by Organic fertilizers are byproducts of organic matter that is broken down by microorganisms. They improve soil fertility and structure. Organic fertilizers supply nutrients to plants and are considered more sustainable than chemical fertilizers.
The global Organic Fertilizer Market is estimated to be valued at US$ 12.64 Bn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the organic fertilizer market is the increasing demand for organic foods. There is a rising health consciousness among consumers about the effects of chemicals used in conventional farming. Many prefer to purchase organic foods produced without the use of synthetic pesticides and fertilizers. This is driving more farmers to adopt organic fertilizers to cater to the demand. Another trend is the growing awareness about the negative environmental impact of chemical fertilizers. Organic options are considered safer for soil, air and water quality. Strict regulations regarding the use of chemicals are also prompting farmers to shift to organic variants.
SWOT Analysis
Strengths: Organic fertilizers improve soil health and fertility. They are manufactured without the use of chemicals, making them safe for the environment.
Weaknesses: Organic fertilizers take longer to break down and release nutrients into the soil compared to chemical fertilizers. Their effectiveness also depends on factors like soil type and weather conditions.
Opportunities: Growing consumer awareness about health and environmental hazards of chemical fertilizers is driving the demand for organic products. The organic food market is expanding rapidly globally.
Threats: Volatility in raw material prices can increase production costs. Fake and low-quality products in the market can hurt brand names and consumer confidence.
Key Takeaways
Global Organic Fertilizer Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing health and environmental concerns regarding chemical fertilizers. The demand for chemical-free and sustainable farming practices is driving sales of organic fertilizers.
Regional analysis: North America dominated the organic fertilizer market in 2023 with over 30% share, followed by Europe. India and China are fastest growing markets in Asia Pacific due to large area under organic cultivation and government support schemes.
Key players operating in the organic fertilizer market are Scotts Miracle-Gro Company, National Fertilizers Ltd., and Fertikal N.V.. Strategic acquisitions and expansion of production facilities have enabled these companies to strengthen their leadership position in the market. Focus on developing innovative product formulations and expanding distribution networks in emerging countries will be key success factors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
