Phosphate Rich Organic Manure (PROM) Market Exploring Future Growth Potential, New Developments and Forecast 2031

The global phosphate rich organic manure (PROM) industry has witnessed significant growth in recent years, driven by the increasing demand for organic fertilizers and supportive government initiatives. However, challenges such as low consumer awareness have posed obstacles to market expansion. Nonetheless, the sector is ripe with opportunities, particularly with the advent of new product launches and the utilization of vermicompost in PROM production.

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Market Insights:

Market Size: In 2021, the global PROM market was valued at $2.8 billion, with projections to reach $5.7 billion by 2031, indicating a steady growth trajectory at a CAGR of 6.5% from 2022 to 2031.

Determinants of Growth: The surge in demand for organic fertilizers and governmental support has been pivotal in bolstering market growth. Conversely, challenges stemming from low consumer awareness have impeded progress. However, the introduction of new products and the incorporation of vermicompost in PROM production are anticipated to unlock new avenues for growth.

Covid-19 Impact:

The Covid-19 pandemic exerted moderate effects on the PROM market, primarily due to its reliance on the agriculture sector and the imposition of strict lockdown measures. Financial constraints in developing nations and disruptions in raw material procurement further hindered market growth.

Market Dynamics:

Segmentation: The potassium humate segment emerged as the market leader in 2021, capturing over two-fifths of the global PROM market. This dominance is attributed to the adoption of potassium humate in sustainable agricultural practices and heightened concerns regarding environmental and soil health. However, the organic manure segment is poised for the highest CAGR of 9.1% during the forecast period, fueled by escalating demand for organic produce and increasing environmental awareness.

Regional Analysis: Asia-Pacific, trailed by Europe and North America, commanded the largest market share in 2021, collectively holding over half of the global PROM market. The Asia-Pacific region is projected to witness the highest CAGR of 7.4% during the forecast period, driven by population growth, rising food demand, and expansive opportunities for organic farming. North America is anticipated to register a CAGR of 5.1% from 2022 to 2031.

Key Players:

Several prominent players contribute to the competitive landscape of the PROM market, including 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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