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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