Biofertilizers Market: Introduction
Transparency Market Research delivers key insights on the global biofertilizers market. In terms of revenue, the global biofertilizers market is estimated to expand at a CAGR of 12.2% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global biofertilizers market.
The global biofertilizers market is broadly affected by several factors, including increase in usage of biofertilizers in various applications such as cereals & grains, fruits & vegetables, oil seeds & pulses, and others. Rise in the global demand for cereals & grains has led to significant growth in usage of biofertilizers. Increase in production of cereals and grains is expected to be the primary driver of the global biofertilizers market.
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Biofertilizers Market: Dynamics
Biofertilizers are substances that make use of the living microorganisms and are applied to seed, plant surfaces, or soil. They promote the growth of the plants by supplying adequate amount of nutrients and thus, improve the quality and yield of crops. The three major biofertilizers existing in the market are nitrogen fixing biofertilizers, phosphate mobilizing biofertilizers, and potassium mobilizing biofertilizers. Biofertilizers add nutrients through the natural processes of fixing atmospheric nitrogen, solubilizing phosphorous, and stimulating plant growth through the synthesis of growth promoting substances. Benefits of biofertilizers include longer shelf life, less contamination, better survival on seeds and soil, high commercial revenues, and export potential.
Biofertilizers help increase the nutrient-absorbing surface area beyond the depletion zone of the root. Different kinds of soil microorganisms belonging to several taxa of the bacteria, fungi, and protozoa kingdoms, colonizing the rhizosphere or the plant tissues and promoting plant growth, can be utilized for the production of biofertilizers.
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Developing tendency toward natural vegetables and organic products inferable from developing mindfulness about their advantages; and rise in per capita pay of individuals are factors boosting the global biofertilizers market.
The global cereals & grains segment is expected to expand considerably during the forecast period. Thus, rise in production of cereals and grains is projected to boost the demand for biofertilizers during the forecast period.
Manufacturers are focusing on the cereals & grains segment, as the share held by this segment in the biofertilizers market is likely to increase during the forecast period.
Biofertilizers Market: Prominent Regions
North America holds the major share of the global biofertilizers market. The market in the region is anticipated to expand at a CAGR of more than 11.8% during the forecast period. Increase in demand for biofertilizers in various applications such as cereals & grains, fruits & vegetables, and oil seeds & pulses is driving the biofertilizers market in North America. The U.S. is a key country of the biofertilizers market in North America. It held significant share of the biofertilizers market in North America in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
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Asia Pacific is also a prominent region of the global biofertilizers market. China led the biofertilizers market in Asia Pacific in 2020. Increase in demand biofertilizers in cereals & grains and fruits & vegetables is driving the biofertilizers market in China.
Biofertilizers Market: Major Players
The global biofertilizers market is consolidated with the presence of key players. Prominent players operating in the global biofertilizers market include Novozymes A/S, Gujarat State Fertilizers and Chemicals Ltd., Agri Life, Rashtriya Chemicals and Fertilizers Limited, Italpollina SpA, Rizobacters Argentina S.A, T. Stanes & Company Limited, Symborg S.L., Biomax, Bio Protan, Mapleton Agri Biotech Pty Ltd., Camson Biotechnologies Limited, Terra Max Inc, Bodisen Biotech Inc., and National Fertilizer Limited.
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