The North America Biofertilizer market reached a value of US$ 625 Million in 2019. Biofertilizer stands for an organic substance containing living microorganisms which facilitates growth and strength of plant. It is applicable to seeds, plant surfaces, soil or plant’s interior, supplying essential primary nutrients for the plant. Biofertilizer helps in nitrogen fixation, stimulates plant growth, solubilizes phosphorus for plant and enhances soil fertility. Being an eco-friendly substance, it helps in reducing the usage of chemical fertilizers and pesticides. Rhizobium, Azetobacter, Azospirillum and blue green algae belonging to Nostoc, Anabaena, Tolypothrix and Aulosira genera are some of the commonly used biofertilizers.
North America hosts the largest biofertilizer market in the world. Increasing demand for organic food in the region has boosted demand for biofertilizers. Also, expanding land area for organic farming, easy availability of the product, suitable economical value and new innovations have profited the biofertilizer market. Rising awareness towards the several health and environmental benefits of biofertilizers will fuel the market in the upcoming years. Looking forward, IMARC Group expects the market to reach a value of US$ 1,287 Million by 2025, registering a CAGR of 12.8% during 2020-2025.
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