BIOFERTILIZERS MARKET ANALYSIS
Market Dynamics
Rising demand for organic food products is expected to drive demand for biofertilizers over the forecast period. Factors such as growing concerns for health, increasing disposable income, and environmental awareness is expected to drive demand for organic food. According to the International Federation of Organic Agriculture Movements, in 2017 a total of 69.8 million hectares of land was under organic crop cultivation, representing a 20% growth over 2016. According to the same source, the global organic food market was valued at US$ 97 billion in 2017, wherein the U.S. accounted for major market share, followed by Germany, France, and China. Furthermore, increasing demand for food, decline in total arable land, and increasing awareness about soil fertility is expected to drive demand for biofertilizers market.
Market Outlook
Among region, Asia Pacific is expected to witness highest growth rate in the market over the forecast period, owing to increasing crop production in the region. According to the India Brand Equity Foundation (IBEF), the total food grain production in India was pegged at 275.11 million tons in 2016, which increased by 4.40 million tons to reach to 279.51 million tons in 2017.
Biofertilizers Market Report Snapshots
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