In addition to this, they are eco-friendly unlike chemical fertilisers which cause environmental pollution. Owing to their various benefits, biofertilizers have today gained significance in the agriculture industry. According to a new report by Expert Market Research, the global biofertilizer market reached a value of around US$ 12 Billion in 2018 and is further expected to reach US$ 22 Billion by 2024.
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The sturdy growth of the market can be accredited to a number of forces. On account of rising environmental awareness, there has been an increase in the implementation of regulatory policies by governments across various countries supporting the use of biofertilizers. Moreover, an inclination towards organic food by consumers have also augmented the demand for biofertilizers. Some of the other factors such as population growth coupled with rising disposable incomes have also broadened the growth aspects of the market. Although the penetration of bio-fertilizers is still at a nascent stage in most regions across the world, the market holds a plethora of opportunities.
Key findings from the report:
Expert Market Research has analysed the global biofertilizer market according to type, end-use, major regions and top players:
Market breakup by Type
Market Breakup by End-use
Market breakup by Region
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"Global Biofertilizer Market: North America, Asia, Europe, By Type: Nitrogen-Fixing, Phosphate-Fixing, By End-Use: Seed Treatment, Soil Treatment; Competitive Landscape; Capital Investment; Operating Expenditures; Project Economics; Historical Production and Consumption (2014-2018); Production and Consumption Forecast (2019-2024)"
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