It is projected that by 2025, the market of bio-fertilizers will reach 3.8 billion USD, compared to 2.0 billion U.S. dollars in 2019, with a CAGR rate will be 11.2%, according to MarketsandMarkets (M & M).
Market development contribute to the following factors: increased consumer awareness of agricultural products about the dangers of chemical fertilizers, soil degradation, emission of nitrates. Along with government initiatives, this will lead to significant growth over the forecast period.
Segment nitrogen-fixing biofertilizers will dominate because of good adoption of technology.
Fertilizer use is traditionally high agricultural productivity. Nitrogen fertilizers are among the most popular in agriculture.
Thus, there is a significant need for nitrogen-fixing biofertilizer, which can be used either in powder form or in liquid formulations.
Biological nitrogen fixation is one of the ways of transformation of the elementary nitrogen into a useful form for plants. In addition, the awareness of water pollution and emissions of nitrates leads to the need to use alternative sustainable sources such as nitrogen fixing biofertilizers.
There is a tendency to increase the area under cultivation of fruits and vegetables due to growing demand. The increase in income per capita with health care allows users to make adjustments in the meals.
Bio-fertilizers in the segment of vegetables and fruits will also show high growth due to high return on investment, as consumers are willing to pay more for products whose production has not been applied synthetic fertilizers.
Thus, with the increased production in the segment of fruits and vegetables is also expected to increase the use of bio-fertilizers.
With the increasing demand for organic foods North America, estimated to be the main market for biofertilizers in 2019.
The widespread introduction of advanced irrigation systems such as drip and sprinkler irrigation, and a wide distribution of fertilizer among farmers is even more favorable.
Farmers in this region are highly qualified, in terms of knowledge and technology. Because of the widespread use of chemical fertilizers,soil fertility declines, farmers are increasingly choosing alternatives.
Translated by service "Yandex.Translation"