Soil Amendments Market: Opportunities And Challenges
(I-BusinessNews.Com, January 13, 2021 ) 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%. The growth of the soil amendments market is driven by strong demand for high-value crops, risk of soil degradation, and rising concerns regarding soil health. The incorporation of soil amendment in fertilizer formulations creates growth opportunities for manufacturers in the soil amendments market.
Key players in the soil amendments market include BASF SE (Germany), Bayer AG (Germany), FMC Corporation (US), UPL Ltd. (India), and ADAMA Agricultural Solutions Ltd. (Israel). Product innovations, expansions & investments, acquisitions, agreements, collaborations, approvals, and partnerships were some of the core strengths of the leading players in the soil amendments market. These strategies were adopted by the key players to increase their market presence. It also helped them diversify their businesses geographically, strengthen their distribution networks, and enhance their product portfolios. Some of the other leading players in the soil amendments market include Nufarm (Australia), Evonik Industries (Germany), Novozymes A/S (Denmark), Agrinos (Norway), T.Stanes & Company (India), Lallemand, Inc. (Canada), SA Lime & Gypsum (South Africa), Timac Agro (France), Biosoil Farms (US), Profile Products LLC (US), The Fertrell Company (US), Haifa Group (Israel), Symborg (Spain), Soil Technologies Corp (US), and Delbon (France).
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BASF SE (Germany) is a leading chemical company, which produces a wide range of products. It operates through five segments, namely, chemicals, agricultural solutions, performance products, functional materials and solutions, and others. BASF’s agriculture segment includes functional crop care, biotechnology, turf, ornamentals and landscape, pest control, and animal nutrition. The company offers soil amendment products through its agricultural solutions segment.
It operates in more than 80 countries across the globe. It has around 390 production sites in Asia Pacific, Europe, South America, the Middle East & Africa, and North America. The main subsidiaries of BASF are BASF Performance Products France S.A.S. (France), BASF Performance Products GmbH (Austria), BASF Performance Products Ltd (China), and BASF Personal Care & Nutrition GmbH (Germany). The company has 17 R&D centers in North America, Europe, and Asia Pacific.
BASF SE is among the global players in the agrochemical industry. The company has various product segments, which cater to different industries, making it competitive in different parts of the world. In the soil amendments market, the company adopted expansions & acquisitions as its key strategies to expand its business.
FMC Corporation (US) provides solutions to growers around the world with its innovative development capabilities in the field of crop protection, plant health, and professional pest and turf management. Its two major segments include Agricultural Solutions and Lithium.
The company offers soil amendments that are particularly based on humic acid and seaweed extracts. The major transformative acquisition of a significant part of DuPont’s Crop Protection business resulted in an extensive global reach of the company with broad product portfolios of 12 new active ingredients and 15 under development, which support the company to develop variants in the soil amendments market. Although the company has its presence across regions, the major revenues come from developed countries, which create growth opportunities for it by introducing soil amendment products and solutions.
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