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Organic Fertilizers: Growth Trends and Market Insights for 2024
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According to The Business Research Company's, The organic fertilizers market size has grown strongly in recent years. It will grow from $9.46 billion in 2023 to $10.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to growth in demand for organic food, regulations favoring organic farming, awareness about environmental sustainability, increasing awareness among consumers about health benefits, and an increase in organic food sales.
The organic fertilizers market size is expected to see strong growth in the next few years. It will grow to $14.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to the expansion of organic farming, increasing government incentives and subsidies for organic farming practices, increasing organic farming, a rising population, and increasing agricultural output. Major trends in the forecast period include customized organic fertilizer formulations, continued innovation in utilizing organic waste streams, the adoption of digital farming technologies, vertical farming and urban agriculture, and the and the adoption of regenerative agriculture practices.
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Market Drivers and Trends:
The rising demand for organic food is expected to propel the growth of the organic fertilizer market going forward. Organic food refers to products produced using farming practices that emphasize the use of natural substances and processes. The demand for organic food is rising due to increasing consumer awareness of health benefits, environmental sustainability, and ethical practices, combined with the greater availability and accessibility of organic products. Organic fertilizers improve soil health and plant growth without synthetic chemicals, supporting sustainable and nutrient-rich organic food production. For instance, in June 2022, according to the Organic Trade Association (OTA), a US-based business association for the organic industry, in 2021, organic fruits and vegetables represented 15% of the total product market, generating over $21 billion in revenue which is an approximate 4.5% increase compared to 2020. Therefore, rising organic food sales are driving the growth of the organic fertilizer market.
Major companies operating in the organic fertilizers market are focusing on developing innovative products, such as bio-enhanced fertilizers, to enhance soil health and boost crop yields sustainably. Bio-enhanced fertilizers are organic fertilizers enriched with beneficial microorganisms to increase nutrient availability and improve soil health. For instance, in August 2023, Bionema Group Limited, a UK-based biotechnology company, launched a new range of four biofertilizers in the UK to enhance plant nutrition by using living microbes that improve nutrient availability in the soil. These innovative products focus on restoring soil health and promoting sustainable agricultural practices by reducing reliance on synthetic fertilizers. The biofertilizers are designed to improve nutrient absorption and support overall plant growth, contributing to more robust farming practices. This launch underscores Bionema's commitment to providing environmentally friendly solutions for crop protection and plant health management, aligning with the increasing demand for sustainable farming methods.
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Major Key Players of the Market:
BASF SE, Yara International ASA., K+S Aktiengesellschaft, Tata Chemicals Ltd., The Scotts Company LLC, Coromandel International Limited, Darling Ingredients Inc., T.Stanes and Company Limited, TerraLink Horticulture Inc., Jobe's Organics Inc., True Organic Products Inc., Midwestern BioAg Inc., ILSA S.p.A, Gardener's Supply Company Inc., Suståne Natural Fertilizer Inc., Sigma AgriScience LLC, California Organic Fertilizers Inc., Mirimichi Green, NatureSafe, General Hydroponics Inc., Greenway Biotech Inc., BioFlora LLC, Earthworm Technologies LLC, Solex Corporation Inc.
Organic Fertilizers Market 2024 Key Insights:
• The organic fertilizers market size is expected to see strong growth in the next few years. It will grow to $14.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Organic Food Sales Drive Growth In The Organic Fertilizer Market
• Bionema Launches Bio-Enhanced Fertilizers To Boost Soil Health And Crop Yields Sustainably
• North America was the largest region in the oganic fertilizers market in 2023
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