Bio-Fertilizer : Way Forward for Sustainable Agriculture

Bio-Fertilizers: Demonstrating an upper-hand in Fertilizer Industry

A Bio-Fertilizer is a substance containing live microbes which are utilized to increase the supply and availability of primary nutrients (N, P and K) to plants, seeds or soil. The various natural processes such as nitrogen fixation, solubilizing phosphorus, etc. are adopted by microorganisms to promote plant growth, treat seeds and enhance soil fertility. Expanding global agrochemicals industry coupled with increasing footprint of biological plant growth enhancers or stimulators are primarily catalyzing the Global Bio-Fertilizers market. In addition to this, the declining arable land on account of excessive synthetic fertilizer consumption is further augmenting demand for Bio-fertilizers. Moreover, shifting consumer preference for organic food, rising awareness about organic farming among farmers and low prices of bio-fertilizers are anticipated to strengthen the Global Bio-Fertilizer market over the span of next 9 years.

World Total Demand for Primary Nutrients, 2014-2018F (Thousand Tons)

Cereals & Grains: Largest Application in Global Bio-Fertilizer Market

The growing population is raising the demand for cereals & grains, which in turn is driving the demand for bio-fertilizers. Cereals & Grains account as the staple crop across the world and the increasing consumer preference towards high nutrient food products is further advancing the application of Bio-fertilizers in this segment. The growing production of cereals & grains including rice, wheat, corn, oats, and barley are driving the consumption of bio-fertilizers across the globe. The agricultural farmers are witnessing adoption of bio-fertilizers as a replacement to chemical fertilizers on account of their ability in restoring and sustaining the soil nutrient generation cycle.

Global Cereals Market, By Volume (Million Metric Tons)

Global Coarse Grains Market, By Volume (Million Metric Tons)

Money-Spinning Market Opportunities in North American Countries:

In addition to the stringent environmental regulations over the usage of chemical fertilizers, the rising consumer spending on organic food is driving the growth in bio-fertilizers market across the region. Apart from expanding organic farming sector, the high demand for biofertilizers across North American nations, such as US and Canada can be attributed to the technological advancements and achievements in the field of biotechnology and molecular biology.

Total Number of Organic Farms in United States, As of 2016

Favorable Government Policies and Regulations: The increasing environmental concerns against the applications of chemical fertilizers and growing financial support from government bodies to bio-fertilizer manufacturers are incentivizing the global bio-fertilizers market at a moderate pace. For instance:

• Strong EU regulatory compliances to reduce the usage of toxic chemical fertilizers is boosting the European biofertilizers market at a robust rate. The proactive implementation of policies such as 30% subsidy to farmers and Common Agricultural Policy are aimed at promotion of organic farming and adoption of sustainable agriculture practices such as application of biofertilizers.
• The Government of India is encouraging establishment of Bio-fertilizer units by providing financial assistance to State Government up to a maximum limit of INR 160.00 lakh per unit.

Conclusion:

Global Bio Fertilizers market stood at USD1.07 Billion during 2016 and is projected to witness robust growth at a CAGR of 14.08% during 2017-26, thereby reaching USD4.03 Billion by the end of 2026. The growth in the global bio fertilizers market can be attributed to the growing adoption of advanced and sophisticated technologies by farmers to increase arable land and improve the overall productivity. In addition to this, growing fondness for organic food among the health-conscious population is driving the demand for bio fertilizers over chemical fertilizers across the globe. As a result, large volumes of agricultural produce to cater the demand from increasing population is subsequently accelerating the usage and applications of bio fertilizers at a prodigious rate. Several initiatives and favorable regulations laid by government agencies and groups would further fuel the growth of global bio fertilizers market through 2026.

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