Organic Fertilizers Market
Organic Fertilizers Market : Global Demand Analysis & Opportunity Outlook 2024
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Organic Fertilizers Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Organic fertilizers are made from vegetable matter, animal manure, human manure and animal matter. Organic fertilizers enrich the soil, plants and it also benefits the insects. These fertilizers are sustainable, perishable and environment friendly. Farmers are adopting organic fertilizers due to their low cost and healthy long lasting impact on soil. Apart from acting as a fertilizer to the plants, organic fertilizer also conditions the soil.
Global organic fertilizers market is expected to flourish at a CAGR of 6.9% during the forecast period. Further, the global organic fertilizers market is anticipated to reach at a valuation of USD 6.3 Billion by the end of 2024 from USD 3.1 Billion in 2016. Rising awareness about the long term benefit of organic farming and increasing adoption of eco-friendly products is anticipated to drive the growth of the global organic fertilizers market.
In the regional platform, Europe captured the largest share in overall global organic fertilizer market in 2016. This can be attributed to the rising consumer willingness to pay for organic fertilizers. Further, presence of stringent government regulations limiting the use of chemical fertilizers is anticipated to fuel the demand for organic fertilizers in the European region.CLICK TO DOWNLOAD FREE SAMPLE
Asia Pacific market of organic fertilizers is estimated to be the fastest growing market across the globe due to high availability of raw materials. Further, favorable government subsidy policies are envisioned to bolster the growth of organic fertilizers market in Asia Pacific region.
On the basis of product type, global organic fertilizers are segmented into peat based, manure based and others. Manure based organic fertilizers dominated the overall organic fertilizers market in 2016 and is expected to continue its dominance during the forecast period. High availability of livestock manure is expected to be the key factor behind the growth of manure based organic fertilizers market across the globe.
Our in-depth analysis segmented the global organic fertilizers market in the following segments:
Global organic fertilizers market is further classified on the basis of region as follows:
Organic food industry has witnessed augmented demand for organic foods among consumers in recent years. This can be attributed to various benefits of organic farming such as safety from pesticides and chemicals. This rising demand for organic foods is fostering the growth of global organic fertilizers market.
Rise in demand and adoption of environment friendly agricultural products is expected to drive the global organic fertilizers market. Apart from this, rapid development of new organic fertilizer producing high yield crops is also envisioned to bolster the growth of global organic fertilizers market. Further, increasing farm area under organic cultivation is expected to garner the growth of global organic fertilizers market. Moreover, government is encouraging the adoption of organic fertilizers in various nations. Apart from this, government has launched incentive and reimbursement programs. This factor is expected to positively impact the growth of the global organic fertilizers market.
In contrast, lack of awareness about the benefits of organic fertilizers among farmers is expected to hamper the growth of global organic fertilizers market during the forecast period. Moreover, high adoption rate of chemical fertilizers over organic fertilizers is restraining the development of global organic fertilizers market.
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