The global biofertilizers market is gaining traction due to increasing organic food industry, demand for organic crops and government initiatives. Biofertilizers contain living microorganism and are used to promote plant growth by offering essential nutrients. Biofertilizers provide nutrients through natural processes such as atmospheric nitrogen fixing, phosphorus solubilizing, and synthesis of growth promoting substances. The different types of biofertilizers include Rhizobium, Azotobacter, Azospirillum, Cyanobacteria, and Azolla among others. Biofertilizers are cost effective and environment friendly replacements to chemical fertilizers. They improve crop yield by stimulating plant growth. They activate the soil biologically to restore natural soil fertility. Biofertilizers are increasingly being used in the agriculture sector for food safety and sustainable crop production. Biofertilizers have a longer shelf life and cause no adverse effects to ecosystem.
There has been a growing demand for food crops worldwide owing to significant population increase, which drives the growth of the market. The global biofertilizers market is driven by the increasing need to improve the quality of crops produced, maximize crop production, and enhance productivity. The significant growth in the organic food industry, and increasing costs of chemical fertilizers boost the market growth. The increasing awareness regarding ill effects of chemical fertilizers accelerates the adoption of biofertilizers. Limited availability of arable land, growth in the global agricultural industry, growing environmental concerns, and shifting focus towards organic food are other factors supporting the growth of the market. Supportive initiatives and subsidies from governments have accelerated the adoption of biofertilizers across the globe.
However, poor infrastructure, environmental constraints and increasing demand for synthetic fertilizers are some of the factors hampering the global Biofertilizers market.
The global Biofertilizers market is segmented on the basis of application, type, crop type, and geography.
By Crop Type
Geographically, the global Biofertilizers market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, North America is expected to dominate the global biofertilizers market over forecast period. The increasing population, and growing demand for high quality crops drives the growth of this market. Increasing investments and subsidies in the agriculture sector by governments are expected to boost the adoption of biofertilizers for increased productivity in farms. Increasing awareness regarding hazards caused by chemical fertilizers, and growing preference towards organic and naturally grown crops further support market growth in the region. Asia-Pacific is expected to grow at the highest growth during the forecast period owing to growing agricultural sector and increasing demand for organic crops from developing countries such as China, Japan, and India among others.