(MENAFN– EIN Presswire)
Phosphate Rich Organic Manure (PROM) Market Overview
The global PROM market is growing due to increasing demand for organic fertilizers and government support for sustainable agriculture. In 2021, the market was valued at $2.8 billion and is expected to reach $5.7 billion by 2031, with a CAGR of 6.5%.
Key Growth Drivers:
Demand for organic fertilizers and government initiatives are boosting the market. Low consumer awareness poses challenges, but new product introductions and the use of vermicompost offer growth opportunities.
Market Segmentation:
In 2021, potassium humate dominated the market with over 40% share, driven by its role in sustainable agriculture. The organic manure segment is projected to grow the fastest, at a CAGR of 9.1%, due to rising demand for organic food.
Regional Insights:
The Asia-Pacific region led the market in 2021, accounting for over half the share and is projected to grow at a CAGR of 7.4%. North America expects a CAGR of 5.1% during the forecast period.
Key Players:
– Agri India Biotech
– Hindustan BEC Tech India Pvt. Ltd.
– Biogen Fertilizer India Private Ltd.
– Komeco B.V.
– Jaipur Bio Fertilizers
– Narmada Bio-chem Ltd.
– Midwestern BioAG
– Nextnode BioScience Pvt. Ltd.
– NatureSafe
– Ujjawal Biotech & Organics Pvt. Ltd.
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