Biofertilizers are the substances that are applied to soil, plant surface, or seed to promote growth of the plants while providing necessary nutrients to improve yield and quality of the crops. The benefits such as export potential, high commercial revenues, better survival on seeds and soil, less contamination, and longer shelf life are motivating farmers around the world to use appropriate biofertilizers for their crops. Transparency Market Research (TMR) has estimated that the global market for biofertilizers will reach the value of US$4,092.1 mn by the end of 2025 from its initial value of US$1,254.2 mn in 2016. This market is expected to give new opportunities to the vendors as awareness regarding biofertilizers increase in agricultural sectors across the world.
What are the factors fuelling biofertilizer use in cereals and grains segment?
On the basis of application, the global market for biofertilizers can be segmented into nursery turfs and ornamental plants, seeds and pulses, fruits and vegetables, and cereals and grains. Among these, the cereals and grains segment holds domimance in the overall market owing to the decreasing arable land and increasing population. Cereals and grains demand for considerable amount of biofertilizers to grow faster and efficiently. The increasing demand for cereals and grains such as oats, corn, wheat, and rice are further expected to poise for growth of this segment. Due to increasing concerns about side effects of synthetic fertilizers, farmers are demanding for biofertilizers. This trend is expected to assist this segment to grow faster over the forecast period.
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Which regions offer more lucrative opportunities to the biofertilizer market?
Geographically, the global market for biofertilizers can be classified into the Middle East and Africa (MEA), Latin America, Asia Pacific, Europe, and North America. Among these, North America is leading the global market followed by Europe. Various favorable government policies and decreasing arable land in these regions are the key drivers of this market. Governments in countries such as Russia, Germany, Canada, and the U.S. are initiating movements to reduce the usage of synthetic fertilizers and help farmers adopt to biofertilizers. Furthermore, European governments promotes Common Agricultural Policy, which motivates farmers to opt for organic farming and increase the usage of biofertilizers. However, the market of Asia Pacific is expected to show an impressive growth over the forthcoming years due to increasing population and developing agriculture sector.
The progress of biotechnology in the developed countries of North America is helping the regional market to expand. Furthermore, prominent players are involving in mergers and acquisitions to develop effective fertilizers, which is most likely to provide impetus to the market. For instance, PotashCorp, a Canadian corporation based in Saskatoon and Agrium Inc., one of the key retail supplier or agricultural products, merged in September 2016, to form a giant worth US$36 bn. Such strategies adopted by key players aimed at gaining major share in the market are helping the North America market gain momentum, thereby boosting the global biofertilizers market.