Published on : Feb 05, 2021
Biofertilizers refers to those preparations that contain latent cells or living cells of efficacious strains of microorganisms, which assist the crop plants in their uptake of nutrients. These fertilizers speed up certain microbial processes in the soil, which increase the extent of availability of these nutrients in a form that could be easily assimilated by plants. The global biofertilizer technology market is expected to witness considerable growth over the tenure of assessment due to growing demand for food with availability of limited resources.
With the rising pressure for increased crop yields and food production, there is even a greater need to make agriculture more efficient and resilient in an environment friendly manner. Till now, the need for augmenting the crop production has led to widespread application of chemical fertilizers. However, overuse of fertilizers on modern agriculture has substantially left an impact on the environment.
It has led to soil erosion, contamination of water bodies, cultural eutrophication, and soil runoff. Overabundance of nutrients in water often leads to cultural eutrophication and it negatively impacts the aquatic life. Furthermore, development of several algal blooms in water bodies leads to creation of “dead zones” in water bodies. In addition, roots of crops also burn due to overuse of crops leading to diminished health of plants. Overuse of chemicals such as urea often destroys the good bacteria and fungi in the soil thereby preventing creation of organic nutrients. With such adverse impacts of overuse of chemical fertilizers in, the global biofertilizer technology market is likely to observe growth in the years to come.
The global biofertilizer technology market is considered quite fragmented and is marked with the presence of several vendors. Each of these market players are vying for wider presence and reach in the market. China Bio-Fertilizer Group, Kiwa Bio-Tech Products Group Corporation, Mapleton Agri Biotec Pty Ltd., Gujarat State Fertilizers & Chemicals Limited, Rizobacter Argentina S.A., and EuroChem Agro GmbH are some of the prominent players in the global biofertilizer technology market.
North America and Europe to Remain at the Forefront of Market Growth
The global biofertilizer technology market has been segmented broadly into the five key regional zones of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The need for territory-based segmentation lies in the importance of an in-depth assessment of the regional markets over the years of projection.
Asia Pacific is likely to account for a significant chunk of revenue for the global biofertilizer technology market. China is estimated to emerge as one of the leading agricultural zones in the global biofertilizer technology market and is expected to retain its regional dominance over the tenure of assessment. The country has been promoting biofertilizers by offering agricultural tax, VAT, and excise exemptions to the manufacturers of organic products. Such benefits are likely to fuel the demand for biofertilizer technology market in the country.
North America is predicted to be another leading important region trailed by Europe. Both Europe and North America collectively account for a sizeable chunk of the market revenue. Rising preference toward organic food together with augmented awareness about health hazards and environmental pollution caused by chemical fertilizers is estimated to pave way for rapid growth of the biofertilizer technology market in both the regions over the tenure of assessment. Huge growth of the organic farming sector in the US has increased demand for the biofertilizer technology.
Rising Demand for Organic Food Items to Bolster Growth of the Market
The global biofertilizer technology market is estimated to gather momentum from the multiple benefits offered by the product. Biofertilizers have proved to increase the yield of crops, prolong the shelf-life, and improve quality of the products. The growing consumer preference for organic vegetables and fruits owing to the rising pet capita income together with changing lifestyle is expected to bolster growth of the global biofertilizer technology market in the years to come.
The emerging trend of integration of integrated pest management (IPM) practices into the organic vegetables and fruits cultivation have left a positive impact on the global biofertilizer technology market over the assessment period.
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On being applied, biofertilizers directly affect the crops by improving the presence of good soil microorganisms. These fertilizers is also able to produce plant hormones that benefit growth of the plant and germination. Nitrogen fixing microbe biofertilizers find extensive use for improving the growth of both leguminous and non-leguminous crops, which further widens the scope of growth for the global biofertilizer technology market over the years of projection.