Press release
Soil Amendments Market Report: Size, Share Analysis, and Growth Trends
Soil Amendments Global Market Report 2024
According to The Business Research Company's, The soil amendments market size has grown rapidly in recent years. It will grow from $4.2 billion in 2023 to $4.68 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to government subsidies and incentives, soil erosion concerns, organic farming trends, crop rotation practices, awareness and education.
The soil amendments market size is expected to see rapid growth in the next few years. It will grow to $6.89 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to precision agriculture adoption, climate change adaptation, regenerative agriculture practices, government regulations, circular economy initiatives. Major trends in the forecast period include technological innovations, organic soil amendments, microbial soil enhancers, precision agriculture and soil testing, biochar integration.
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Market Drivers and Trends:
The increasing concern about soil degradation is expected to propel the growth of the soil amendments market going forward. Soil degradation refers to the loss of soil quality or fertility due to natural or human-induced factors. The increasing concern about soil degradation is mostly driven by intensive agriculture practices, deforestation, urbanization, and climate change, to address these issues, the amendments are in soil that improves soil quality by re-establishing microbial populations, balancing pH, adding organic matter, boosting water holding capacity, and reducing compaction. For instance, in November 2022, according to the United Nations Convention to Combat Desertification (UNCCS), a US-based UN Agency for land restoration, one-fifth of the world's population now lives and works on degraded agricultural land, and it is estimated that around 40% of the world's soil is already degraded, and around 90% could become degraded by 2050. Additionally, 10 to 12 million hectares of farmland are lost to soil degradation each year. Therefore, increasing concerns about soil degradation will fuel the soil amendment market growth.
Product innovations have emerged as a key trend gaining popularity in the soil amendments market. Major companies operating in soil amendments market are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, June 2021, Locus AG, a US-based agricultural biological company, launched Pantego, a next-generation soil probiotic. Pantego helps to increase soil organic matter by stimulating microbial activity and promoting plant growth. This, in turn, helps to sequester carbon from the atmosphere and improve soil health. It has been shown to increase crop yields by up to 10%, due to its ability to improve nutrient uptake and plant stress tolerance.
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Major Key Players of the Market:
BASF SE; UPL Limited; FMC Corporation; Adama Agricultural Solutions Ltd.; Bayer AG; Novozymes A/S; Lallemand Inc.; T Stanes & Company; Evonik Industries AG; Nufarm Ltd.; DOW Inc.; Greenfield Eco Solutions Pvt. Ltd.; Gujarat State Fertilizers and Chemicals Limited; Oro Agri Europe S.A; Compagnie de Saint-Gobain S.A.; SANOWAY GmbH; Eastman Chemical Company; Vantage Specialty Chemicals Inc.; Clariant International Ltd.; Croda International plc; Solvay S.A.; Syngenta AG; ADEKA CORPORATION; Akzo Nobel N.V.; BioWorks Inc.; Biochar Now LLC; Bio Soil Enhancers Inc.; Black Diamond Vermicompost; Blue Planet Environmental Solutions Pte. Ltd.; Carbon Gold Ltd.; Earth Science Laboratories Inc.
Soil Amendments Market 2024 Key Insights:
• The soil amendments market size will grow to $6.89 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• The Rising Significance Of Soil Amendments In Mitigating Degradation And Promoting Sustainable Agriculture
• Innovative Product Developments Drive Growth In The Soil Amendments
• North America was the largest region in the soil amendments market in 2023
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