Biofertilizers: Key market research findings
- The Americas to dominate the market geographically
- Nitrogen fixing biofertilizers to account for a majority of the market revenue
- Key vendors – Biomax, GSFC, Lallemand, Novozymes, and Symborg
Technavio’s market research analysts predict the global market for biofertilizers to grow at a CAGR of over 14% between 2016 and 2020. Growing awareness regarding health and environmental concerns is triggering an increase in the use of biofertilizers across the globe. Improper and excessive application of chemical fertilizers to gain maximum output leads to the damage of plants and agricultural land in the form of burns on grass, discolored streaks on agricultural land, and damaged plant foliage. In addition, if these chemical fertilizers leach into storm drains, they can cause severe water pollution. During 2015, the global biofertilizer market was dominated by the Americas with a market share of around 49%. The use of biofertilizers stands prominently in the southeastern North American region, where such biofertilizers are increasingly marketed by smaller fertilizer dealers, with some big dealers handling the materials.
The new market research report from Technavio presents a breakdown and analysis of biofertilizer segments based on the product.
“A key innovation in biofertilizers is the advent of liquid biofertilizers. Liquid biofertilizers are special liquid formulations containing not only the desired microorganisms and their nutrients but also special cell protectants or chemicals that promote the formation of resting spores or cysts, which help the biofertilizers attain a longer shelf life and tolerance to adverse conditions. They have a shelf life of two years and exhibit tolerance to high temperatures and ultra-violet radiations,” Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
By 2020, the nitrogen-fixing biofertilizer segment will account for around 75% of the overall market revenue to continue dominance as the key revenue generating vertical of the global biofertilizers market. Biological nitrogen fixation by plants is an effective and harmless alternative to chemical fertilizers. The demand for nitrogen fixing biofertilizers is rising at a significant pace due to the strong demand from APAC and the Americas. The adoption of organic farming techniques in cultivating basic crops, such as rice and sugar cane, makes nitrogen-fixing biofertilizers a dominant and fast-adopting product.
The key vendors in the global biofertilizers market include Biomax, GSFC, Lallemand, Novozymes, and Symborg. Vendors in the market are focusing on new strategic alliances for the better production output of biofertilizer products. The level of competition among these companies is leading to the advent of innovative and advanced biofertilizer solutions in the market.
A more detailed analysis is available in the Technavio report, Global Biofertilizers Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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