The emergence of large organic foods and beverage markets in various North American and European countries is fueling the requirement for organic fertilizers around the world. According to the findings of the International Federation of Organic Agriculture Movement (IFOAM), the sales of organic products were majorly concentrated in North American and European countries. The sales of these organic items were significantly high in countries, such as the U.S., Germany, and France, for a short period of time in 2019.
This was primarily because of the high per capita income of people in these countries. Furthermore, according to the IFOAM, the sales of these organic products will rise sharply in the upcoming years, which will subsequently create lucrative growth opportunities for organic fertilizer producers, thereby supporting the growth of the organic fertilizers market. Besides, the increasing number of organic farmlands and acreage of these farmlands is also propelling the requirement for organic fertilizers around the world.
Owing to the aforementioned factors, the value of the organic fertilizers market will surge from $4,512.1 million in 2019 to $14,746.2 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will grow at a CAGR of 14.1% during 2020–2030 (forecast period). Plants and animals are the primary sources of organic fertilizers. Between these, the demand for animal-based fertilizers was observed to be higher in the past.
Moreover, these fertilizers were preferred by farmers, who usually bought them in large quantities, over the other variants. Geographically, the demand for organic fertilizers was the highest in Europe in the years gone by. Whereas, in the coming years, the organic fertilizers market will demonstrate the highest growth rate in the Rest of World (RoW) region. This is credited to the surging farming of quinoa, primarily in Latin American countries, such as Mexico, Uruguay, and Argentina. As organic fertilizers are used extensively in quinoa farming, the increasing farming of quinoa is pushing up the demand for these fertilizers in these countries.
Thus, it can be said without any hesitation that the demand for organic fertilizers will rise enormously across the world in the coming years, mainly because of the ballooning need for organic foods and beverages and soaring acreage and number of organic farmlands in several countries.