The global soil amendments market is estimated to be valued at USD 3.7 billion in 2020 and is projected to reach USD 6.2 billion by 2025, recording a CAGR of 10.7%. Major factors driving the growth of the soil amendments market are the ease of availability of raw materials, strong market demand for organic farming and high-value crops, and the growing concerns regarding soil health. Soil health plays a critical role in crop growth and productivity. Moreover, healthy soil is the foundation for profitable, productive, and environment-friendly agricultural systems. It plays many roles, such as supporting plant growth, including nutrient cycle and regulation of water and air supply. These functions are influenced by the interrelated physical, chemical, and biological properties of the soil. Hence, soil management practices are further projected to drive the growth of the soil amendments market.
By type, the soil amendments market is segmented into organic and inorganic. The organic segment is segmented into humic acid, biofertilizers, and polysaccharide derivatives. The inorganic soil amendments segment is further segmented into gypsum and other inorganic soil amendments. The organic segment is projected to witness the fastest growth during the forecast period. This is mainly due to the high adoption of organic amendments, such as biofertilizers, humic acid, and polysaccharide derivatives, in developed and developing regions. In addition, organic amendments mainly help to provide organic matter to the soil, thereby enhancing the root growth.
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On the basis of soil type, the soil amendments market is segmented into loam, silt, clay, and sand. The loam segment dominated the soil amendments market due to its major coverage on earth’s crust. In addition, loamy soil is commonly suitable for most crops and vegetables and is considered highly fertile.
Based on crop type, the soil amendments market is segmented into cereals & grains, oilseeds & pulses, fruits & vegetables, and other crop types. The fruits & vegetables segment is projected to witness the fastest growth during the forecast period. This growth is attributed to the increasing consumption of organic fruits & vegetables in developed countries, such as the US, Australia, the UK, and France. In addition, due to high returns on investment, farmers are focusing on sustainable soil management practices.
Based on form, the soil amendments market is segmented into liquid and dry. The liquid segment is projected to grow at the highest CAGR during the forecast period, in terms of value. Liquid forms of soil amendments differ significantly in their characteristics, which influence the selection, application rate, and environmental impact. The liquid form is convenient to use and is effective for the application of soil amendments.
North America is projected to drive the market growth during the forecast period, in terms of value. The increase in industrial activities is a key factor that has caused soil degradation in the North American region. In addition, North America witnesses an increase in the number of mining activities, which leads to barren soil that is susceptible to erosion by wind and rain. In addition, soil depletion impacts the economy, resulting in a loss of about USD 37 billion in agricultural production annually due to soil loss. Thus, the North American soil amendments market is driven by the high adoption of soil management practices, the rising area under organic farming, and technologically advanced farming practices.
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Key players such as BASF (Germany), Bayer (Germany), UPL Limited (India), FMC Corporation (US), ADAMA Agricultural Solutions (Israel), and Nufarm (Australia) are focusing on new product launches, acquisitions, agreements, and partnerships to expand their global footprint.
