North America Biofertilizers Market was worth $0.60 billion in 2021 and estimated to be growing at a CAGR of 12.87%, to reach $0.88 billion by 2027. The North American biofertilizer market is led by the U.S., followed by Canada.
Biofertilizers play a crucial role in improving organic content in the soil, which supplies necessary nutrients to plants. They are economical as compared to chemical fertilizers, as biofertilizers escalate soil fertility in the long run by reinstating the natural nutrient generation cycle of soil. Biofertilizers offer several benefits to the fertility and production of soil, by naturally increasing the nutrient uptake that is necessary for the growth and progress of plants.
The fast progress of biofertilizer use in agriculture, in addition to the growing demand for organic food and new organic goods in the region, has led to the high growth of the biofertilizer market. The surges in the cost of synthetic fertilizers and alertness towards the necessity of balanced nourishment for plants have also fuelled the biofertilizer market. Price is also a significant factor for the biofertilizer market which is presently posing a negative effect on the biofertilizer market.
In the U.S., the biofertilizer industry is comparatively new, highly segregated, undercapitalized, and increasing rapidly.
Lallemand Inc. (Canada), Rashtriya Chemicals & Fertilizers Ltd. (India), Camson Bio Technologies Limited (India), T. Stanes & Company Limited (India), Rizobacter Argentina S.A. (Argentina), Gujarat State Fertilizers & Chemicals Ltd. (India), Novozymes A/S (Denmark), Madras Fertilizers Limited (India), Camson Bio Technologies Limited (India) and Nutramax Laboratories Inc. (U.S.).
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