In a recent published report, Kenneth Research has updated the market report for Biofertilizer Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Biofertilizer Market products.
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The biofertilizer market was valued at USD 760.8 million by 2017, growing with 15.8% CAGR during the forecast period, 2018-2025
Bio-fertilizers are used to increase the fertility of soil and crops. It comprises of micro-organisms which give nutrients to soil. These bio-fertilizers are increasingly preferred over harmful chemicals. The wide use of chemical fertilizers has contaminated flora and fauna and has accumulated toxic in soil. The deterioration of crops through chemical fertilizers has alarmed the world and has given the desired push to bio-fertilizer market. Bio-fertilizer are prepared through biological waste material, hence exhibits ability to regain soil health and boost up the quality of crop Bio-fertilizers supply nutrients through nitrogen fixation and solubilizing phosphorous and provided to plants though seeds or soil.
The global demand of biofertilizers is sky-rocketing owing to the fuelling demand from agricultural industry. Also with the rise of global population, agricultural production at large scale has become compulsion. These factors will undoubtedly give a spurring growth over the study period. Organic farming has the potential to give sustained growth to agriculture. However,
By product, the market is divided into nitrogen fixing, phosphate solubilizing, zinc solubilizers, sulfur solubilizers and potash mobilizers. Among these, nitrogen fixing retained their dominance in 2017 by grabbing over 75% of global revenue and is anticipated to lead the industry during study period. Phosphate solubilizers accounted for the second largest product segment and is anticipated to grow at a remarkable rate. Growth of this segment is attributed to its ability to hydrolyse organic and inorganic phosphate through soluble bacteria.
In terms of application, the industry is classified as soil and seed treatment. The soil treatment segment has picked the maximum share and it is projected to achieve prominent growth owing to the high demand from organic food sector in developing countries.
Seed treatment is done via two methods: root dipping and soil application. This treatment boosts up phosphorous content in soil. Increase in use of treated seeds by farmers is estimated to bolster this industry segment in near future.
North America acquired the largest market by taking over 30% of global market revenue. Positive outlook of agriculture industry in the region like U.S. and Canada will boost up the awareness of eco-friendly farming which in turn give a significant push to the industry in next 7 years.
On the flip side, Europe market had 22% of revenue in 2017. The European Commission announced ‘Horizon 2020 strategy’ which aimed to increase the production and usage of eco-friendly products. The Commission also came up with Action Plan 2020 for accelerating organic foods production at domestic level. Such initiatives would in turn support the regional growth. Asia-Pacific will experience a steady growth because of lucrative demand from food & beverage industry.
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Key Vendor Takeaway
The industry comprises of many prominent players namely AgriLife, Biomax, Lallemand Inc., Novozymes A/S, and National Fertilizers Limited. Novozymes A/S and Biomax accounted for the significant market share. Companies are engaged in strategic mergers and acquisitions to expand their market presence. For instance, in March 2016, Valent BioSciences Corporation (VBC) collaborated with Rizobacter for R&D in BioRational Rhizoshpere space. This fusion is aimed to promote VBC’s development of new microbial products for root zone with an objective to expand its seed and soil strategy.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
MARKET, BY APPLICATION
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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