Press Release

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.

According to the global biofertilizer market report by IMARC Group,  the 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.

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Market Drivers/Constraints:

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.

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Market Segmentation:

Performance of Key Regions

1. Asia Pacific
2. North America
3. Europe
4. Others

Market Breakup by Type

1. Nitrogen-Fixing Biofertilizers
2. Phosphate-Fixing Biofertilizers
3. Others

Market Breakup by Crop

1. Cereals and Grains
2. Pulses and Oilseeds
3. Fruits and Vegetables
4. Others

Market Breakup by Microorganism

1. Azotobacter
2. Azospirillum
3. Rhizobium
4. Others

Market Breakup by Mode of Application

1. Seed Treatment
2. Soil Treatment
3. Others

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This post was originally published on Stock Markets News

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