Phosphate Rich Organic Manure (PROM) Market Realities Challenges and Opportunities in 2031

Rising interest in sustainable agricultural practices has significantly driven the demand for organic fertilizers, including PROM.

WILMINGTON, DELAWARE, UNITED STATES, June 25, 2024 /EINPresswire.com/ -- Allied Market Research recently released a comprehensive report titled, “Phosphate Rich Organic Manure (PROM) Market by Source (Organic Manure, Plant Based Bio-Mass, De-oiled Cake, Potassium Humate, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031”. According to the report, the global PROM market 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.

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Major Factors Influencing Market Growth

- Demand for Organic Fertilizers: Rising interest in sustainable agricultural practices has significantly driven the demand for organic fertilizers, including PROM.
- Government Initiatives: Various governmental policies and incentives aimed at promoting organic farming have positively impacted the market growth.
- Challenges: Despite these positive trends, the market faces obstacles such as low consumer awareness about PROM.
- Future Opportunities: The development of new PROM products and the use of vermicompost in production are anticipated to create new growth opportunities.

Source Analysis

- Potassium Humate Segment: This segment led the market in 2021, accounting for over 40% of the market share. Its dominance is due to its integration into sustainable farming practices and concerns over environmental pollution and soil health.
- Organic Manure Segment: Expected to achieve the highest CAGR of 9.1% during the forecast period, driven by the growing demand for organic food and heightened environmental consciousness.

Regional Insights

- Asia-Pacific: The largest market share in 2021 was held by Asia-Pacific, followed by Europe and North America. Asia-Pacific is anticipated to continue leading with the highest CAGR of 7.4% due to its large population, increasing food demand, and extensive organic farming practices.
- North America: Expected to grow at a CAGR of 5.1% from 2022 to 2031.

Leading Market 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. (NBCL)
- Midwestren BioAG
- Nextnode BioScience Pvt. Ltd.
- NatureSafe
- Ujjawal Biotech & Organics Pvt. Ltd.

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