Phosphate Rich Organic Manure (PROM) Market Expected to Reach $5.7 Billion by 2031

According to a new published report by Allied Market Research titled, “Phosphate Rich Organic Manure (PROM) Market by Source Type: Global Opportunity Analysis and Industry Forecast, 2022–2031,” The global phosphate rich organic manure market size was valued at $2.8 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 6.5% from 2022 to 2031.

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 phosphate rich organic manure 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 that drives demand for the phosphate rich organic manure 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 phosphate rich organic manure 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 phosphate rich organic manure (PROM) market.

The phosphate rich organic manure market is segmented on the basis of source type and region. By source type, the market is classified into organic manure, plant-based bio-mass, de-oiled cake, potassium humate, and others. On the basis of region, it is studied across North America, Europe, Asia-Pacific, and LAMEA. The phosphate rich organic manure market share is analysed for all significant regions and countries.

Major players operating in the global phosphate rich organic manure market include Agri India Biotech, Biogen Fertilizer India Private Ltd., Hindustan BEC Tech India Pvt. Ltd., Jaipur Bio Fertilizers, Komeco B.V., Midwestren BioAG, Narmada Bio-chem Ltd. (NBCL), NatureSafe, Nextnode BioScience Pvt. Ltd., and Ujjawal Biotech & Organics Pvt. Ltd.

Others players in the phosphate rich organic manure market are Gujarat Pavan Fertilizer Company (GPFC), Farmadil India LLP, Prabhat Fertilizer & Chemical Works, Bhoomi Phosphate Pvt. Ltd.

Key Findings Of The Study

• The report outlines the current phosphate rich organic manure market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The phosphate rich organic manure market size is provided in terms of kilotons and $million.
• On the basis of source type, the organic manure segment is expected to grow at a CAGR of 9.1%, in terms of revenue, during the forecast period.
• On the basis of region, Asia-Pacific garnered a share of 55.5% in 2021, in terms of revenue.

Impact Of Covid-19 On The Global Phosphate Rich Organic Manure (Prom) Market

• The outbreak of COVID-19 in China and its spread across numerous countries around the world halted the manufacturing activities of industrial sectors, which correspondingly hampered Phosphate Rich Organic Manure (PROM) manufacturing.
• In addition, the raw material procurement was hampered due to a lack of raw materials and a disrupted supply chain as a result of the COVID-19 outbreak.
• The COVID-19 pandemic is further expected to have significant impact on industrial participants operations, indirectly and directly with respect to customer behaviours, labour shortages or stoppages, inventory, sales, businesses, and manufacturing operations.
• The 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 to gain edge over their competitors and increase their sales in the pandemic situation.
• Current pandemic situation in the world have further raised various issues associated with use of pesticides and chemicals in the agricultural field across nations. Initially, small land owners 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.
• 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 affect human health. This is another considerable factor that is anticipated to offer new growth opportunities for the PROM market in the COVID-19 pandemic.