According to the report published by Mordor Intelligence, the global biological organic fertilizers market is expected to register a CAGR of 13.5% during the forecast period, 2018 to 2023. The global biological organic fertilizers market was valued at USD 1527.0 million in 2017 and it is expected to reach a value of USD 2982.6 million by 2023.
The report focuses on the emerging trends and the leading companies in all regions, considered for the study. The global biological organic fertilizers market is segmented by type, by application, and by geography. To analyze the competitiveness in the industry, Porter’s five forces analysis is also included.
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By type, the market has been segmented primarily into microorganism and organic residues. Based on application, the market is segmented into cereals, legumes, fruits and vegetables, plantations, and others. Based on type, microorganism is expected to show a strong growth with a CAGR of 14.5% during 2018-2023. Among microorganisms, nitrogen-fixing bacteria such as rhizobium and azotobacter are widely applied and account for the major market share. By application, the market is segmented into crop-based and non-crop-based applications. The application of these fertilizers is more in cereal crops and the segment accounts for around 40% of the market share. Fruits and vegetables are the second largest and fastest growing segment. The consumption of organic fertilizers in Asia-Pacific is expected to grow at the highest rate, owing to the increasing awareness among the farmers about the benefits of bio-based and organic residue-based fertilizers. Investment in R&D of organic fertilizers is expected to help expand the market in North America and maintain a moderate growth rate.
Biological Organic Fertilizers Market Dynamics
Increased practice of organic farming, emphasis on sustainable farming and government support to the manufacturers are the key factors driving the global biological organic fertilizers market. However, high demand for synthetic fertilizers and easy regulatory structure of them, and less awareness among farmers about application and benefits of organic fertilizers are likely the factors constraining the market. Government and environmental policies focusing on minimizing wastage and reduction in the consumption of non-biodegradable raw materials has led to an increased production of organic fertilizers and this acts as an opportunity for companies to enter this market.
According to Mordor Intelligence research and analysis, A.G., China Bio Fertilizers, Labiofam S.A., Novozymes are the leading companies operating in the biological organic fertilizers market. National Fertilizers Limited, Lallemand Inc., Biomax, Bio Nature Technology PTE Ltd., and Rizobacter Argentina S.A. are the other prime companies in the global biological organic fertilizers market. In the market, companies are not just competing over product quality and product promotion but are also focused on strategic moves. The players in the market are investing heavily in this market in order to diversify their biological research divisions in the expanding market place. The market is highly competitive because of constant acquisitions by large companies looking to step up their market share.