Phosphate Rich Organic Manure (PROM) Market Innovative Strategies for Harnessing Future Market Size Growth

Allied Market Research recently released a comprehensive analysis report on the Phosphate Rich Organic Manure (PROM) Market titled "Global Opportunity Analysis and Industry Forecast, 2022-2031." According to this report, the worldwide phosphate rich organic manure (PROM) industry was worth $2.8 billion in 2021 and is anticipated to reach $5.7 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 6.5% from 2022 to 2031.

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Major Market Growth Factors:

The growth of the global phosphate rich organic manure (PROM) market is being fueled by an increase in demand for organic fertilizers and government initiatives. Nevertheless, low consumer awareness remains a hindrance to market growth. Conversely, future opportunities could arise from new product launches and the production of PROM using vermicompost.

Covid-19 Impact:

The Covid-19 pandemic had a moderate effect on the market, primarily due to its reliance on the agricultural sector and strict lockdown measures. Financial difficulties in developing countries and disruptions in raw material procurement impeded market growth.

Key Market Segment:

In 2021, the potassium humate segment was the market leader, holding over two-fifths of the global phosphate rich organic manure (PROM) market. This was attributed to the adoption of potassium humate in sustainable agricultural practices and increased concerns about environmental degradation and soil pollution. The organic manure segment is anticipated to have the highest CAGR of 9.1% during the forecast period, due to increased demand for organic food and growing awareness regarding environmental sustainability.

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Regional Analysis:

Asia-Pacific, followed by Europe and North America, accounted for over half of the global phosphate rich organic manure (PROM) market in 2021. During the forecast period, the Asia-Pacific region is expected to exhibit the highest CAGR of 7.4% due to the region's increasing population, rising food demand, and ample space for organic farming. North America is anticipated to grow at a CAGR of 5.1% from 2022 to 2031.

Key Market Players:

Prominent companies in the phosphate rich organic manure (PROM) market include 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 Ujjawal Biotech & Organics Pvt. Ltd.

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