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(MoneyNewsWire.Net, June 06, 2018 ) The organic fertilizers market is projected to grow at a CAGR of 12.08% from 2017, to reach a projected value of USD 11.16 Billion by 2022. Increasing land area under organic cultivation and advancements in the manufacturing process of organic fertilizers are some of the major factors driving the market for organic fertilizers globally.
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On the basis of source, the animal-based segment accounted for the largest share in 2016, owing to the higher nutritional content of animal-based organic fertilizers, which are more beneficial for crops. Animal-based organic fertilizers are further segmented into manure, blood meal, bone meal, feather meal, and fish meal & other by-products. The blood meal segment dominated the market for animal-based organic fertilizers in 2016. Bone meal is a good source of phosphorus and calcium that strengthens the root health development and flower growth, which drives the market for bone meal organic fertilizers globally.
On the basis of crop type, the fruits & vegetables segment is projected to grow at the highest CAGR from 2017 to 2022. Organic fruits & vegetables play a key role in human diet and cannot be easily substituted. They are highly perishable in nature as compared to cereals & oilseeds; however, well-developed cold chains and refrigerated transport facilities have driven the trade as well as the demand for organic fruits & vegetables, subsequently driving the demand for organic fertilizers.
On the basis of form, the liquid segment is projected to be the faster-growing segment during the forecast period. Liquid fertilizers are preferred over the dry ones because this form is the most suitable, economical, and effective for mixing fertilizers. The application of liquid fertilizers is also less labor extensive. Such advantages make it the most widely used form of organic fertilizers among farmers.
Increasing need for food security, high investments in R&D, and change in farming practices are the major drivers of the Asia-Pacific organic fertilizers market. 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. The increase in adoption of organic agricultural practices and requirement of high-quality agricultural produce are also expected to drive the organic fertilizers market growth in this region.
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The major restraint for the organic fertilizers market is the continued reliance on inorganic means of cultivation for crop production. In the normal course of cropping and harvesting, the soil tends to lose vital nutrients required for optimum crop productivity. With the increased need to meet the demand for food, farmers increasingly rely on the application of synthetic fertilizers to optimize the productivity of the cultivated land. Globally, the per land unit consumption of synthetic fertilizers has increased over the past few years; it increased from about 104 kilograms per hectare in the year 2002 to about 138 kilograms per hectare in the year 2014.
The key players identified and profiled in the report include 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 account for a significant share of global organic fertilizers market through their comprehensive product portfolio of organic fertilizers.
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