The Rhizobium based bio-fertilizer market is projected to grow at a CAGR of 8.5% 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 rhizobium 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
Rhizobium based biofertilizers are distributed all across North America. The inoculants are the best known and most exploited for their symbiotic nitrogen-fixing ability. The popular genera used are bradyrhizobium, sinorhizobium, azorhizobium, mesorhizobium, and allorhizobium. 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.
North America dominates the market
North America is the largest market for biofertilizers where United States holds the largest share, with more than half of the North American market share. Rise in organic and environment-friendly farming practices has increased the demand for biofertilizer products, particularly in the United States and Canada.It has been estimated that 40-250 kg of nitrogen per hectare per year is fixed by different legume crops by the microbial activities of rhizobium. In terms of product, rhizobium also accounts for the bulk of the bio-fertilizer production globally and also in North America.
Companies operating in the rhizobium based biofertilizer 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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