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The pharmaceutical market is relatively untapped and small compared to other non-food applications and the rapidly growing food & beverage market.
Soil amendments are constituents added to the soil to improve its physical properties. These include water retention, permeability, infiltration, drainage, aeration, and soil structure. For better results, soil amendments are mixed thoroughly into the soil. The market growth of soil amendments has been gaining pace due to the associated benefits and the rising need for sustainable agriculture while also focusing on reducing the exploitation and wastage of conventional synthetic fertilizers.
Strong market demand for organic food products and high-value crops
There is a rising awareness among farmers regarding using synthetic or chemical fertilizers. Farmers are continually searching for alternatives to prevent problems of soil and surface water deterioration associated with the intensive use of chemical fertilizers. These factors shift the preference of farmers toward organic farming, which makes use of organic amendments that increase soil organic matter and improve the soils physical structure. Consumer awareness related to risks from food additives and synthetic pesticide residues has stimulated the demand for healthy food. It has contributed to developing the market for organically produced food that uses organic manure. Most leading food companies are increasing their organic fruits & vegetable product offering. Several marketers have introduced organic fruits & vegetable varieties in their product portfolio, while others have acquired organic brands or companies dealing with organic fruits & vegetable products.
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Europe is projected to reach USD 16,82.3 million during the forecast period.
Europe has the presence of small farms with intensive farming systems and the cultivation of various crops. The common agricultural policy (CAP) of the European Union has emphasized soil management for formulating better soil protection policies. According to the European Fertilizer Manufacturers Association, farmers in Europe have applied a generous amount of chemical phosphorus fertilizers for a long time, negatively affecting human health and the environment. Thus, there is a need for soil amendment products that are environment-friendly and economical. Therefore, the use of soil amendments helps minimize the negative impact on the environment. According to the European Commission, 45% of European topsoils (030 cm) are characterized by low soil organic matter (SOM) content. As the scarcity of fertile soil increases, the utilization of organic wastes as organic amendments is gaining popularity. Organic amendments help in reducing the dependence on agrochemicals and are eco-friendly, economical, and preferred alternatives for improving soil fertility.
Almost 50% of the total compost produced in Europe is applied to agricultural soils. Compost amendments increase the soils microbial biomass and microbial growth. Due to changes in land use, the degradation of soil has been observed in many European countries. Thus, the soil amendments market is projected to witness high demand in Europe.
The key players in this market include BASF SE (Germany), UPL Limited (India), FMC Corporation (US), Adama (Israel), Nufarm (Australia), and Evonik Industries (Germany).
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