The biofertilizers market was estimated at USD 699.6 million in 2016 and is projected to grow over the forecast period on account of increasing inclination towards natural and organic food products which has resulted in growth of associated markets such as biofertilizers.
The global phosphate rock market size was estimated to be 226.68 million tons in 2016 driven primarily by the food demand associated with the growing population.
Biofertilizers are applied on plants, soil, and seeds. They add nutrients to plants & soil and lead to enhanced output. Biofertilizers are deemed safer than chemical ones and stimulate ‘plant-growth.’
The global azoxystrobin market is expected to witness significant growth over the next few years. This increase can be attributed to the rising demand for this fungicide from the expanding agriculture industry around the world.
The global market for ammonium sulfate is expected to grow over the forecast period on account of the growing demand from the agricultural industry and increasing fertilizers demand which will be a key factor for growth.
The global glyphosate market is expected to be valued at USD 9 billion over the forecast period of 2016-2024. Surging demand for (GM) genetically modified crops is expected to remain a key driver for the market.
Bauxite ore is the world largest naturally occurring source of aluminum, with over 90% of global volume obtained by processing bauxite. Alumina is aluminum oxide which is an intermediate product during the manufacturing of aluminum from bauxite. Australia and China are the largest producers of bauxite with a combined production of over 110 million metric tons in 2012.