The global market for organic fertilizers currently features immense fragmentation, as reported by Transparency Market Research (TMR). The market’s competitive ecosystem is comprised of numerous vendors, including several small-, medium-, and large-scale players. Being a market featuring stiff competition, vendors are impelled to take constant efforts at sustaining in the industry. The leading players currently account for approximately 40% of the overall market share, which demonstrates a noticeable influence of the small- and medium-scale players in the market. These vendors are especially dominant in local and domestic markets, and substantially contribute to the development of the overall market.
Some prominent players in the global organic fertilizers market are Sustane Natural fertilizers, Bodisen Biotech, Inc., BioStar Organics, Mycsa Ag., Protan Ag., and Talborne Organics. Prominent players are strategically investing in the organic fertilizers market, to enhance their production capacity through smart business strategies. For instance, in April 2017, the Multiplex Group established a new manufacturing unit at India to meet increasing demand for micronutrients, specialty fertilizers, soil conditioners, bio pesticides, and bio fertilizers. Such instances market a definitive growth trajectory for the global organic fertilizers in the forthcoming years.
According to TMR, the global market for organic fertilizers is estimated to reach a valuation of US$6.40 bn by the end of 2025, considerably up from its evaluated worth of US$3.37 bn in 2016.
With surge in demand from organic food industry the market is envisaged to witness a healthy 7.6% CAGR over the forecast period 2017 to 2025.
In 2016, manure-based organic fertilizers were responsible for generating most revenue, and the trend is expected to continue over the coming years. This could be attributed to the initiatives undertaken by the several governments across the globe to promote these fertilizers.
Geographically, Europe led the world market for organic fertilizers, on account of a plethora of support and incentive schemes towards the wide uptake of the product.
Soil Enriching Properties of Product to Augment Demand
Some advantages in organic fertilizers are more than regular fertilizers. The utilization of organic fertilizers have various advantages, for example, upgrading soil structure and rationing water by keeping the stream of hurtful fertilizers and pesticides into water that advances the development of green growth (eutrophication). Besides, the synthetic substances utilized as a part of customary cultivating are additionally unsafe for human utilization. Expanding utilization of engineered fertilizers and pesticides brings about ecological decay and a few heath related issues. The developing utilization of organic fertilizers advances the development of night crawlers and furthermore helps in other microbiological exercises that are fundamental for plant development.
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Need for Sustainable Agriculture to Drive Growth
To take care of the rising demand for practical strategies for agribusiness, governments over the globe are supporting ranchers to change over their properties into organic. In any case, there are a few difficulties here, for example, accreditation costs, premium costs of organic substitutes and less generation. Subsequently the legislatures of both exceedingly developed as well as emerging have formed different solid government ventures and systems. Such government activities and sponsorships advancing the utilization of organic fertilizers are powering the development of these segments.