Soil Conditioners Market to Garner $3.7 Billion, Globally, By 2031 at 4.7% CAGR, Says Allied Market Research
Rise in deforestation, soil erosion, and land clearance and increase in use of organic soil conditioner in agriculture & gardening applications drive the growth of the global soil conditioners market.
PORTLAND, Ore., July 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Soil Conditioner Market by Product Type (Organic, Inorganic), by Soil Type (Sand, Clay, Loam, Silt), by Application (Construction and Mining, Agriculture and Gardening, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global soil conditioners industry generated $2.3 billion in 2021, and is anticipated to generate $3.7 billion by 2031, witnessing a CAGR of 4.7% from 2022 to 2031.
Prime determinants of growth
Rise in deforestation, soil erosion, and land clearance and increase in use of organic soil conditioner in agriculture & gardening applications drive the growth of the global soil conditioners market. However, the time-consuming process, high cost of inorganic soil conditioners, lack of awareness, and low adaption rate restrict the market growth. Moreover, inorganic soil conditioners are mineral-based soil conditioners that can be used to rebuild the soil quality and it has macro & micro nutrients in which plants can easily uptake nutrients for a longer period. These factors present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global soil conditioners market, owing to disruptions in the supply chain for various agrochemical products.
- The decreased consumer demand has put downward pressure on the prices and production of soil conditioners.
The inorganic segment to maintain its leadership status throughout the forecast period
Based on product type, the inorganic segment held the highest market share in 2021, accounting for nearly three-fifths of the global soil conditioners market, and is estimated to maintain its leadership status throughout the forecast period, owing to wide usage in various sectors such as agriculture, mining, roofing, and construction. However, the organic segment is projected to manifest the highest CAGR of 5.0% from 2022 to 2031, attributed to large demand for sustainable and organic farming.
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The sand segment to maintain its lead position during the forecast period
Based on soil type, the sand segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global soil conditioners market, and is projected to maintain its lead position during the forecast period, owing to enhancement of the soil productivity. However, the clay segment is expected to portray the largest CAGR of 5.1% from 2022 to 2031, due to a wide range of applications in construction, pottery, gardening, and other end-use sectors.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for nearly two-fifths of the global soil conditioners market. Moreover, the same region is expected to witness the fastest CAGR of 5.2% from 2022 to 2031. Surge in use of soil conditioners for providing nutrients, enhancing soil fertility, and other soil amendment purposes strengthens the growth of the soil conditioners market in this region. Other segments mentioned in the report include North America, Europe, and LAMEA.
Leading Market Players: -
- BASF SE
- UPL Limited
- Gujarat State Fertilizers And Chemicals Limited
- Jaipur Bio Fertilizers
- Novozymes A/S
- Evonik Industries AG
- Greenfield Eco Solutions Pvt. Ltd.
- Oro Agri Europe S.A.
- SANOWAY GmbH
- Saint-Gobain
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