HYDERABAD, India, September 27, 2016 /PRNewswire/ --
Mordor Intelligence announces the release of their report on the global biofertilizers market. The report titled "Global Biofertilizers Market - By Microorganism, Application and Geography - Trends and Forecasts," discusses the current landscape and outlook of the said market.
The global market for biofertilizers is projected to reach USD 1.23 billion by 2021 at a CAGR of 13.3%. Biofertilizers are renewable sources of plant nutrients that supplement chemical fertilizers. These are selected strains of beneficial soil microorganisms used either for seed treatment or soil application.
Our report on biofertilizers is segmented as follows:
- By Microorganism
- Blue-Green Algae
- Phosphate Solubilizing Bacteria
- By Crop Type
- Fruits and Vegetables
- By Geography
- North America
- South America
- Rest of the World
Azotobacter is the most popular nitrogen fixing bacteria and is the fastest growing segment, accounting for over 20% of the global market share. By crop type, biofertilizers for fruits & vegetables is growing at a higher rate than all the other crop types; this segment is followed by cereal crops.
Key market players are focusing entirely on new product launches to cater to a wider consumer base. The global bio-fertilizers market is fragmented in many small players catering to small regions. The major players in the market are CBF China Biofertilizer A.G., Novozymes A.S., and Labiofam S.A.
About Mordor Intelligence:
Mordor Intelligence is a global market research and consulting firm. Our focus is to provide research insights to facilitate business success. Our research expertise covers niche segments under Agriculture, Healthcare, ICT, Chemicals, Manufacturing, Logistics, Electronics and Automotive, among others. We believe in data, and we provide solutions through it. Optimum solutions and goal-oriented strategies define our endeavors and make us the preferred choice for clients.
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SOURCE Mordor Intelligence