LONDON–(BUSINESS WIRE)–Oct 6, 2020–
The organic fertilizers market is expected to grow by USD 9.09 billion during 2020-2024, expanding at a CAGR of over 13%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Organic Fertilizers Market 2020-2024 (Graphic: Business Wire)
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Organic Fertilizers Market: Stringent regulations and policies to drive growth
The excessive use of inorganic fertilizers can have a severe and irreversible impact on the natural environment. Hence, government bodies across the world are introducing several regulations and guidelines to reduce the use of inorganic fertilizers. This is compelling fertilizer manufacturers to produce environmentally friendly products such as organic fertilizers, which is driving the growth of the market.
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As per Technavio, the easy recyclability of organic fertilizers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Organic Fertilizers Market: Easy Recyclability
Organic fertilizers get easily decomposed in the soil and do not leave toxic residues even with excessive use over a long period. They decompose by releasing carbon dioxide, methane, and water, thereby enriching the nutritive quality of the soil. They are also easily compostable and prevent environmental hazards such as eutrophication and agricultural run-off to a greater extent. Thus, the easy-recyclability of organic fertilizers will be crucial in increasing their demand during the forecast period.
“Increasing consumer awareness about the harmful effects of chemical and synthetic fertilizers and growing popularity of organic farming will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Organic Fertilizers Market: Segmentation Analysis
This market research report segments the organic fertilizers market by application (Fruits and vegetables, Cereals and grains, Oilseeds and pulses, and Others) and geography (Europe, APAC, North America, South America, and MEA).
The fruits and vegetables segment led the global organic fertilizers market in 2019. The segment is mainly driven by the increasing consumption of fruits and vegetables. Besides, the rising consumer acceptance for organically grown fruits and vegetables is contributing to the growth of the segment.
The European region led the organic fertilizers market in 2019, followed by APAC, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as reducing arable land, rising population, and improved farming practices in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 10/06/2020 05:45 AM/DISC: 10/06/2020 05:45 AM
Copyright Business Wire 2020.