than US$ 1.8 Billion in 2018, growing at a CAGR of around 14.3% during 2011-2018.
The report has segmented the market on the basis of biofertilizer type. Currently, nitrogen fixing biofertilizers like Rhizobium, Azotobacter, Azospirillum, etc. represent the biggest segment of the global biofertilizer market. Nitrogen fixing biofertilizers are followed by phosphate fixing biofertilizers. The report has also mapped the demand of the biofertilizer market across various regions. They include Asia, North America, Europe and others.
IMARC’s latest report “Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” provides a comprehensive study for setting up a biofertilizer manufacturing plant. The study covers all the requisite aspects of the biofertilizer market. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc.
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