Organic Fertilizers Market to Record Sturdy Growth by 2024
A
recent report by Transparency Market Research (TMR) suggests that the
competitive landscape of the global organic fertilizers market is
highly fragmented, with top players collectively accounting for
merely 40% of the market, whereas rest of the shares are distributed
among a number of regional and domestic vendors. Some of the
prominent companies currently operating in the global organic
fertilizers market that have been identified by the report are:
Potash Corp., Itallpolina SpA, Sustane Natural fertilizers, Bodisen
Biotech, Inc., ScottsMiracle-Gro, BioStar Organics, Talborne
Organics, Mycsa Ag., and Protan Ag.
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As
per the projections provided by the TMR report, the demand in the
global organic fertilizers market will increment at a strong CAGR of
7.6% during the forecast period of 2017 to 2025. It has been
estimated by the report that the overall valuation of the global
organic fertilizers market will be US$6.40 bn by the end of 2025,
remarkably up from its evaluated worth of US$3.37 bn in 2016. In the
near future, the key companies of this market are expected to improve
their product portfolio to meet customized needs of the consumers,
expand their geographical presence via mergers and acquisitions, and
make their products eco-friendly in order to meet stringent
government regulations in various countries.
Fruits
and Vegetables Most Profitable Application Segment
Product-wise,
the report segments the global organic fertilizers market into
peat-based and manure-based. The latter currently serves the maximum
demand, both in terms of volume and value, and is expected to remain
most fruitful throughout the forecast period, expand the demand at a
CAGR of over 7.0% during the said forecast period. Application-wise,
the market for organic fertilizers has been classified into cereals
and grains, fruits and vegetables, oilseeds and pulses, and turf and
nurseries, with fruits and vegetables category generating most of the
demand.
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Geographically,
the report studies the potential of organic fertilizers market in the
regions of North America, Asia Pacific, Europe, Latin America, and
the Middle East and Africa, and rates Europe as the most lucrative
regional market, accounting for more than a third of the global
demand alone. Government initiatives for the usage of organic
fertilizers instead of chemical fertilizers along with increasing
demand from the organic food industry are a few factors augmenting
the demand from the European region.
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Growing
Popularity of Organic Food Driving Demand
Increasing
land area under organic cultivation, advancements in organic
fertilizers manufacturing processes, increasing health consciousness
in the developed regions, and escalating awareness regarding the
ill-effects of chemical fertilizers over the soil and environment
overall are some of the most important factors driving the demand in
the global organic fertilizers market. Organic fertilizers are
primarily used for plant and soil nourishment. Made from plant
wastes, animal wastes, and other minerals, organic fertilizers
maintain their environment-friendly content and thus, provide
favorable surroundings for the soil micro-organisms. As a result,
activity of soil increases. As the awareness regarding these benefits
increase, the demand for organic fertilizers is expected to increment
accordingly.
On
the other hand, high reliance on inorganic means of cultivation and
high cost are two factors hindering the proper prosperity of the
global organic fertilizers market. Nevertheless, increasing size of
potential consumer base, particularly in the developed regions of
Europe and North America are opening new opportunities for the
vendors operating in the global organic fertilizers market.
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