Global Bio-fertilizers Market 2019-2023
About this market
The increasing world population puts considerable pressure on land and various other natural resources. The accelerated rate of crop production leads to rapid loss of plant nutrients, thereby impacting nutrient content in crops. Thus, most farmers resort to the use of various chemical and inorganic fertilizers to help replenish this loss of nutrients. However, excessive use of chemical fertilizers has been found to decelerate the biological activities in the soil, leading to impaired soil quality. As a result, farmers are gradually moving toward a more sustainable farming option, that is, organic farming. The organic farming industry is growing with the increasing awareness about health hazards associated with the use of chemicals in food products. Government initiatives also support organic farming. Such initiatives will encourage farmers to adopt practices involved in organic farming such as using bio-fertilizers. Technavio’s analysts have predicted that the bio-fertilizers market will register a CAGR of almost 14% by 2023.
Increasing popularity of integrated plant nutrient management
There has been a constant focus on enhancing the economic, social, and environmental sustainability in the agricultural sector, which promotes the use of non-chemical fertilizers such bio-fertilizers. The growing adoption of IPNM programs at farm level includes the use of farmyard manures, natural and mineral fertilizers and various other agronomic, vegetative and structural measures designed to conserve both water and soil.
Decreasing availability of arable land
Factors such as rising industrialization, urbanization, energy demand, and population growth lead to the decline of arable land. Arable lands are also wasted due to inappropriate agricultural practices, which lead to loss of production yield. The declining levels of arable land reduce the scope of cultivation, subsequently hindering the growth of the global bio-fertilizers market.
For the detailed list of factors that will drive and challenge the growth of the bio-fertilizers market during the 2019-2023, view our report.
The market appears to be fairly concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Bio-fertilizers Market 2019-2023
Technavio recognizes the following companies as the key players in the global bio-fertilizers market: Kiwa Bio-Tech Products Group Corporation, Lallemand Inc., Novozymes, Rashtriya Chemicals and Fertilizers Limited, Symborg.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the global initiatives to improve agricultural output.”
According to the report, one of the major drivers for this market is the regulations for food safety and environmental pollution.
Further, the report states that one of the major factors hindering the growth of this market is availability of substitutes for bio- fertilizers and usability and maintenance challenge may hinder the growth of the market.
Kiwa Bio-Tech Products Group Corporation
Rashtriya Chemicals and Fertilizers Limited
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