Biofertilizers Market Size By Application (Soil Treatment, Seed Treatment) Forecast, 2015 – 2022

Biofertilizers Market Size By Application (Soil Treatment, Seed Treatment) Forecast, 2015 – 2022

Biofertilizers Market size was over USD 530 million in 2014, and is expected to reach USD 1.66 billion by 2022, with over 13% CAGR from 2015 to 2022.

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Rising agricultural land concerns associated with soil contamination and other environmental hazards due to excessive agrochemical use are key factors driving biofertilizers market growth. Increasing synthetic chemical fertilizers prices along with rising food scarcity will fuel biofertilizers market demand, to improve the land fertility. Enhancing soil and crop health, along with favorable regulatory compliances owing to its organic nature are the other key growth drivers.

Rising consumer consciousness about the environment and the aftereffects of inorganic food consumption has motivated regulatory institutions including European Common Agricultural Policy to promote organic farming and bio based products usage. The scheme also provides direct green payment over 30% of budget to the farmers helping to practice sustainable agriculture.

Organic food market spending was over USD 85 million in 2014, and is forecast to surpass USD 300 million by 2022, with estimated gains of over 17% from 2015 to 2022. Change in consumer lifestyle and rising preference for organic food has facilitated growth. Environmental regulations to restrict synthetic fertilizers usage, increasing need for high crop yield in limited land area to meet food demand are among key factors driving biofertilizers market growth. 

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