Biofertilizers Market : Global Demand Analysis & Opportunity Outlook 2024
Buy Now Report ID: 193 | Published Date: Apr 04, 2022
Biofertilizers Market : Global Demand Analysis & Opportunity Outlook 2024
Buy Now Report ID: 193 | Published Date: Apr 04, 2022
Our in-depth analysis has segmented global bio-fertilizer market into the following segments:
Global bio-fertilizer market is further classified on the basis of region as follows:
Global bio-fertilizer market reached USD 1106.4 Million in 2016 and is expected thrive at a CAGR of 14.2 % over the forecast period i.e. 2017-2024. The global demand for bio-fertilizers is increasing due to the rising demand for agricultural products. Further, rising global population is creating huge demand for the large scale production in agricultural sector. This factor is expected to spur the growth of the global bio-fertilizers market over the forecast period.
In terms of regions, the global bio-fertilizer market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, North America is slated to account for a leading share of 28.7% by 2024 in the bio-fertilizers market. The growth in the region is anticipated to be fostered by increased demand for organic food products. Besides, encouragement by the government to adopt advanced agricultural techniques is also expected to positively impact the growth of bio-fertilizers market in the North America. U.S. and Canada are the prominent markets in the region.
Apart from North America region, Asia Pacific region accepted to witness robust growth over the forecast period. Asia Pacific is expected to showcase significant growth over the forecast period i.e. 2017-2024 by registering a CAGR of 15.4% over the forecast period. In addition to this, cyanobacteria segment in microorganisms segment is expected to achieve Y-o-Y growth rate of 17.7% in 2024 as compared to previous year.
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Global bio-fertilizers market is segmented on the basis of product type into nitrogen-fixing, phosphate-solubilizing, potash-mobilizing and others (zinc, boron or sulphur-solubilizing). Nitrogen-Fixing segment is expected to grow at a CAGR of 14.0% over the forecast period. Further, Nitrogen-Fixing segment is expected to achieve Y-o-Y growth rate of 17.0% in 2024 as compared to previous year. Additionally, nitrogen-fixing segment is showcasing great potential for future growth owing to increasing need to strengthen agriculture production capacity. Further, governments all over the world are now switching to sustainable, environment friendly and bio-diverse farming. This factor is anticipated to enhance the growth of this segment in near future.
Governments of both developing and developed countries are taking various initiatives and initialization of number of programs to boost the agriculture sector. Government provides extensive support to farmers in order to purchase bio-fertilizers, which is expected to bolster the demand for bio-fertilizers across the globe. For instance, under the National Project on Organic Farming (NPOF), Government is promoting production of various organic inputs in the country which includes bio-fertilizers. Moreover, NPOF provides financial assistance up to 25% of total financial expense for setting up bio-fertilizers production units. Apart from this, governments are also increasing agricultural spending to encourage and to boost this sector. This factor is anticipated to intensify the demand for bio-fertilizers all across the globe. Subsequently, increasing food security concerns have led governments to take initiatives to encourage the agriculture sector which in turn fueling the demand for bio-fertilizers all across the globe.
However, weakening purchasing power of farmers is likely to limit the demand for bio-fertilizers across the globe. Moreover, weak implementation of agricultural laws and policies in underdeveloped countries is hampering the growth of agriculture sector which in turn likely to hamper the growth of global bio-fertilizers market.
Author Credits: Smruti Ranjan, Rajrani Baghel
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