COVID-19 Impact On Biofertilizers Market By Type, Current and Future Growth, Sales Volume, Size, Share by 2023
Market Introduction
The global market for biofertilizers has witnessed significant demand during the last few years and is projected to reach USD 2,653.48 million at a CAGR of 14.42% during the forecast period. Biofertilizers are living microorganisms which provide nutrients to the crops through nitrogen fixation and phosphorous solubilization processes. They also assist in maintaining the quality of the soil and promoting sustainable agriculture. The various types of biofertilizers include, nitrogen fixing biofertilizers, phosphate solubilizing biofertilizer, plant growth promoting Rhizobacteria, and biofertilizers for micronutrients. They are cost effective and are a renewable source of plant nutrients. Concerns for sustainable agricultural land has increased with the use of chemical fertilizers, which has created immense scope for biofertilizers.
The global market for Biofertilizers Market By Type has been witnessing high demand for the last few years and is projected to reach USD 2653.48 million by 2023. Increasing awareness regarding sustainable agriculture followed by various government initiatives to promote the product is majorly driving the growth of the market. Moreover, the growing trend of inclination towards organic foods from the consumers is boosting the growth of the market. Growing demand from the emerging market will surge the biofertilizers market over the coming years.
By Downstream Analysis
On the basis of the type, biofertilizers market is segmented into nitrogen-fixing, phosphate-solubilizing, others. Among the type, nitrogen-fixing segment accounted for the major market proportion of 73% in the year of 2017. Moreover, it is projected to be the fastest growing segment during the forecast period of 2017-2023.
Based on the form, the market is segmented into dry and liquid. It is observed that the dry segment accounted for the maximum market share in the year 2017. However, liquid segment is projected to surge the market growth over the noticed period.
Competitive Analysis
The major key players in biofertilizers are:
- National Fertilizers Ltd. (India)
- Madras Fertilizers Limited (India)
- Monsanto BioAg (U.S.)
- Gujarat State Fertilizers & Chemicals Ltd. (India)
- T Stanes & Company Limited (India)
- Camson Bio Technologies Limited (India)
- Rashtriya Chemicals & Fertilizers Ltd. (India)
- Biomax Naturals (India), Agri Life (India)
- Mani Dharma Biotech Pvt. Ltd. (India)
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Regional Analysis
Among the regions, North America is dominating the biofertilizers market with over 31.74% of the global market share and is projected to reach around USD 827.62 million by 2023. However, Asia Pacific is anticipated to be the fastest growing region for biofertilizers market. In Asia Pacific, Japan is expected to grow at the highest rate followed by Australia and India over the forecast period.
Moreover, RoW is also projected to witness a substantial growth rate during the forecast period 2017-2023, in which Latin America is projected to grow at the highest rate followed by Africa over the review period.
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