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The exponential growth reported by the organic food industry, coupled with the environmental hazards linked to chemical fertilizers, will turn the focus on biofertilizers in the future, says a latest report by Transparency Market Research.
According to the report titled "Biofertilizers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global biofertilizers market approximated $440.0 million in 2012, and will rise considerably to $1,028.7 million by 2019, reporting a 13.0 percent CAGR between 2013 and 2019.
The key market drivers, according to the report, are: Robust growth of the organic food market, government funding and support toward encouraging the production and use of biofertilizers, and heightened awareness about the detrimental effects of chemical fertilizers on the environment.
Consumers, on the other hand, are now reading product labels more carefully than ever before and show a greater inclination toward chemical- and synthetic-ingredient-free products.
All of these factors augur well for the greater adoption of bio-based plant treatment.