1. Introduction

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.

2. Market outlook for fertilizers production

2.1. Global state of art in fertilizers production

In June 2015 FAO/Fertilizer Organizations Working Group reviewed the prospects for fertilizer demand until 2015/19 and the supply and request balances. It was estimated that world demand for total fertilizer is expected to grow at 1.6 percent per annum from 2015 to 2019.

In response to the economic slowdown in many emerging and developing countries, persistent low international prices for most agricultural commodities, and dry conditions across South Asia, Southeast Asia, Latin America and Africa, world fertilizer demand is expected to contract by 1.0% in 2015/16, to 181 million tonnes (Mt) nutrients. Drops are seen of similar magnitude for the three nutrients: -1.0% for N, to 108 Mt; -1.0% for P, to 41 Mt; and -0.8% for K, to 32 Mt. Aggregate demand in 2015/16 is anticipated to rebound in the three regions where it contracted in 2014/15: Eastern Europe & Central Asia (EECA), West Asia and North America. The sharpest decline is expected in Latin America, reflecting unfavorable economic, political and weather conditions in Brazil and Argentina. African demand was hit by widespread El Niño impacts and cuts to fertilizer subsidy budgets in several countries. The poor monsoon in South Asia strongly influenced the 2015/16 winter season.

The outlook for 2016/17 is more optimistic in view of slightly improving market conditions, the expected more favorable weather, and a better political and economic situation in some sizable markets. Global fertilizer demand in 2016/17 is seen as rebounding (+2.9%) to 186 Mt, with growth rates of relatively similar magnitude for all three nutrients: +3.0% for N, to 111 Mt; +3.0% for P, to 42 Mt; and +2.3% for K, to 33 Mt. Fertilizer demand would remain almost unchanged in North America and would increase elsewhere. Demand growth in EECA is seen as firm, as grain exports are expected to benefit from the current weakness of regional currencies. Thanks to prospects for normal monsoon rains, demand in South Asia would fully recover from the downturn in 2015/16. Driven by recent political change in Argentina, demand would firmly rebound in Latin America but would not fully recover owing to persistent recession in Brazil. Expected increases in the rest of the world would be smaller.

In the absence of major economic or policy changes in the main fertilizer-consuming markets, the current context supports moderate fertilizer demand and growth prospects in the years to come. According to the baseline scenario, world demand would rise on average by 1.6% per annum (p.a.) between the base year (average of 2013/14 to 2015/16) and 2020/21. Aggregate global demand is projected to reach 199 Mt at the end of the outlook period. K demand would expand firmly (2.3% p.a. to 37 Mt); P demand would grow more moderately (1.7% p.a. to 45 Mt); and N demand growth would continue to progressively decline (1.2% p.a. to 117 Mt). This rebalancing of the N:P:K ratio reflects progressive adoption of better fertilizer management practices by farmers. The highest growth rate would be in Africa (3.6% p.a.). Demand would also expand firmly in Latin America (2.9% p.a.), South Asia (2.9% p.a.) and EECA (2.8% p.a.). Latin America would benefit from the competitive advantage of Brazil and Argentina on the global soybean, maize and sugar markets. Similarly, EECA has the potential to increase its share of global cereal trade. South Asian demand is strongly influenced by fertilizer subsidy regimes, whose evolution is highly unpredictable; high uncertainty is therefore associated with forecasts for this region. In East Asia, fertilizer demand growth is forecast to slow further (0.9% p.a.), as Chinese N and P demand is likely to reach a plateau by the end of the outlook period. Demand in developed countries is anticipated to rise marginally, with stronger prospects in Oceania. With N and P demand in China levelling off, about half the world market can be considered ‘mature’. In volume terms, South Asia, East Asia and Latin America would account for 33%, 22% and 22%, respectively, of the global increase in total fertilizer demand anticipated in the next five years.

2.2. European market of fertilizers

As regards the EU the total production of fertilizers in 2007 was close to €17 billion, up from €13.6 billion in 2004. In the EU however, the overall use of mineral fertilizers has declined in recent decades. A 2015 study by the European Parliament’s Policy Department B, Structural and Cohesion Policies, indicates that mineral fertilizer use declined by 20 % from 1995 to 2012, mainly as a result of a decrease in the use of phosphorus and potassium-based products. In the fertilizer sector 1,058 enterprises were acting, with a total of 100,000 employees. Spain, Italy and France have the largest number of enterprises (228, 187 and 175 respectively) but small and medium size companies dominate in all three countries. In contrast, 54 companies in Germany, have in total over 10,000 employees and represented more than 17% of the total production value of the EU. Some of the newer Member States (i.e. Poland, Romania, Lithuania and Bulgaria) also have a small number of large sized companies employing on average more than 2,000 employees each. However, the level of production in these countries is rather low and output does not represent more than 3% of the total EU value of production (with the exception of Poland with 8%). Besides Germany, France represents 13% of the total EU production, Netherlands, UK and Italy (each with around 10%) also account for significant parts of the European market.

The fertilizers industry - especially the segment related to the production of the main nutrients - went through a consolidation phase during the late 1980s and early 1990s as a response to changing market conditions and other factors such the costs of the basic raw materials. Currently, the fertilizers industry in Europe can be grouped in three main categories:

• A small number of large multinational companies (not more than 7) with interests in the broader chemical sector and with global networks that focus on transforming the basic elements (nitrogen from air, phosphorous and potassium from mines) into a rather small range of straight or compound mineral fertilizers that are used for major food crops. The use as fertilizers is one category of the possible uses of their chemical products. Some of them sell their products in bulk to smaller companies for blending or further processing but most are also involved in the marketing and sale of their products for agricultural, professional or even consumer use. Available data indicate that 4-5 companies represent more than 80% of total production although there are still some independent national players in specific countries (e.g. Poland, Romania, and Greece).
• A number of mainly medium size enterprises (independent or subsidiaries of the larger manufacturers in the previous group) are focused on the production of complex liquid fertilizers and other specialty fertilizer types. They cover both the professional (agricultural) market but also the so-called hobby sector (gardening) selling directly to consumers. Many of them are focused on the national markets but significant proportion of these companies (more than 30%) also export to other European countries and some also outside the EU. However, data that are more precise are not available.
• A large number of small firms - estimated over 800 of the total of 1058 according to Eurostat - are directed exclusively on blending of fertilizers bought from large companies to cover specific needs predominantly in their local market (vineyards, fruit, and vegetables). The number and market focus of these firms varies among countries. The great majority of them focus on local or national markets17 and very few of them export to other European or third countries. The level of sophistication of the production processes may vary greatly in this sector.

Use of mineral fertilizers in agriculture represents the main segment of the market (Figure 1). In 2008, the total consumption in agriculture in the EU27 was 17.9 million tons of nutrients (11.2 million tons N, 3.1 million P and 3.6 million K). France, Germany, the UK and Poland consume the largest quantity (nitrogen, phosphate and potash) representing together close to 50% of the total. However, the current levels of production in Europe do not match demand. Europe is a net importer of nitrogenous and phosphatic fertilizers (mainly from Russia, Ukraine, Morocco and Egypt) although it has a positive trade balance as far as potassic fertilizers are concerned.

At the same time, there has been a significant overall decrease in the use of fertilizer’s among EU15 Member States during the last decade (a 14% fall). In contrast, in most EU12 Member States total consumption increased between 5% (Hungary) and 24% (Latvia). To a certain extent, this reflects changes in the intensity of the use of fertilizer’s and soil improvers (expressed in terms of spending per hectare of arable land) and the different levels of horticulture and permanent crops in total agricultural land use. The economic crisis led to an even more dramatic decrease in the total consumption of fertilizer’s. It fell further by 23.5% over the period 2008 and 2011 because of collapsing agricultural prices and falling agricultural production. The consumption of nitrogenous fertilizer’s in the EU27 decreased by 13.5% while that of phosphoric and potassic fertilizers fell approximately by 40%.

Figure 1: Development of fertilizers consumption in the EU

Finally, concerning the price of fertilizers, while the level of demand is an important determinant, energy, raw material and transportation costs also play a very important role in the cost of the production of fertilizers and their respective prices. Natural gas represents 50-70% of total production costs of nitrogenous fertilizers. The increase in the price of natural gas during the last years led to an increase in the price of fertilizers in the EU27 by around 25% and an even higher increase is expected (almost doubled in comparison to 2000).

2.3. Transition to biofertilizers production and application

Current data showed that in many developing countries, fertilizer applications are imbalanced, i.e. farmers apply too little phosphate and potash in relation to nitrogen, especially in Asia and Europe. In other countries, the „mining‟ of soil nutrients is severe, and yields have fallen as nutrients removed by the crops are not replaced. This problem is most serious in sub-Saharan Africa, the Caribbean and parts of Asia. Most high-quality agricultural land is already in production. The marginal benefit of converting new land diminishes. Available land and water resources are declining in many developing countries. Future food production growth will primarily depend on further intensification of agriculture in high potential areas and to a lesser degree in low potential areas. Variations in fertilizer production and imports by China, the world’s largest consumer, continue to have a major impact on world consumption. In the last decade, China has decreased its fertilizer imports by 18 percent and increased its production by about 14 percent. In EU counties (e.g. Denmark and Italy), the organic matter in soil is significantly reduced to below acceptable levels (3%).

Global competition for resources is increasing worldwide. Concentration of phosphorus mines and gas fields outside the EU makes the EU fertilizing product industry and the European society dependent and vulnerable on imports, high prices of raw materials as well as the political situation in supplying countries. The transition to nutrient recycling would therefore be a key element to increase the European food security.

The production of inorganic fertilizer is high energy intensive. It has been estimated that 2% of the world's energy production is devoted to the production of inorganic nitrogen fertilizers. In 2007, the global inorganic fertilizer industry (including nitrogen and phosphorus fertilizers) generated 465 million tons of CO₂. Nutrient recycling would contribute to mitigation of climate change via less energy demanding technologies which can combine sometimes the production of alternative energy sources (e.g. digestion of bio-wastes generating biogas and heat) thereby contributing to a transition towards a low-carbon and more sustainable economy.

Disrupted nutrient recycling is a problem for Europe and all over the world. Phosphorus and nitrogen are lost across environmental media during food production or are wasted instead of being used for plant nutrition. The leaks of nitrogen and phosphorus from human activities have led to ecological deterioration of surface water via eutrophication and "dead-sea" bottoms in coastal oceans along the EU coastlines close to mined phosphorus factories. The total losses to water and landfill are substantial and would account for 30% to 35% of the annual usage of phosphorus.

By maintaining the value of the raw materials and energy used in products from extraction to recycling, the transition towards a more circular economy can promote innovation, increased competitiveness in the sector and lead to job creation.

All of these factors anticipated the fast development of biofertilizers market size. Shift towards adopting renewable products, by periodically phasing out synthetic, toxic products and reducing carbon footprints are likely to drive this demand.

3. Biofertilizers market

3.1. Biofertilizers use

Although biofertilizers were first commercialized in North America and Europe, there is increasing preference towards their use in parts of Asia Pacific and South America. North America was the largest market for biofertilizers, followed by Europe. Together these markets accounted for over 50% of the global revenue. Growing preference towards organic food coupled with growing awareness regarding the hazards associated with chemical fertilizers and atmospheric pollution has resulted in high consumption in the region. In addition, strict regulatory scenario has forced many farmers to adopt biofertilizers in place of their chemical counterparts and this is expected to boost the demand for biofertilizers over the next decade. The “Common Agricultural Practice” limits and restricts the use of synthetic fertilizers while promoting the use of biofertilizers and organic farming.

Asia Pacific was the third largest market for biofertilizers, with increased demand from regional markets such as India, China and Taiwan. Asia Pacific is expected to witness double-digit growth over the period 2013 to 2020 due to the increased consumer preference towards organic food and growing agricultural activities. However, contrary to other regions, the key application of biofertilizers in Asia Pacific is soil treatment but not seed treatment.

South America is expected to show fastest growth over the next seven years on account of the growing agricultural activities in Brazil. The region is expected to grow at a CAGR of 16.4% from 2013 to 2020. Nitrogen fixing biofertilizers were the largest product segment in 2012 and accounted for over 70% of global revenue. Growing demand for nitrogen fertilizers is perceived to be a key factor for nitrogen fixing biofertilizers market development.

Nitrogen fixing biofertilizers are excessively consumed in the regions of South Asia and South America due to increased agricultural activities.

Phosphate is the second most widely used nutrient in fertilizers and witnessed consumption of over 40 million tons in 2012. However, the phosphate provided to plants in the form of chemical phosphate fertilizers is immobilized rapidly and becomes unable to plant.

Seed treatment was the largest application of biofertilizers and accounted for over 70% of the market in 2012. Treating seeds with biofertilizers helps them sustain bacteria and virus attacks and also helps increasing the yield. In addition, biofertilizers help in harnessing atmospheric nitrogen and making it available to the plant. Seed treated with biofertilizers are capable of increasing phosphorous content of soil by solubilizing it and improving availability.

Soil treatment is the other primary application of biofertilizers and it involves the spraying of biofertilizers over the agricultural land. It increases the fertility of the soil and improves the yields of the planted crop.

3.2. Biofertilizers market segmentation

The biofertilizers market has been segmented based on product, applications, and regions. In terms of product, over the period of seven years between 2015 and 2022, the market has been divided into three major segments:

1. Nitrogen fixing biofertilizers
2. Phosphate solubilizing biofertilizers
3. Other biofertilizers, including potash mobilizing and zinc solubilizing ones (Figure 2).

   

   Figure 2. Biofertilizers market segmentation

   Nitrogen fixing biofertilizers are made up of mixed strains of various nitrogen fixing bacteria such as Rhizobium, Azospirillum, Acetobacter and Azotobacter, and help improve nitrogen yield of the soil. Phosphate solubilizers are employed as control agents for agricultural improvement.

   In terms of application, the market is divided into two major segments including seed treatment and soil treatment.

   Product and application has been segmented on a regional level in terms of revenue (USD million), where 2014 has been considered as the base year with a forecast period of seven years between 2015 and 2022.

3.3. Biofertilizers market size and growth prospects

The biofertilizers market is projected to grow at a CAGR of 14.08% from 2016, to reach USD 2,305.5 million by 2022 (Figure 3). The market is driven by factors such as: i) increase in demand for fertilizers due to the rise in global food production and ii) development of new biofertilizer manufacturing technologies. The high growth potential in emerging markets and untapped regions provide new growth opportunities for the players in the biofertilizers market. On the other hand, some factors restraining the biofertilizers market are lack of awareness and low adoption of biofertilizers coupled with poor infrastructure.

Global biofertilizers market is expected to witness substantial growth over the period 2015 – 2020 on account of providing physical barrier against pests. In addition, these products protect plants against pathogens and enhance absorption of zinc and phosphorous. In addition, use of biofertilizers in agriculture aids the decomposition of organic residues and stimulates overall plant development and growth. Growing need for high agricultural yield in order to meet increasing population demands has triggered the use of biofertilizers because of low environmental impact. Increasing need for organic foods among consumers in expected to have a positive impact on the biofertilizers market over the next five to seven years. Moreover, rising of chemical fertilizer prices coupled with commercial response to growing food cost is expected to be one of the key drivers for biofertilizers market over the period 2015 - 2020.

Figure 3. Global biofertilizers market revenue, 2012 – 2022 (USD Million)

Key issue in bioertilizers market growth and acceptance is the industry value chain. It consists of raw material producers & suppliers, biofertilizers producers, distribution channels, and end-users (farmers, domestic cultivators). Biofertilizers are produced through various sources such as ley crops, frying oils, potato peels, manures, slaughterhouse wastes, organic domestic wastes, and food industry residues. There is also considerable presence of feedstock suppliers, who outfit the biofertilizers producers. For example, Swedish Biogas is an integrated company that manufactures biofertilizers as a byproduct of biogas production. The company also supplies raw materials to independent biofertilizers producers. Most of the raw material suppliers incur costs in terms of logistics, i.e. raw material procurement and delivery to manufacturers. With most of the raw materials being bio-waste, profitability of suppliers is high which is estimated at approximately 10% of value addition.

Majority manufacturers of biofertilizers are integrated across different stages of the value chain as the demand of the product is largely dependent on growth of the end-use industries. 90% of total biofertilizers manufactured is used in the production of corn, rice, and maize.

Organic food and beverages are naturally derived products, without comprising synthetic chemicals, and food additives. Key product forms of organic foods include organic fruits, vegetables, meat products, naturally derived alcoholic beverages such as wine and beer. Increasing consumer awareness regarding the adverse impact of inorganic food on human health has resulted in industry trend shift towards promoting organic food market and is expected to remain one of the key factors for biofertilizers market over the forecast period.

3.4. Biofertilizers market share by product

Nitrogen fixing biofertilizers dominated the market, accounting abput 79% of global revenue in 2012 (Figure 4). Nitrogen-fixing biofertilizers are used for leguminous as well as for non-leguminous crops, especially, when growing rice and sugarcane. The nitrogen-fixing segment growth is attributed to the fact that nitrogen-fixing biofertilizers are the most commonly used biofertilizers, across the globe. Substantial R&D efforts have been carried out in the last couple of decades, along with increasing awareness of the farmers; these are the major reasons driving the growth of this market. Rising importance of nitrogen fixation to increase intake of numerous compounds such as nucleic acids and chlorophylls in plants is expected to have a positive impact on market over the forecast period. However, market presence of synthetic fertilizers is expected to pose a credible threat to nitrogen fixing biofertilizers demand over the next seven years.

Figure 4. Global biofertilizers market revenue share by product

Phosphate solubilizing bacteria accounted for 14% of global biofertilizers market in 2012 and is expected to account for about 18 % of revenue share by

1. These products are majorly used to convert low molecular weight organic acids into soluble nutritional product forms. Other product types include potash mobilizing, zinc and sulfur solubilizing biofertilizers. Above-mentioned product forms jointly held 7 % of global biofertilizers market revenue in 2012.

One of the upcoming trends expected to stimulate the growth prospects of this market is the introduction of liquid biofertilizers. Last are liquid formulations containing the desired microorganisms, micronutrients, and chemicals promoting the formation of resting spores. This helps the biofertilizer to attain a longer shelf life and tolerance to adverse conditions

• shelf life of nearly two years, and tolerance to high temperatures and ultra-violet radiations. Furthermore, the microbe density in such biofertilizers is higher in comparison to solid biofertilizers. They are applied using power sprayers, fertigation tanks, hand sprayers, and as a basal manure mixed along with farmyard manure. These liquid biofertilizers also have a very high enzymatic activity, leading to the high adoption rate amongst farmers.

The global liquid fertilizer market is expected to grow at a CAGR of around 3% by 2020. The depletion of soil quality has pushed the use of fertilizers that helps farmers to increase the crop yield by three to four times. The surge in crop acreage and the growing requirement to boost crop production are stimulating many farmers to use liquid fertilizers as plants can immediately absorb these substances thus offering faster outcomes. Small-scale farmers are also purchasing liquid fertilizers to reduce their dependency on weather conditions and get an increased yield even in damp, wet, or windy weather. Additionally, there is also a rise in the demand for the proper use of fertilizers as the degradation of soil quality is leading to micronutrient deficiency in crops worldwide.

APAC (Asia Pacific) will be the fastest-growing region in the market during the period 2012 – 2020 due to the increase in hydroponic system field areas, availability of fertilizers at subsidized rates, and rise in mechanization, which has resulted in the increased adoption of technologies such as liquid fertilizer sprayers. Some of the major fertilizer-consuming countries in the region include Australia, Indonesia, Malaysia, the Philippines, Thailand, Vietnam, Japan, South Korea, China, India, Pakistan, and Bangladesh. The demand for fertilizers will see tremendous growth in the region owing to the surge in programs that promote balanced fertilizer use.

3.5. Biofertilizers market share by application

Seed treatment was the largest application segment, accounting for 72% of global biofertilizers market revenue in 2014 (Figure 5). Plant seeds are treated with biofertilizers in order to prevent bacteria and virus attacks that reduce crop yield. In addition, biofertilizers help in binding atmospheric nitrogen and making it available to the plant. Seeds treated with biofertilizers are capable of increasing phosphorous content of soil by solubilizing it and improving their availability.

Figure 5. Global biofertilizers market revenue share by application

Furthermore, the growing demand for fertilizers to improve the production yield is boosting the sales of new fertilizer spreader across the globe. Vendors have come up with new models of spreaders with improved features such as extended spreading widths, intelligent speed monitoring systems to enhance spreading accuracy, and slow releasing fertilizer spreaders, which help in accurate fertilizer application and maintaining the quality of the soil. Other inventions in the spreaders include LED rear lighting systems, increased hopper capacities, and section shut-off systems. Such technological advancements and improved features will accelerate the volume sales of fertilizer spreaders during the forecast period. Technavio’s market research analyst predicts the global fertilizer spreader market to grow at a CAGR of more than 6% by 2020.

Precision fertilizer spreaders will help to improve crop yields and ramp up production through calibration systems to regulate the quantity of fertilizer and mass flow controllers to monitor the amount of fertilizer required per subplot. Also, these spreaders will help in soil mapping, soil nutrient software packages to determine fertilizer application, and use satellite technology to guide fertilizer application. KUHN, AMAZONE, BBI, and Sulky are some of the popular brands for precision fertilizer spreaders in the market.

Figure 6. Segmentation by product type and analysis of the fertilizer spreader market

The broadcast spreader segment dominated the market in 2015 and accounted for around 64% of the total market share (Figure 6). These spreaders are also known as rotary spreaders or centrifugal spreaders and are mainly used for spreading granular fertilizers. Consolidation of farmland will positively influence the growth of this segment in the coming years, as these spreaders are primarily suitable for use in large farms. Moreover, the vendors are introducing new broadcast spreaders with improved features such as balanced fertilizer distribution, GPS speed sensors to maintain the right speed, and pressure-based nozzle control systems to ensure a consistent pattern in the spreading of fertilizer.

Geographical segmentation of the fertilizer spreader market is between countries from Americas, APAC and EMEA. APAC will continue its dominance in the market during the forecast period and is expected to occupy more than 60% of the overall market share by 2020. Rising dependence on fertilizers for improved crop productivity is a major factor contributing to the region's high market share. The increasing focus on the quality of crop production has prompted farmers to use phosphorous and potassium fertilizers, thereby boosting the sales of fertilizer spreaders in the region.

3.6. Biofertilizers market revenue share by region

North America was the largest market, accounting about 32% of global biofertilizers revenue in 2014 (Figure 7). Positive agriculture industry outlook in the U.S. and Canada along with increasing awareness towards the application of eco-friendly products in farming is expected to have a favorable impact for biofertilizers market over the next seven years. Europe held 23% of global biofertilizers market revenue in 2014. The European Commission framed the „Horizon 2020 Strategy‟ in 2007, which aims at promoting consumption and production of eco-friendly products at domestic level. In addition, the commission also planned Action Plan 2020 for enhancing production of organic foods at domestic level.

Figure 7. Global biofertilizers market revenue share by region

Prevalence of favorable government support for use of eco-friendly products and increasing production output of organic foods is expected to augment biofertilizers market growth over the forecast period. MEA and Asia Pacific are expected to remain promising markets over the next seven years. Lucrative opportunities in food & beverage market in Asia Pacific and MEA is expected to play a crucial role in enhancing agriculture output at domestic level and thus expected to increase application scope of biofertilizers over the next seven years.

3.7. Major companies in the sector of biofertilizer commercial production

Major companies in the sector include:

• Novozymes A/S
• Rizobacter Argentina S.A.
• Lallemand Inc.
• National Fertilizers Limited
• Madras Fertilizers Limited
• Gujarat State Fertilizers & Chemicals Ltd.
• T Stanes & Company Limited
• Camson Bio Technologies Limited
• Rashtriya Chemicals & Fertilizers Ltd.
• Biomax
• Symborg
• Agri Life
• Kiwa Bio-Tech Products Group Corporation