Meta Title: Global Biofertilizers Market | Growth, Trends, and Forecast (2018–2023)
The global biofertilizers market was estimated at USD 668.47 million in 2016 and is forecasted to register a CAGR of 13.3% during the period 2018–2023. The key players in the market are also focused on new product launches to cater to a wider consumer base and expand the market share in local markets.
The tremendous growth of the market is backed by increasing demand for organic food around the world. Organic agriculture is being adopted widely, to reduce the dependence on chemical inputs for food supply. Biological organic fertilizers act as useful supplements for chemical fertilizers and are therefore popularly adopted for organic farming. The use of biofertilizers is one of the important components in organic agriculture practices around the globe. They are often cost effective and are a renewable source of plant nutrients, to supplement the chemical fertilizers for sustainable agriculture.
Among the crop application areas, major cereals (rice, wheat, and maize) and minor cereals (barley, oats, millets, and sorghum) comprise around 40% share of the global biological organic fertilizer market. Currently, cereals and grains provide the maximum demand for biofertilizers, owing to increasing consumer demand due to rising population and decreasing arable land. It has been detected that cereals and grains need considerable amount of biofertilizers for proper growth. Farmers have started using biofertilizers as a replacement to chemical fertilizers as it helps in sustaining the soil nutrient generation cycle. This development has escalated the demand for biofertilizers, especially for cereal and grain cultivation.
Major Players: Lallemand Inc., Camson Bio Technologies Limited, BioMax, Symborg, Agri Life, and Krishak Bharati Cooperative, among others.
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