Asia Pacific Organic Fertilizer Market Is Estimated To Witness High Growth Owing To Rising Demand for Organic Food
Market Dynamics:
The Asia Pacific organic fertilizer market is primarily driven by rapidly growing organic farming practices and rising demand for organic food in the region. According to Research Institute of Organic Agriculture, the total land area under organic management in Asia is around 4.6 million hectares as of 2019 which is around 9.7% of total organic land area worldwide. The organic food market in Asia is witnessing a high growth rate owing to increasing health consciousness among consumers regarding chemical-free food. Furthermore, supportive government policies and programs to promote organic farming is also expected to fuel the market growth over the forecast period.
SWOT Analysis
Strength:
Organic fertilizers are produced from natural and renewable sources making them environment friendly. They improve the soil health and structure. Organic fertilizers contain nutrients in slow release forms giving sustained release of nutrients to plants.
Weakness:
Organic fertilizers have low nutrient content per unit weight compared to conventional fertilizers requiring higher application rates. Their nutrient content varies more than synthetic fertilizers making uniform fertilizer application difficult.
Opportunity:
Growing consumer demand for organic and eco-friendly products presents growth opportunity for organic fertilizer market. Increasing awareness about harmful effects of chemical fertilizers driving adoption of organic alternatives. Growth in organic farming and cultivation of specialty crops also drives demand for organic fertilizers.
Threats:
Availability of cheaper substitute conventional fertilizers poses threat to organic fertilizers market. Stringent regulations regarding production and labelling of organic fertilizers increase compliance cost for producers.
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 concerns regarding effects of chemical fertilizers. The organic fertilizer market size for 2023 is US$ 12.64 billion.
Regional analysis
The Asia Pacific dominates the global organic fertilizer market and is expected to grow at the fastest rate during the forecast period owing to large agriculture production and increasing trend of organic farming in countries like India and China. North America is another major market for organic fertilizers due to rising popularity of organic farming and gardening practices in the region.
Key players analysis
Key players operating in the organic fertilizer market are Scotts Miracle-Gro Company, National Fertilizers Ltd., and Fertikal N.V. Key players are focusing on capacity expansion and product launches to strengthen their market position.
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