The global organic fertilizers market is expected to post a CAGR of over 14% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global organic fertilizers market to post a CAGR of over 14% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing demand for food due to population growth. The rapid population growth worldwide is a significant factor that drives the global organic fertilizers market. The rise in population drives the demand for food, and this, in turn, drives the demand for organic fertilizer. Rapid urbanization has resulted in the reduction of cultivable land, and with an increase in food shortage and ever-increasing demand for grains, vegetables, pulses, and other agricultural yields, the dependence on environmentally sustainable products like organic fertilizer has increased.
This market research report on the global organic fertilizers market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights easy recyclability as one of the key emerging trends in the global organic fertilizers market:
Global organic fertilizers market: Easy recyclability
Organic fertilizers get easily decomposed in the soil and are preferred over chemical fertilizers. Organic fertilizers are environment-friendly and sustainable in nature and are harmless to the sod, though they are used extensively over a long period. Organic fertilizers get easily decomposed with the release of carbon dioxide, methane, and water, thereby enriching the nutrient quality of the soil. The use of organic fertilizers reduces the cost and solves environmental issues.
“Organic fertilizers are highly sustainable, and their increased adoption helps eliminate toxic residues from the soil and improve cultivation practices. They are easily compostable and prevent environmental hazards such as eutrophication and agricultural run-off to a greater extent. Thus, the easy recyclability and applicability of organic fertilizers will result in an ever-increasing demand for the product during the forecast period,” says a senior analyst at Technavio for research on fertilizers & agricultural chemicals.
Global organic fertilizers market: Segmentation analysis
This market research report segments the global organic fertilizers market by application (fruits and vegetables, cereals and grains, and oilseeds and pulses) and geographical regions (APAC, EMEA, and the Americas).
The fruits and vegetables segment held the largest market share in 2018, accounting for nearly 33% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of over 39%. This region is expected to dominate the market through 2023.
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Five Forces Analysis
Market Segmentation
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