The Azotobacter based bio-fertilizer market is projected to grow at a CAGR of 8.7% during the forecast period (2019-2024). The increased practice of organic farming and the increasing demand for organic food are the two major factors that are driving the growth of the azotobacter based bio-fertilizer market. Also, the favorable policies implemented by the government for organic farming are augmenting the growth of the market studied.
Scope of the Report
Azotobacter is a genus that is motile, oval or spherical bacteria. It has thick walled cysts and produces large quantities of capsular slime. Azotobacter is capable of converting atmospheric nitrogen to ammonium nitrogen in the soil, giving the crop access to free atmospheric nitrogen. Azotobacter, also known bio-balancer, secretes hygroscopic mucilage in the root-zone, which assists in retaining soil moisture. It is used as a biofertilizer during cultivation for most of the crops.The market is segmented by geography as North America, Europe, Asia-Pacific, South America, and the Rest of the World.
Key Market Trends
The Increased Practice of Organic Farming is driving the market
According to the Organic Trade Association, approximately 82% of households in the United States purchase organic food. The organic food market in India has been registering a CAGR of 25%. As per Statista, it is anticipated to reach USD 1.36 billion by 2020. The rise in demand for organic products is booming, not only due to an increase in conscientious consumers, but also due to increasing incomes, along with improved farming practices that make organic yields more robust. As a result, the increasing demand for organic food, worldwide, has increased the area under organic farming, worldwide. The Common Agricultural Policy limits and restricts the use of synthetic fertilizers, while promoting the use of biofertilizers and organic farming.
Europe dominates the market
Out of the several species of azotobacter, A. chroococcum happens to be the most dominant inhabitant in arable soils, capable of fixing nitrogen. Bacteria of the genus Azotobacteria synthesizes auxins, cytokinins, GA-like substances are the major substances regulating the enhanced growth. This biofertilizer is mainly used in Russia and many European countries under the name Azotobacterin.This genus includes diverse species, namely, A. chroococcum, A.vinelandii, A. beijerinckii, A. nigricans, A. armeniacus, and A. paspali. It is used as a biofertilizer for different crops, including wheat, oat, barley mustard, rice, linseeds, sunflower, castor, maize, sorghum, cotton, jute, sugar beets, tobacco, tea, coffee, rubber, and coconuts.
Companies operating in the azotobacter based bio-fertilizer market are adopting various strategies, such as product launches, partnerships, and acquisitions, to gain a larger share in the market. Investment in R&D and the introduction of new products is a primary strategy adopted by all major companies involved in the market studied. Apart from product launches, companies are entering into partnerships and agreements, in order to increase their customer base and develop R&D capabilities.
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