The North American biological organic fertilizer market is expected to register a CAGR of 14.1% during the forecast period of 2020-2025. Organic fertilizer is applied in bulk or in concentrate, depending on the nutrient level content in the particular concentration of product ingredients. The selected strains of beneficial soil microorganisms used either for seed treatment or soil application are particularly gaining momentum among the farming communities. Increased concern about environment and growth in the organic food industry has paved the way for the use of bio-based organic fertilizers.
Key Market Trends
Growing Organic Food Industry
Growth in the organic food industry is driving the organic fertilizer market. The shift in preference towards the residue-free, safe, and healthy food is driving the agriculture industry to use chemical-free cultivation practices, which is driving the growth of the organic fertilizer market. According to the report, the US organic food sales amounted to about 47.86 billion US dollars in 2018. This factor highlights the scope for the growth of the biological organic fertilizer market.
Increasing Practise Of Organic Farming
Increased concern about the environment has paved the way for the use of bio-based organic fertilizers. Increasing the cost of chemical fertilizers and push from governments for sustainable farming is enabling the farmers to adopt organic farming practices. This, in turn, increases the demand for the biofertilizers. The area under organic farming in the United States is constantly increasing, which indicates the demand for organic fertilizer. The area under organic farming in the United States has increased from 1,769,001 hectares in 2010 to 2,023,430 hectares in 2018. The increasing preference towards organic methods of cultivation in the country has further driven the plant growth regulators market
Investment in research and development to introduce effective strains is the most sought after the strategy of major players. The key players in the market are also focused on new product launches to cater to a wider consumer base and expand market share in the local market. All the major players have a presence in North America and the regional market place is divided among the big players along with some regional players. The major players in the market are Novozymes AS, Rizobacter Argentina SA, T Stanes & Company Limited, Biomax, Symborg, and Labiofam SA, etc.
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