The global biofertilisers market is estimated to witness significant growth from 2020-2026, according to ResearchAndMarkets’ analysis
Increasing demand for organic food and the harmful effects of chemical fertiliers are some crucial factors encouraging market growth. Chemical fertilisers have been used for several years to enhance crop production.
However, it has several harmful effects which include increased air pollution, waterway pollution, chemical burn to crops, mineral depletion of the soil, and soil acidification. Chemical fertilisers have found considerable nutrient content including nitrogen and overuse of these fertilisers to plants may result in leaves to turn brown or yellow, which damages the plant and minimising crop yield.
Geographically, the global biofertilisers market is classified into North America, Europe, Asia-Pacific and rest of the World. Europe is expected to grow significantly in the market owing to the increasing organic farming practices in the region. North America is anticipated to witness potential growth during the forecast period owing to the increasing number of organic farms in these regions.
Some of the major players in the market include Novozymes A/S, Bayer AG, Kiwa Bio-Tech Products Group Corp, Agrinos and National Fertilizers Ltd. Mergers and acquisitions, product launches, and partnerships and collaborations are considered as vital strategies adopted by the market players to accelerate their market share.
