Fertilizers that are used to improve the fertility of soil or land using biological wastes are called biofertilizers. The biological wastes used in the production does not contain any chemicals that are harmful to the soil. Biofertilizers market contains living microorganisms which promotes the growth of plants by supplying primary nutrients.
Conventional agriculture plays a prominent role in meeting the demand for food and cereals for growing populations. The conventional agricultural process is dependent on chemical pesticides and fertilizers, which are used to increase the crop yield. These chemicals harm the fertility of soil and environment. Growing awareness regarding the use of bio-based products is expected to drive the market growth.
Application segment includes seed treatment, soil treatment, and others. Seeds treatment segment is expected to be largest application segment in the market. Seeds treated with biofertilizers are capable of increasing phosphorous content in the soil. Increasing use of treated seeds is expected to drive the market growth over the forecast period. Soil treatment is expected to major application segment. Growing demand for organic food in developed economies is expected to drive the soil treatment segment over the forecast period.
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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is expected to be one of the major regions in the global market. Increasing innovations and growing research and development of biofertilizers are expected to boost the market growth. Large availability agricultural land in China and India coupled with growing awareness regarding the use of biofertilizers is expected to drive the market growth in the region. Moreover, government provides tax, VAT and excise exemption to promote the use of biofertilizers is expected to propel the market growth over the forecast period.
Key players operating in the global biofertilizers market include Gujarat State Fertilizers & Chemicals Ltd., CBF China Bio-Fertilizer AG, Mapleton Agri Biotech Private Ltd, Madras Fertilizers Limited, Rizobacter Argentina S.A., Novozymes A/S, Antibiotice S.A., National Fertilizers Ltd, Lallemand Inc., and Camson Bio Technologies Limited.