LONDON--(BUSINESS WIRE)--The global bio-fertilizers market is expected to post a CAGR of nearly 14% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The excessive use of chemical fertilizers has resulted in the loss of biological activities in the soil. This is compelling farmers to increase their focus toward the adoption of organic farming practices. In addition, the rising awareness about the risk factors associated with the use of chemicals in food products is fueling the growth of the organic farming industry. Moreover, several governments across the world are launching various initiatives to encourage organic farming. For instance, the Paramparagat Krishi Vikas Yojana initiative by the Indian Government promotes commercial organic production through certified organic farming. Such initiatives are encouraging farmers to adopt organic farming practices. As a result of these factors, the demand for bio-fertilizers is expected to increase during the forecast period.
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As per Technavio, the advent of liquid fertilizers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Bio-Fertilizers Market: Advent of Liquid Fertilizers
Vendors in the market are introducing liquid fertilizers to overcome several drawbacks associated with carrier-based and solid bio-fertilizers. Liquid bio-fertilizers are tolerant of high temperatures and ultraviolet radiation and offer shelf life of up to two years. Moreover, the application of liquid bio-fertilizers is simple and easy compared to solid bio-fertilizers. They can be applied using power sprayers, fertigation tanks, and hand sprayers. The growing popularity of liquid bio-fertilizers is encouraging several vendors to increase their spend in R&D activities. Thus, the advent of liquid bio-fertilizers is one of the key trends that will influence the market growth during the forecast period.
“Apart from the advent of liquid fertilizers, global initiatives to increase agricultural output and strategic alliances among vendors are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Bio-Fertilizers Market: Segmentation Analysis
This market report segments the global bio-fertilizers market by product (nitrogen-fixing bio-fertilizers, phosphate-solubilizing bio-fertilizers, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market and register the highest incremental growth. This is due to the increasing number of government initiatives that promote organic farming.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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