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India Phosphate Rich Organic Manure (PROM) Market is Expected to Reach $419.6 Million by 2030

 

Report Code : A16015

quote According to a new report published by Allied Market Research, titled, " India Phosphate Rich Organic Manure (PROM) Market by Source Type: Country Opportunity Analysis and Industry Forecast, 2021-2030,"The India phosphate rich organic manure (PROM) market size was valued at $203.2 million in 2020, and is projected to reach $419.6 million by 2030, growing at a CAGR of 6.8% during the forecast period. quote

Eswara Prasad
Manager, Chemical and Material at Allied Market Research

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According to a new report published by Allied Market Research, titled, " India Phosphate Rich Organic Manure (PROM) Market by Source Type: Country Opportunity Analysis and Industry Forecast, 2021-2030,"The India phosphate rich organic manure (PROM) market size was valued at $203.2 million in 2020, and is projected to reach $419.6 million by 2030, growing at a CAGR of 6.8% during the forecast period.

Organic manure is a type of organic material that is basically derived from plant and animal waste. Phosphate rich organic manure is produced through co-compositing of high-grade rock phosphate along with plant sources such as waste from fruit industries, paddy straw waste, press mud, and others. 

Demand for phosphate rich organic manure is increasing, owing to its ability to improve soil texture, provide proper phosphate content to soil, and improve supply of natural minerals such as copper & zinc. Moreover, the government of India has approved the use of phosphate rich organic manure as an alternative over diammonium phosphate (DAP) and single super phosphate (SSP). Ministry of Agriculture and Cooperation along with the government has approved use of PROM under Fertilizer Control Order (FCO). All these factors drive demand of the India PROM market. In addition, phosphate rich organic manure is suitable with diverse crop products such as cereals, pulses, sugar crop, spices, and aromatic crops, which is another factor thar drives demand for the market. 

However, nutrient content in organic manure is minimal as compared with chemicals fertilizers. In order to meet the proper nutrient content for the growth of crops, large amount of organic manure need to be added. This factor in turn increases time and thereby anticipated to hamper the market growth. Nitrogen content and uptake of nitrogen nutrient by the crops is utmost important. However, due to low nitrogen mineralization content and low nitrogen release rate to the crops is predicted to restrain the growth of the India phosphate rich organic manure (PROM). 

Moreover, phosphorus content is vital for crop growth. Use of phosphate rich organic manure as a fertilizer is proven to improve farm yard manure (FYM) rate that in turn improves productivity. In addition, rise in demand for PROM in India has forced key-players in the market to manufacture and market phosphate rich organic manure on commercial scale. Moreover, release of phosphate content from PROM occurs in a phased manner, which reduces wastage of phosphorus content and improves phosphorus intake by crops. This factor is anticipated to offer new opportunities in the India phosphate rich organic manure (PROM). 

The India phosphate rich organic manure (PROM) is segmented on the basis of source type. Depending on source type, the market is categorized into organic manure, plant based bio-mass, de-oiled cake, potassium humate, and others. Adoption of potassium humate as a key component in sustainable agricultural methods, as well as rising concerns about environmental consequences and soil pollution as a result of the use of chemical-based products on crops, are the primary drivers for potassium humate. Exogenous potassium humate enhances soil characteristics and boosts fertility. In addition, demand for potassium humate is expected to be driven by the availability of customized product solutions based on soil and crop type specifications, as well as demand for herbicide products due to their improved performance and ecofriendly nature.

The key players operating in the India phosphate rich organic manure (PROM) include Biogen Fertilizers India Private Ltd., Nextnode BioScience Pvt. Ltd., Jaipur Bio Fertilizer, Hindustan BEC Tech India Pvt. Ltd., Gujarat Pavan Fertilizer Company (GPFC), Farmadil India LLP, Prabhat Fertilizer & Chemical Works, Bhoomi Phosphate Pvt. Ltd., Agri India Biotech, and Ujjawal Biotech & Organics Pvt. Ltd.

COVID-19 analysis

The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. India phosphate rich organic manure (PROM) market has been moderately impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the agricultural sector. Key-players in the PROM market are coming up with new business strategies such as business expansion in order to gain edge over the competitors and increase their sales in the pandemic situation. For instance, according to report by Press Information Bureau (PIB) Mumbai, Rashtriya Chemicals and Fertilizers (RCF) (leading fertilizer producer in India) has invested Rs. 150 Crore for setting up of new Nano-Urea plant in Mumbai (Maharashtra). This plant is capable of producing 6,000 MTPA of phosphate rich organic manure. This factor is anticipated to offer new growth opportunities of PROM market in India despite of COVID-19 pandemic. 
The agriculture sector plays key role in the Indian economy. In addition, growing concern from governments and NGO’s regarding growth of the agriculture sector in India is another considerable factor that is anticipated to escalate demand for PROM. Key-players in the phosphate rich organic manure are coming up with new ideas for production of PROM. Baba Ramdev’s Patanjali Organic Research Institute (PORI) manufactures organic fertilizers such organic potash, phosphate-rich organic manure, organic based pesticides, and others. 

For instance, according to the article published by Financial Express on March 24 2022, PORI has held discussion with Uttar Pradesh Sugar Mills Association (UPSMA) seeking to supply them 1 lakh metric tons of incineration ash. This ash will be further used as a raw material by PORI and converted to organic potash, bio-fertilizers and other bio-based agricultural inputs. In addition, this will benefit locals by providing them with locally available potash fertilizers and PROM at low cost that will further increases crop yield. All these factors are expected to push the demand for phosphate rich organic manure in India during the pandemic situation. Current pandemic situation in India has further raised various issues associated with use of pesticides and chemicals in the agricultural field across the nation. Initially, small land owners in India were facing vulnerabilities due to lockdowns and travel restrictions. This, in turn, has created financial availability problems and procurement of fertilizers and chemicals for cultivation. In addition, India is the 2nd largest country leading in the supply of spices, tea, and coffee. Implementation of national lockdowns has further created imbalance in the food processing sector. These are the major factors that have increased acceptance and use of organic farming. Farming and crops grown using chemical pesticides and fertilizers are vulnerable to pest attacks that in turn affects human health. This is another considerable factor that is anticipated to offer new growth opportunities for PROM market in the COVID-19 pandemic.

Key findings of the study

  • The organic manure source type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 10.4% from 2021 to 2030.

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quote India Phosphate Rich Organic Manure (PROM) Market by Source Type (Organic Manure, Plant based Bio-Mass, De-oiled Cake, Potassium Humate, and Others): Country Opportunity Analysis and Industry Forecast, 2021–2030 quote

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