Impact of COVID-19 on Organic Fertilizers Market : Implications on Business
The global organic fertilizers market is projected to exhibit healthy growth in coming years, according to a study by Transparency Market Research (TMR). The market features a fragmented landscape at present. The organic fertilizers industry comprises of several players, including large-, medium, and small-scale vendors. Vigorous rivalry exists in the business landscape, on account of which vendors are taking efforts to gain better market share. The top vendors in the global organic fertilizers market currently account for 40% of the total market share. TMR notes that small-and medium-sized vendors are especially influential in regional and local markets. This further leads to development of the global organic fertilizers market to a large extent.
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Vendors in the global organic fertilizers market are leveraging key growth strategies in order to gain momentum in the industry. The launch of new products, and expansion to regional markets are leading schemes adopted by vendors operating in the global organic fertilizers market. For instance, a recent product from Lystek, based on biosolids and organic solids, crossed sales of a million ton in 2019. The escalating sales of novel products is expected to offer lucrative opportunity to vendors in the global organic fertilizers market.
Leading players in the global organic fertilizers market are BioStar Organics, Talborne Organics, Sustane Natural fertilizers, Mycsa Ag., and Bodisen Biotech, Inc.
According to TMR’s projections, the global organic fertilizers market is likely to exhibit a vigorous 7.6% CAGR over the forecast period 2017 to 2025. The market was estimated to be worth US$3.37 bn in 2016, and is forecasted to reach a value of US$6.40 bn by 2025.
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In terms of product, manure-based are expected to take the lead over he forecast period. This could be dominant due to the availability of livestock in most farm and agricultural areas. Europe, in terms of geography is anticipated to dominate the global organic fertilizers market. This could be accounted to several supportive schemes and support offered by the authoritative organizations in the region.
Green Farming Practices to Bolster Organic Fertilizers Market
The term “organic” has become a resolute trend of modern agriculture owing to a rise in consumption of green products and demand for pollution-free agricultural end-products, creating a boom on the global fertilizer markets. The demand for organic fertilizers is expected to increase quickly in organic agriculture and to increase the demand for organic food. The term’ organic’ has become an irresistible trend of modern agriculture with increasing demand for Green goods and pollution-free agricultural products, and creates an excitement in the global fertilizers market. Furthermore, the growing use of organic fertilizers in animals and plants promotes earthworms ‘ growth and also contributes to other microbiological activities that are vital to plant growth. The demand for organic fertilizers is expected to rise rapidly with increased demand for organic foodstuff.
Cost-Effectiveness of Product to Aid in Boosting Sales
Dry organic fertilizer may consist or be a mixing of different ingredients of a single material such as rock phosphate. These fertilizers are economically efficient; however, compared with the liquid, they are necessary in large quantities because they are not fully absorbed by the crops. Almost all of the dry organic fertilizers provide a wide variety of foods; but with a balanced ratio of NPK and micronutrients a few dry organic fertilizers are available. They are widely used by farmers because they do not need state-of – the-art hardware. The production of organic fertilizers is a low investment and highly beneficial compared to chemical fertilizers. This is a key factor that is projected to boost sales in the global organic fertilizers market in coming years.
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This review is based on TMR’s report titled, “Organic Fertilizers Market (Product – Peat based and Manure based; Application – Cereals & Grains, Oilseeds & Pulses, and Fruits & Vegetables) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
