Increase in demand for organic fertilizers and rise in government initiatives have boosted the growth of the global phosphate rich organic manure (PROM) market. However, low consumer awareness hinders the market growth. On the contrary, new product launches and production of PROM using vermicompost are expected to unlock new opportunities in the future.
A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.
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As per the report, the global phosphate rich organic manure (PROM) industry accounted for $2.8 billion in 2021, and is expected to reach $5.7 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.
The potassium humate segment held the largest share in 2021, accounting for more than two-fifths of the global phosphate rich organic manure (PROM) market, due to adoption of potassium humate in sustainable agricultural methods and increased concerns about environmental consequences and soil pollution. However, the organic manure segment is expected to register the highest CAGR of 9.1% during the forecast period, owing to rise in demand for organic food and increased awareness regarding environmental safety.
The Phosphate rich organic manure market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.
The market across Asia-Pacific, followed by Europe and North America, dominated the market in 2021, holding more than half of the global phosphate rich organic manure (PROM) market. In addition, the region is expected to register the highest CAGR of 7.4% during the forecast period, owing to rise in population in the region and increased demand for food and large area for organic farming. The market across North America is expected to register a CAGR of 5.1% from 2022 to 2031.
Phosphate rich organic manure Companies Covered Market:- Agri India Biotech, Hindustan BEC Tech India Pvt. Ltd., Biogen Fertilizer India Private Ltd., Komeco B.V., Jaipur Bio Fertilizers, Narmada Bio-chem Ltd. (NBCL), Midwestren BioAG, Nextnode BioScience Pvt. Ltd., NatureSafe and Other.
Analysis of COVID-19 impact
The outbreak of the pandemic has had a massive impact on the majority of industries and the Phosphate rich organic manure market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Phosphate rich organic manure market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.
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