Global Biofertilizers Market Solve to USD 1,294.8 Million by 2020 : Grand View Research, Inc
The global market for biofertilizers is expected to reach USD 1,294.8 million by 2020, according to a new study by Grand View Research, Inc. Increasing consumer adoption of organic foods is a key factor expected to boost the demand for biofertilizers. In addition, a favorable regulatory policy, especially in India and China, promoting sustainable agrochemicals, is expected to drive demand shift from synthetic fertilizers to biofertilizers. Apart from sustainability, key biofertilizer advantages include sustaining soil health, supplement chemical fertilizers, increase grain yield, secrete plant growth substances, solubilize and mobilize nutrients.
Nitrogen fixation biofertilizers were the most dominant product in the market and accounted for over 75% in 2012. Increasing prices of nitrogen fixation chemical fertilizers has also had an impact on driving biofertilizer adoption rate. Phosphate solubilizing biofertilizers are expected to witness fastest growth over the forecast period. The primary applications of biofertilizers include seed treatment and soil treatment, with seed treatment being the dominant application. However, soil treatment is the dominant application in Asia Pacific due to the preference on biofertilizers over chemical fertilizers on account of the lower price.
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Further Key findings from the study suggest:
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