Phosphate Rich Organic Manure (PROM) Market Beyond Borders Future-Proofing Your Business Through Market Size Vision

The surge in demand for organic fertilizers and governmental support initiatives have spurred the growth of the global PROM market.

WILMINGTON, DELAWARE, UNITED STATES, March 20, 2024 /EINPresswire.com/ — Recently, Allied Market Research released a report titled “Phosphate Rich Organic Manure (PROM) Market,” forecasting significant growth in the industry from 2022 to 2031. In 2021, the global PROM market was valued at $2.8 billion, and it is anticipated to reach $5.7 billion by 2031, with a compound annual growth rate (CAGR) of 6.5%.

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Key Factors Driving Market Growth:

The surge in demand for organic fertilizers and governmental support initiatives have spurred the growth of the global PROM market. However, low consumer awareness poses a challenge. On the upside, new product launches and the utilization of vermicompost for PROM production are expected to create lucrative opportunities in the market.

Impact of COVID-19:

The pandemic moderately affected the market, mainly due to its reliance on the agriculture sector and stringent lockdown measures. Financial challenges in developing countries and disruptions in raw material procurement further impeded market growth.

Potassium Humate Segment Leads Market Growth:

The potassium humate segment was the largest contributor to market growth in 2021, accounting for over two-fifths of the global PROM market. This can be attributed to the adoption of potassium humate in sustainable agriculture practices and increasing concerns about environmental and soil pollution. However, the organic manure segment is projected to witness the highest CAGR of 9.1% during the forecast period, driven by growing demand for organic food and heightened environmental awareness.

Regional Insights:

Asia-Pacific led the market in 2021, followed by Europe and North America, collectively holding more than half of the global PROM market share. The Asia-Pacific region is expected to witness the highest CAGR of 7.4% during the forecast period, driven by population growth, increasing food demand, and extensive areas for organic farming. North America is expected to register a CAGR of 5.1% from 2022 to 2031.

Key Market Players:

Some of the prominent players in the market include 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, and Ujjawal Biotech & Organics Pvt. Ltd.

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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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