Global bio fertilizers market is expected to flourish at a significant CAGR of 13.6% during the forecast period. Further, the global bio fertilizers market is expected to garner USD 1.5 Billion by the end of 2023. The global demand for bio fertilizers is increasing due to the rising demand for organic food. Additionally, increasing awareness regarding the health hazards and harmful effect of chemical fertilizer to land resource is likely to increase the demand for the bio fertilizers over the forecast period.
North America captured the largest percentage of market share in overall bio fertilizers market in 2016. Further, North America is expected to continue its dominance over the forecast period. Stringent regulations on chemical fertilizers and increasing consumer spending on organic foods are anticipated to impetus the growth of bio fertilizer market in North America. Asia Pacific is poised to witness lucrative growth rate over the forecast period. China and India are the major countries which are creating a huge demand for the bio fertilizers. Favorable government policies and initiatives are anticipated to accelerate the growth of the bio fertilizer market in Asia Pacific.
Increasing Demand for Organic Foods
Farmers of various developed and developing countries such as U.S., Canada, China, India and others are adopting bio fertilizers owing to the increasing demand for organic food. This factor is propelling the growth of the global bio fertilizers market. Moreover, benefits of bio fertilizers such as improving overall soil fertility are anticipated to supplement the growth of the bio fertilizer market during the forecast period.
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Governments of various nations are promoting bio fertilizers by subsidies and incentive policies. This encouragement is expected to grow the bio fertilizers market all over the globe. For instance, government of India is encouraging the farmers to adopt bio fertilizers through various schemes such as National Mission of Sustainable Development (NMSA) and National Mission on Oilseeds and Oil Palm (NMOOP) and many more.
However, lack of awareness and slow adoption rate of bio fertilizers are some of the factors which might dampen the growth of bio fertilizers market during the forecast period.
The report titled “Bio Fertilizers Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global bio fertilizers market in terms of market segmentation by product type, by microorganisms, by crop, by form, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global bio fertilizers market which includes company profiling of Agriculture Solutions Inc., AZOMURES, Bio Power Lanka, Sigma Agri science, EuroChem Agro GmbH, Gujarat State Fertilizers and Chemicals Ltd., International Panaacea Limited, Lallemand Inc., National Fertilizers Limited and Novozymes A/S. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bio fertilizers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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