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The biofertilizers market is categorized into products , applications , and regions . Products include phosphate solubilizers and nitrogen fixers . Nitrogen fixers dominated in 2014 , capturing over half the total shares . Nitrogen fixers comprise mixed strains of nitrogen fixing bacteria ; such as azospirillum , rhizobium , azotobacter , acetobacter , etc .
Phosphate solubilizers were the second largest product in 2014 . They are estimated to grow rapidly ( at a healthy CAGR ) from 2016 to 2024 . These consist of phosphate solubilizing bacteria that hydrolyze inorganic & organic phosphate , mainly from artificial compounds .
The application segments are soil treatment and seed treatment . Seed treatment was the biggest and generated over half of the total shares in 2014 . Seeds treated with biofertilizers can withstand bacterial & viral attacks and increase crop-yield .
These seeds harness atmospheric nitrogen and provide it to plants . They can boost the soil ’ s phosphorus content by solubilizing it & enhancing its availability . Higher adoption of the said seeds among farmers is predicted to further market growth . Soil treatment helps improve soil fertility and enhance plant & crop productivity . Rising need for fertile lands across the United States , India , China , Italy , and Brazil should positively impact the worldwide industry .
Geographically , Asia-Pacific led in 2014 . China , being the biggest market globally , has been encouraging product usage by offering manufacturers exemption on VAT and agricultural tax . This f actor would boost the demand for biofertilizers in the next eight years .
North America and Europe together contributed over half of the total revenues . Preference for organic food along with awareness regarding atmospheric pollution & chemical fertilizers has led to higher employment of biofertilizers in these regions .
The worldwide biofertilizers market is fragmented , with several domestic firms concentrating on regional industries . Most of these firms have signed exclusive contracts with suppliers to me et the demands of consumers . Few firms possess supply networks , thereby augmenting their sales by supplying the products of autonomous producers .
Some participants have also formed their supply & retail outlets to lower the supply costs and sell affordabl e products ( at competitive prices ). Key companies in the global market are Novozymes A / S ; CBF China Bio - fertilizer AG ; Symborg S . L .; and Antibiotice S . A .
Browse Related Category Market Reports @ https :// www . hexaresearch . com / research-category / agrochemicals-and-fertilizers-market
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