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The global biofertilizers market is expected to reach a value of $10,298.5 million by 2017, up from revenues of $5,013.1 million during 2011. This corresponds to CAGR growth of around 13% between 2012 and 2017. In the last few years, the leading companies in the global biofertilizers market have focused on a number of core objectives, including expansion, both in local biofertilizer markets and abroad, and also setting up new plants for increased production capacity.
Major restraints of the industry are lack of awareness about the concept of biofertilizers and low rate of adoption by the farmers. Various advantages of chemical fertilizers are another factor which is holding back the customers from making a switch to biofertilizers. However unauthorized biofertilizers which are low quality biofertilizers are stealing a big chunk of revenues of the market. The increasing demand from Asia-Pacific region is the opportunity for the producers with expansion plans. The manufacturers are developing innovative production techniques to manufacture effective microbial strains at lower cost.
Biofertilizers are carrier based preparations which contains active strains of various specific microorganisms. These biofertilizers enhances the soil fertility by fixing atmospheric nitrogen and by mineralization of P & K. Biofertilizers are used as a supplement to the chemical fertilizers thus reducing the usage of chemical fertilizers. The reduction in the use of chemical fertilizers ultimately results in reduced cost of fertilization. The biofertilizers also enhances the growth of the plant and helps to retain the fertility of the soil for longer duration. The major advantage of biofertilizers over chemical fertilizers is the cost benefit. The biofertilizers are comparatively cheaper than the chemical fertilizers making it affordable to the poor farmers.
Major Biofertilizers are nitrogen fixing biofertilizers, phosphate solubilizing biofertilizers and potash mobilizing biofertilizers. Apart from these classes other biofertilizers includes zinc and sulphur solubilizing biofertilizers. The demand driving factors of global biofertilizers market are healthy growth for organic products, promotion by government agencies to push biofertilizers in the market and various environmental hazards associated with chemical fertilizers.
We have used various secondary sources such as encyclopedia, directories, and databases to identify and collect information useful for this extensive commercial study of biofertilizers market. The primary sources - experts from related industries and suppliers have been interviewed to obtain and verify critical information as well as to assess the future prospects of biofertilizers.
To capitalize on the growth trend in the global biofertilizers market, several leading companies are rushing in to the development and manufacturing of effective strains of microorganisms. Growing demand for biofertilizers is forcing the global players to add new varieties to their product offerings. We have also profiled leading players of this industry with their recent developments and other strategic industry activities. These include: CBF China Biofertilizers AG (Germany), Mapleton Agribiotec PTY Ltd. (Australia), Nutramax Laboratories Inc. (U.S.), Novozyme (Denmark), Growing Power Hairy Hill L.P. (Canada) and Rizobacter Argentina S.A. (Argentina).
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