Phosphate Rich Organic Manure (PROM) Market to Garner $5.7 Billion, Globally, By 2031 at 6.5% CAGR, Says Allied Market Research
Increase in demand for organic fertilizers and rise in government initiatives have boosted the growth of the global phosphate rich organic manure (PROM) market.
PORTLAND, Ore., June 22, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Phosphate Rich Organic Manure (PROM) Market by Source (Organic Manure, Plant Based Bio-Mass, De-oiled Cake, Potassium Humate, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031". As per the report, the global phosphate rich organic manure (PROM) industry accounted for $2.8 billion in 2021, and is expected to reach $5.7 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.
Major determinants of the market growth
Increase in demand for organic fertilizers and rise in government initiatives have boosted the growth of the global phosphate rich organic manure (PROM) market. However, low consumer awareness hinders the market growth. On the contrary, new product launches and production of PROM using vermicompost are expected to unlock new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic moderately affected the market due to its dependency on the agriculture sector and strict lockdown restrictions.
- The financial problems in developing counties and disruptions in procurement of raw materials hampered the market growth.
The potassium humate segment dominated the market growth
By source, the potassium humate segment held the largest share in 2021, accounting for more than two-fifths of the global phosphate rich organic manure (PROM) market, due to adoption of potassium humate in sustainable agricultural methods and increased concerns about environmental consequences and soil pollution. However, the organic manure segment is expected to register the highest CAGR of 9.1% during the forecast period, owing to rise in demand for organic food and increased awareness regarding environmental safety.
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Asia-Pacific, followed by Europe and North America, held the largest share
By region, the market across Asia-Pacific, followed by Europe and North America, dominated the market in 2021, holding more than half of the global phosphate rich organic manure (PROM) market. In addition, the region is expected to register the highest CAGR of 7.4% during the forecast period, owing to rise in population in the region and increased demand for food and large area for organic farming. The market across North America is expected to register a CAGR of 5.1% from 2022 to 2031.
Major Market Players
- 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
- Ujjawal Biotech & Organics Pvt. Ltd.
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