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Soil contamination and environmental hazard from the imprudent and disproportionate application of agrochemicals on crops has been a key issue for the industry in recent times. Additionally, the risk to human health has also led to stringent regulatory framework around the use of synthetic chemicals in agriculture.
The main driving issues in fertilizer production and consumption are:
- All living organisms rely on a safe and healthy supply of food and nutrients, including nitrogen, phosphorus and potassium (NPK) for proper growth and development.
- Fertilizers are used for producing healthy and abundant plant crops.
- Some estimates have indicated that without commercial fertilizers, there would be a global food deficit equivalent to one-third of the current availability.
- Plants require 14 essential nutrients for healthy growth and, if the soil lacks any one of these, plant growth can be limited.
- The three macronutrients that are essential for food production and quality are NPK.
- In many part of Europe and Africa soil erosion is seen due to lack of soil organic matter.
Biofertilizers have emerged as the most feasible solution to these issues and have been gaining considerable market acceptance since the time they were first introduced. Biofertilizers, in addition to providing an eco-friendly option, also maintain the soil and crop health with increased efficiency.
The driving factors of the global biofertilizers market are increased demand for organic food products, promotion of biofertilizers by various government agencies to create awareness among the masses and environmental hazards associated with chemical fertilizers. The global biofertilizers market is controlled by many factors such as lack of awareness about the concept of biofertilizers, which is restraining the growth of the industry. Various advantages of chemical fertilizers are another factor, which is holding back the customers from making a switch to biofertilizers. Low rate of adoption is due to some application disadvantages associated with biofertilizers. Leading manufacturers are focused on expansion of the business in the domestic market and setting up new plant for increasing production capacity as well as product line.