(I-BusinessNews.Com, February 05, 2020 ) The organic fertilizers market is projected to reach a value of USD 11.16 billion by 2022, at a CAGR of 12.08% from 2017 to 2022. The market is driven by factors such as increasing land area under organic cultivation and advancements in organic fertilizers’ manufacturing process. Increasing size of potential consumer base, which drives the demand for organic fertilizers through organic food consumption present organic fertilizers providers with lucrative opportunities.
Increase in consumer willingness to spend on organic foods, increasing area under cultivation due to farmers’ preference towards organic cropping owing to favorable pricing of products, and growing agricultural land area under organic cultivation is expected to change the business landscape over the next five years.
On the basis of source, the animal segment is projected to be the fastest-growing segment during the forecast period. The awareness about the nutritional benefits of the animal-based organic fertilizers has resulted in an increased usage of these fertilizers in the recent years.
On the basis of crop type, the fruits & vegetables segment is estimated to be the fastest-growing segment during the forecast period. As the demand for organic fruits & vegetables is increasing, growers need to produce more in the limited organic land area, owing to which the application of organic fertilizers in fruits & vegetables is increasing.
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On the basis of form, the dry segment is the most widely used form in the global organic fertilizers market while liquid projected to be the faster-growing segment. Liquid fertilizers have the characteristic of rapid absorbability by soil, which in turn ensures that nutrients reach crops faster than other forms of fertilizers. Such benefits have resulted in new opportunities for the organic fertilizers industry.
The fastest-growing market for organic fertilizers is projected to be Asia-Pacific between 2017 and 2022. Agriculture is one of the major occupations in the Asia-Pacific region; a number of farmers in the region are engaged in agriculture with more than 26 million hectares of organic land, thereby leading to an increased demand for organic fertilizers for higher quality & safe organic foods.
Prominent players in this market are Tata Chemicals Ltd (India), The Scotts Miracle-Gro Company (U.S.), Coromandel International Limited (India), National Fertilizers Limited (India) and Krishak Bharati Cooperative Limited (India). Other significant players include Midwestern BioAg (U.S.), Italpollina SpA (Italy), ILSA S.p.A (Italy), Perfect Blend, LLC (U.S.), and Sustane Natural Fertilizer, Inc. (U.S.).
These players have adopted various strategies such as mergers & acquisitions, expansions, and agreements, to strengthen their geographical reach in the organic fertilizers market. The major opportunities in the organic fertilizers market include increasing the size of the potential consumer base, which drives the demand for organic fertilizers through organic food consumption. These opportunities have induced the fertilizer manufacturers to use and manufacture new and better quality organic fertilizers products.
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