A biofertilizer (also bio-fertilizer) is a substance that contains living microorganisms that, when applied to seeds, plant surfaces, or soil, colonize the rhizosphere or the inside of the plant and promote growth by increasing the provision or availability of primary nutrients to the host plant. Biofertilizers add nutrients through the natural processes of nitrogen fixation, phosphorus, solubilizing, and stimulating plant growth through the synthesis of growth-promoting substances.
Increasing awareness referring to environmental concerns and health hazards from chemical fertilizers on crops & vegetation will propel biofertilizer market growth. Technological advancement in crop production alongside shifting farmers’ preference towards sustainable farming will enhance the product demand.
The need to develop crop productivity and yield per hectare to fulfill demand and provide a gap is the key feature increasing the biofertilizer's market analysis growth. An increase in bio inputs consumption has significantly enhanced land productivity. The annual increase in global average land productivity was 1.2% in 2016.
Inclination towards organic farming due to increasing demand and consumption in health consciousness will support product penetration. The global organic food industry was worth over USD 80 billion in 2016. Moreover, constructive government policies for promoting organic farming techniques and curb conventional fertilizer usage are the factors positively influencing the business trend and analysis. For instance, the EU provides a 30% subsidy on a budget for farmers under “Common Agricultural Policy” to promote bio-based products.
As per the analysis, the world loses arable land enough to produce 20 million tons of grains per year. Enhancing plant growth, increasing the nutritional value of soil, and reducing harmful residues inland are the key properties encouraging product demand. The availability of fertilizers at low prices along with a lack of awareness among farmers may restrain industry growth. However, the downward biofertilizer's market value trend within the coming years will stimulate market penetration.
Phosphate-solubilizing is the fastest growing product due to its essential properties in converting the insoluble form of phosphate into a useful soluble form. Increasing nutrient absorption rates in vegetables, cereals, and cash crops will drive the product demand. The nitrogen-fixing market was worth over USD 1.11 billion in 2016. The products increase soil fertility by converting the available nitrogen through nitrogen-fixing organisms including cyanobacteria, rhizobium, azotobacter, and azospirilium. Additionally, the process of production also includes farm manure that increases the microbial concentration of soil enhancing plant productivity. Potash's mobilizing market will witness a growth of over 10.5% up to 2024. High costs associated with production technique makes the product less acceptable among manufacturers. Technological advancement and innovations in the production process are expected to reduce costs in upcoming years.
Biofertilizers belong to the class of agrochemicals with a major concentration of organic materials. Chemical fertilizers are increasingly avoided by farmers to minimize the hazardous effects on the environment and biodiversity. But, synthetic products are still the widely-used agrochemicals, due to their longer life and effectiveness. Efficient microorganism strains present within the product help plants and crops to soak up nutrients and minerals enhancing plant growth.
The report will cover industry trends (pre and post COVID-19 Pandemic)-impact analysis of COVID-19. We also carefully factor industry trends and developments for identifying key growth factors and the future course of the market. Also, the report will provide qualitative and quantitative information on different segments, Regions, and Countries from 2019 to 2027. The growth rate (CAGR %) is estimated from 2020 to 2027.
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