Portland, OR, May 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the India phosphate rich organic manure (PROM) market generated $203.2 million in 2020, and is projected to reach $419.6 million by 2030, witnessing a CAGR of 6.8% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in demand for organic fertilizers, surge in support from the government, and increase in number of favorable policies drive the growth of the India PROM market. However, disadvantages associated with use of organic manure and fertilizers restrain the market to some extent. On the other hand, new product launches and production of PROM using vermicomposting present new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to global lockdown, which created imbalance in the agriculture and food processing sector. This affected the overall growth of the India PROM market.
- It further disrupted the whole supply chain, leading to difficulty in supply of raw materials. This, in turn, affected the demand.
- However, the bioenergy market is expected to recover soon as key market players in the phosphate rich organic manure industry are coming up with new ideas for production.
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The report offers detailed segmentation of the India PROM market based on source type.
Based on source type, the potassium humate segment held the highest market share in 2020, holding more than two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the organic manure segment is estimated to register the highest CAGR of 8.2% from 2021 to 2030.
Leading players of the India PROM market analyzed in the research include Biogen Fertilizers India Private Ltd., Nextnode BioScience Pvt. Ltd., Jaipur Bio Fertilizer, Hindustan BEC Tech India Pvt. Ltd., Gujarat Pavan Fertilizer Company (GPFC), Farmadil India LLP, Prabhat Fertilizer & Chemical Works, Bhoomi Phosphate Pvt. Ltd., Agri India Biotech, and Ujjawal Biotech & Organics Pvt. Ltd.
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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.
