Biofertilizers refers to organic fertilisers which are made from biological wastes. They contain microorganisms which decomposes the organic substance and breakdown complex minerals for an easier absorption by the plants, thereby promoting their growth. Additionally, biofertilizers stand as a strong counterpart for chemical fertilizers and pesticides as they are environment-friendly, cost-effective, sustain health of the soil and combat various diseases. A new research report by IMARC Group, titled “Biofertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global biofertilizer market was worth more than US$ 1.53 Billion in 2017. The report further anticipates the market to cross US$ 3.35 Billion by 2023, at a projected CAGR of around 14% over the forecast period.
- The government of emerging nations have taken initiatives so as to impede the use of chemical fertilizers and pesticides, owing to the environmental pollution that is generated by them. Moreover, chemical fertilizers contain phosphate and nitrogen which are potentially harmful and may enter the food chain, leaving behind hazardous diseases.
- Over the years, consumers have become aware about the benefits of organic foods and vegetables. Organic foods are comparatively fresh and contain less amount of pesticides. The increased consumption of organic food has relatively boosted the use of biofertilizers. This has facilitated the growth of the global biofertilizer.
- Another factor which is stimulating the market growth is the fact that unlike chemical fertilizers, biofertilizers are available at an affordable price point. and can be purchased by both small as well as big farmers.
- Biofertilizers cannot be stored for a long-time period and must be used before their expiration date. Also, the soil must have adequate nutrients for the effect of biofertilizers. This acts as a major obstacle for the growth of the market.
Product Type Insights:
On the basis of type, there are a large number of biofertilizers available in the market for the varying needs of the consumers. Currently, nitrogen-fixing biofertilizers account for the majority of the market share. Nitrogen-fixing biofertilizers is followed by phosphate-fixing biofertilizers.
On a geographical front, Asia currently represents the world’s biggest market accounting for the majority of the total share. The harmful effects of chemical fertilizers have led to an increase in the demand for biofertilizers in Asia and other regions. Asia is followed by North America and Europe.
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