According
to the findings of a research report published by Grand View Research, Inc.;
the global biofertilizers
market is anticipated to attain a valuation of
over USD 1.6 billion by 2022. The market was valued at USD 787.8 million in
2016. Rising need for feasible and eco-friendly solutions for soil and plant
growth is the primary market driver. The growing concerns regarding food safety
is also anticipated to spur market development during the forecast years i.e.,
from 2015 to 2022. Increasing efforts toward promoting and implementing
sustainable farming is also expected to contribute toward the market expansion
in near future.
Moreover,
strict regulations along with supportive government initiative programs across
various regions are also projected to augment the market over the next few
years. For example, the US Department of Agriculture (USDA) recently launched a
plan that promotes organic farming by focusing on development and
implementation of standards for organically grown agriculture products. Rise in
the industrial use of corn is also estimated to further boost the market for
biofertilizers over the forecast period.
The
usage of corn in High Fructose Corn Syrup (HFCS) is expected to remain constant
despite the decline in the domestic usage. In addition, fluctuating prices of
chemicals along with commercial response to growing costs associated with food
products are also likely to drive the biofertilizers market in near future.
Furthermore, increasing need for high agricultural yield to meet the growing demand
has also triggered the usage of biofertilizers as they cause low environmental
impact. This is also expected to augment the market over the forecast period.
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this report, click the link below: https://www.grandviewresearch.com/industry-analysis/biofertilizers-industry
The
global biofertilizers market is categorized as per product type, application,
and region. On the basis of product type, the market is further categorized as
phosphate solubilizing, nitrogen fixing, and others. On the basis of
application, the market is segregated as soil treatment and seed treatment. On
the basis of geographies, the market is divided into Europe, North America,
Asia Pacific, Middle East and Africa (MEA), and Latin America.
The
North America market was the biggest regional market in terms of revenue in
2014. It held around 32.0% of the global market in terms of revenue share in
the same year. This growth is attributed to the presence of a large number of
biofertilizer manufacturers in the region. The regional market is expected to
expand further in the forthcoming years on account of positive agricultural
market outlook in Canada and United States. Rising awareness regarding the
usage of eco-friendly farming products can further impel the regional growth.
In addition, factors such as rising preference for organic food along with high
awareness about the hazards of chemical fertilizers are also likely to fuel the
product demand and boost the regional growth. The regional expansion is also
attributed to the advancements in the US organic farming industry.
Browse
more reports of this category by Grand View Research at: https://www.grandviewresearch.com/industry/agrochemicals-and-fertilizers
The
Europe biofertilizers market is also anticipated to witness considerable growth
over the forecast period as a result of favorable regulatory scenario. For
instance, the European Union (EU) “Common Agricultural Policy” encourages
organic farming and usage of biofertilizers by providing 30% of the financial
plan as direct green payment to its local farmers that are compliant with
organic farming practices. The Asia Pacific regional market accounted for
around 15.0% of the overall revenue share in 2014. China has the world’s
biggest agricultural industry and hence has been promoting biofertilizer usage
by offering manufacturers with exemption of excise, VAT, and agricultural tax.
This is anticipated to augment the development of the market.
Some
of the key companies operating in the global biofertilizers market include
Symborg S.L.; Antibiotice S.A.; CBF China Bio-fertilizer AG; Texas A&M
AgriLife Extension Service; and Novozymes A/S. Most of these market players
have exclusive agreements with various distributors across the globe to cater
to end user demands. Some of these players have their own distribution
channels, which also helps increase their revenue as they distribute products
of independent manufacturers. For example, companies such as AgriLife have
established independent retail and distribution channels to reduce distribution
costs and offer products at competitive prices.
Access
Press Release Of This Research Report by Grand View: https://www.grandviewresearch.com/press-release/global-biofertilizers-market
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