The increasing usage of microbes biofertilizers proves potential for sustainable farming method and food safety. The increasing concern with respect to food safety is expected to drive the industry growth over the forecast period. The conventional agriculture plays a vital role in meeting the demand for food and cereals for the expanding global population. However, the conventional method is largely dependent on the chemical fertilizers and pesticides which are primarily exploited to increase the crop yield.
In recent times, the excessive usage of agrochemicals to increase production is leading to soil contamination. Bio-fertilizers enhance the absorption capacity of nutrients such as phosphorus and zinc in plants. Additionally, the use of biofertilizers in agriculture aids the decomposition of organic residues and stimulates overall plant development and growth.
Increase in prices of chemical fertilizers coupled with commercial response to growing food cost is expected to be one of the key drivers for biofertilizers industry over the coming years.
Growing need for high agricultural yield in order to meet increasing demand has also added to the use of biofertilizers. Also, biofertilizer presents an effective alternate to inorganic chemical fertilizers, which are harmful to both environment and human health.
Nitrogen fixing accounted for the major revenue share during Nitrogen fixation segment witnessed high penetration as it improves nitrogen yield of the soil as well as its organic and microbial population.
Prevailing demand for biofertilizers particularly in North America and Europe is expected to propel growth of nitrogen fixing bacteria over the forecast period.
Phosphate solubilizing is the second most widely used nutrients in fertilizers and accounted for approximately Bacillus, pseudomonas, and aspergillums are majorly used bacteria for providing phosphorous macronutrients to plants.
Growing need for phosphate solubilizing in organic farming is expected to fuel its demand over the forecast period. The seed treatment market was estimated to be the largest application segment, accounting for more than three-fifth of global biofertilizers market revenue in Plant seeds are treated with bio-based products in order to prevent bacteria and virus attacks that reduce crop yield.
In addition, these fertilizers help in harnessing atmospheric nitrogen and making it available to the plant. Seeds treated with biofertilizers are capable of increasing phosphorous content of soil by solubilizing it and improving their availability.
The key aim of incorporating these bio-products for seed treatment applications is to impart nutrients such as phosphorous, nitrogen and sulphur. The addition of nutrients in seeds increases the nutritional content of crops, fruits, and vegetables.
Rising importance of organic foods on account of growing concerns over crop yield using chemical-based fertilizers is expected to increase the application scope of biofertilizers for seed treatment in the near future.The Biofertilizers Market is projected to grow at a CAGR of % from to The increasing demand for organic products from emerging economies due to increased spending power and.
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The global biofertilizers market is expected to reach USD 1, million by , growing at a CAGR of % from to North America and Latin America dominated the biofertilizers market in , together accounting for over 60% of the market revenue. Market Analysis. The industry Agriculture includes statistics, facts and market data on the primary sectors Farming, Forestry, and Fishery & Aquaculture.