Biofertilizers Market Share, Growth, Size, Industry Analysis and Forecast to 2024 | Hexa Research
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Biofertilizers Market Share, Growth, Size, Industry Analysis and Forecast to 2024 | Hexa Research
" The biofertilizers industry is likely to gain considerably on account of the demand for feasible environment-friendly solutions for soil & plants.
The global biofertilizers market is projected to grow at over 13.2 % CAGR during 2016 to 2024( forecast period). It should reach around USD 2 billion by 2024. The industry may gain considerably due to the need for feasible ecological solutions for soil & plants.
High applications of agrochemicals for plants & crops resulting in eco-safety are said to be the key market driver. Biofertilizers help maintain the health of crops & soil. They are produced; with natural wastes, such as compost & struvite that act as substitutes for chemical-based fertilizers.
Low prices of biofertilizers will boost market demand till 2024. Varying chemical prices along with commercial response to escalating food costs are a prime industry driver. However, lack of awareness among farmers, especially in developing countries, can pose an industry challenge. Moreover, major usage of synthetic phosphate fertilizers in Australia, China, and India due to the availability of production facilities is likely to remain an industry hindrance.
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