The soil amendments market is estimated to account for a value of USD 3.7 billion in 2020 and is projected to grow at a CAGR of 10.7% from 2020, to reach a value of USD 6.2 billion by 2025. The global market is projected to witness significant growth due to factors such as growing awareness about soil health management, easy availability of humic substances as raw materials, and strong demand for high-value crops.
The main reason for adding soil amendments to the soil is to provide a better environment for roots and plant growth. This includes the improvement of soil structure and water-holding capacity, availability of nutrients, and living conditions for soil organisms, which are important for plant growth.
The increase in industrial activities is a key factor that has caused soil degradation in the North American region. In addition, North America witnesses various mining activities, which leads to barren soil that is susceptible to erosion by wind and rain. According to a report published by Cornell study 2017, in the US, soil disappears ten-times faster than it is naturally replenished, at an estimated rate of nearly 1.7 billion tons of farmland per year. In addition, it impacts the economy, resulting in a loss of about USD 37 billion in agricultural production annually due to soil loss.
According to a report from the Soil Science Society of America, organizations, such as the Land Institute and American Farmland Trust, are helping farmers to find low-cost soil conservation alternatives and encouraging them to use natural soil amendments and conditioners to replenish the soil. The acceptance by farmers and initiatives to cultivate crops, such as terrace and temporary cover crops, have helped reduce soil erosion.
Key players in this market include BASF (Germany), Bayer (Germany), UPL Limited (India), FMC Corporation (US), ADAMA Agricultural Solutions (Israel), and Nufarm (Australia). These major players in this market are focusing on increasing their presence through expansions, mergers & acquisitions, partnerships, and agreements. They have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities and strong distribution networks across these regions.
