How The Increase In Demand For Agricultural Products Has Influenced Global Soil Conditioners Market Growth

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Jan 18, 2023, 07:07 ET

The Business Research Company's Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032

LONDON, Jan. 18, 2023 /PRNewswire/ -- As per The Business Research Company's Soil Conditioners Global Market Report 2023, the global soil conditioners market is expected to grow from nearly $5.8 billion in 2023 to nearly $7.8 billion in 2027 at a compound annual growth rate (CAGR) of more than 7%. The market is then expected to grow and reach a value of almost $10.7 billion by 2032 at a CAGR of more than 6%. This steady growth in the soil conditioners market can be attributed to rapid growth of agriculture and allied sectors.

A rapid growth of agriculture and allied sectors is expected to propel the growth of the soil conditioners market. A soil conditioner is a product which is added to soil to improve the soil's physical qualities, usually its fertility (ability to provide nutrition for plants) and sometimes its mechanics. Therefore, soil conditioners are widely used in the agriculture sector. For instance, in India, exports of agricultural and processed food products rose by 25% within six months of the current Financial Year 2022-23 (April-September) in comparison to the corresponding period of FY 2021-22. The overall export of Agricultural and Processed Food Export Development Authority (APEDA) products increased to USD 13771 million in April-September 2022 from USD 11056 million over the same period of the last fiscal year.

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The global soil conditioners market is fragmented, with many small players. The top ten competitors in the market made up to nearly 9% of the total market. The BASF SE was the largest competitor, followed by Evonik Industries AG, UPL Limited, Saint-Gobain Group, Solvay S.A., and others. This is due to the existence of a number of local players in the market serving customers in particular geographies.

Player-adopted strategies in the soil conditioners market include strengthening business operations through strategic acquisition. Major companies operating in the soil conditioners market are undergoing mergers and acquisitions to strengthen their position in the market. For instance, in February 2019, UPL, an India-based company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, also a major player of the global soil conditioners market, acquired Arista Life Sciences from Platform Specialty Products (USD) for $4.2 billion. UPL also acquired the company's soil conditioner portfolio. Arista Life Sciences is a US-based company that provides crop protection and life science products.

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This Soil Conditioners Market Report 2023 describes and explains the soil conditioners market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report also evaluates the market across each region and for the major economies within each region. The regions covered in the industrial films report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the industrial films market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

Per TBRC's analysis of the global soil conditioners market, Asia-Pacific was the largest region in the soil conditioners market valuing around $1.9 billion in 2022. The market accounted for 0.005% of the region's GDP. In terms of per capita consumption, the market accounted for $0.46, $0.2 lower than the global average. The soil conditioners market in Asia Pacific is supported by private and government investments, and by favorable government initiatives and rising investments in the region. For instance, in October 2022, the Asian Development Bank (ADB) invested in food security in India through investments in soil nutrition and climate-resilient farming. The Asian Development Bank (ADB) signed a $30 million loan with Smart chem Technologies Limited (STL) to finance capital expenditures and the research and development of enhanced-efficiency specialty fertilizers, as well as investments to promote energy efficiency, health, and safety.

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