The global organic fertilizers market size is projected to exhibit a remarkable growth trajectory on account of the increasing attention and funding garnered by innovative organic farming startups around the globe, shares Fortune Business Insights™ in its report, titled “Organic Fertilizers Market Size, Share & Industry Analysis, By Source (Animal Origin, Plant Origin), By Form (Dry, Liquid), By Crop Type (Cereals, Pulses and Oilseeds, Fruits and Vegetables, Turf and Ornamental) and Regional Forecast, 2022-2029”. Organic farming has captured world interest due to the vast, long-lasting benefits offered by naturally-derived agricultural inputs as opposed to the detrimental environmental effects produced by synthetic fertilizers and pesticides. The enormous opportunities created by this burgeoning domain have spawned several startups that are specializing in organic fertilizers. More importantly, these entities are getting recognition from industry leaders and venture capitalists that are engaged in value investing. For example, in April 2020, Lucent Plant BioSciences, a Vancouver-based company that makes fertilizers out of pea and lentil hull waste, received a funding of CAD 1.3 million from Protein Industries Canada and an additional funding of CAD 1.7 million from another consortium of companies. In India, FIB-SOL Technologies, a startup that engineers low-cost bio-fertilizers to improve soil quality and crop yield, received a seed funding of INR 10lakh from the IIT-M Alumni Association in 2018. Financial support of such kind is encouraging new-entrepreneurs to enter the field of organic farming and create breakthrough products to make agriculture more sustainable.
The COVID-19 pandemic has led to a severe contraction of economic activities, afflicting industries and businesses around the world. Imposition of lockdowns and social distancing measures has stoked fears about an imminent economic recession. Supply chain networks have been disrupted, pushing down demand for goods and services, globally. Governments are taking several efforts to mitigate the damage caused by this pandemic, but uncertainty continues to be prevalent. At Fortune Business Insights™, we are constantly striving to develop comprehensive research reports on various markets so as to equip your business with the necessary intelligence to emerge victorious on the other side of this crisis.
Salient Features of the Report:
- Tangible insights into the factors driving, constraining, and shaping the growth of the market;
- In-depth analysis of the key market segments;
- Thorough examination the regional developments impacting the market; and
- Detailed profiling and careful assessment of the key market players and their strategies.
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Increasing Promotion of Sustainable Agricultural Practices to Favor Market Growth
The organic fertilizers market growth is poised to benefit from the aggressive promotion of sustainable agriculture by national governments and international bodies. For example, in March 2020, the Canadian Agriculture Minister announced that the Federal Government will invest CAD 560,000 in the Canadian Federation of Agriculture to develop the Canadian Agri-Food Sustainability Initiative. The project is aimed at providing stakeholders across the agriculture supply chain to discuss and adopt sustainable farming methods. At the global levels, organizations such as the Food and Agriculture Organization (FAO) are taking vital efforts to make farming more sustainable, especially in underdeveloped economies. In October 2020, for instance, the FAO teamed up with the Russia-based PhosAgro to start the Soil Doctors Program to develop farmer skills in sustainable soil management. Additionally, the program also aims at establishing soil laboratories in the Middle East, Latin America, and Africa. Organic fertilizers will be one of the most critical components in the advancement of sustainable agriculture across the globe as they not only improve soil health but can also boost farm yield, which will be essential in feeding the ever-increasing global population.
Surging Demand for Organic Food to Propel the North America Market
North America is expected to lead the organic fertilizers market share in the forthcoming years owing to the rapidly increasing demand for organic food products in the region. This has been a result of the growing consciousness among consumers about the harmful effects of chemical fertilizers and pesticides on human health as well as the environment. Moreover, the cost-effectiveness of organic fertilizers makes them an attractive alternative to synthetic ones for farmers, which supports the regional market growth.
In Europe, the market is set to enjoy excellent prospects on account of the aggressive promotion of sustainable farming practices by the European Union (EU). In Asia Pacific, on the other hand, expanding area under organic farming in India, China, Vietnam, and Bangladesh will create the necessary conditions for the growth of this market.
Geographic Expansion to be the Key Growth Strategy for Leading Players
The growth prospects offered by this market, particularly in developed economies, are fueling the expansion strategies of key players in this market. These companies are establishing their activities in different geographies through mergers & acquisitions and collaborations & partnerships with regional entities.
- March 2019: Italpollina SpA signed a deal to acquire Florida-based Horticulture Alliance, a specialist in maintaining plant health through organic mechanisms. The takeover will allow Italpollina to strengthen its manufacturing and distribution of organic fertilizers in North America.
- February 2019: The waste-to-energy company, BioStar Organics, inaugurated a new organic fertilizer plant in Washington. The aim behind the opening of this facility is to produce large amounts of the company’s flagship SuperSix organic liquid fertilizer annually.
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List of Key Players Covered in the Organic Fertilizers Market Report:
- Nature Safe
- BioStar Systems, LLC
- Perfect Blend, LLC
- Italpollina SpA
- Krishak Bharati Cooperative Limited
- Coromandel International Limited
- Tata Chemicals Limited
- AgroCare Canada, Inc.
- Sustane Natural Fertilizer, Inc.
- ILSA S.p.A
- Midwestern BioAg
- National Fertilizers Limited
- The Scotts Miracle-Gro Company
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