Technological breakthroughs in agriculture such as pyrolysis have been instrumental in enhancing soil quality and sequestering carbon levels, elevating the use of biochar fertilizers on a higher pedestal.
PUNE, INDIA / ACCESSWIRE / June 9, 2020 / Over the years, sustainable agricultural practices have acquired immense importance. Increased tendencies towards utilizing inorganic fertilizers has drastically degraded soil quality, leading to inferior agricultural output. Concerned by this, farmers have made conscious attempts to wean off of such harmful chemicals. They have realized that the opportunity cost of soil fertility loss in the wake of faster yields is not worth it. Therefore, a shift towards organic farming has been witnessed. On the back of this, the biochar fertilizer market shall exhibit a robust growth outlook in the forecast period 2020-2030.
Biochar fertilizers is slated to find greater acceptance as concerns for the environment grows with each passing day. Governments have formulated coherent stringent policies and enacted legislations to counter environmental degradation. Countries are wholeheartedly encouraging use of biochar fertilizers in agriculture, broadening its prospects. However, the COVID-19 pandemic has impeded growth prospects, with production facilities being inhibited due to curbs on economic activities to contain the virus. Consequently, a stagnancy is anticipated over the short-term forecast.
“Burgeoning awareness about the benefits of organic fertilizers has prompted consumers to opt for biochar fertilizers over chemical ones. Temporary cessation of production attributed to COVID-19 shall hamper market prospects in the near future. Market players are putting their best foot forward to ensure minimal supply chain disruptions to ensure continuity of operations,” says a leading FMI analyst.
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Biochar Fertilizer Market- Key Takeaways:
- Agriculture is the primary end use of the biochar fertilizer market, attributed to the growing need of maintaining soil fertility;
- Demand for organic food products among consumers is expected to broaden market prospects;
- North America will enjoy lion’s share in the biochar fertilizer market, followed by Europe. Government initiatives to introduce stringent environmental protection protocols will drive market growth;
- A double-digit CAGR is predicted across the forecast period, reaching a value of US$ 3,714.3 Mn by 2030-end from US$ 954.0 Mn in 2020;
- Prevalence of technologies such as pyrolysis has augmented demand for biochar fertilizers.
Biochar Fertilizer Market- Key Driving Factors
- Collaborations with research groups and institutions across rural areas in China, Brazil, Japan and Mexico has augmented usage of biochar fertilizers on a large scale.
- Growth of the biochar fertilizers market is also supported by the fact that people prefer to eat more organic food to supplement their dietary needs as well as avoid contracting chronic diseases.
- Foray into other end-use industries such as electricity generation will open new avenues in the future.
Biochar Fertilizer Market- Key Restraints
- Market penetration in gasification technologies shall remain limited, and may also lose market share owing to instability of biochar released in the process.
- Supply chain disruptions experienced during COVID-19 pandemic lockdown shall impair production capacities of key units.
Anticipated Impact of the COVID-19 Outbreak
The coronavirus pandemic has upset the world’s economic cart. Nationwide lockdowns imposed to contain the spread of the pandemic has generated a recessionary pattern across multiple industries. The biochar fertilizer market is among the markets which have been adversely affected. Social distancing measures have compelled farmers to remain indoors.
This has reduced farming activity, causing a dip in the demand for biochar fertilizers. However, growth is anticipated to pick up pace eventually. Countries such as China and India have eased restrictions imposed during the lockdown, enabling production cycles and supply chains to revert to normalcy.
As logistical capabilities rebound, key manufacturers will find it easier to import the raw materials required to produce biochar, offsetting the current demand-supply gap. Presently, manufacturers are looking to leverage their existing supply chains by resorting to staggered work timings for their on-site staff, ensuring basic social distancing protocols, regular temperature screenings of employees and mandatory sanitizing and washing of hands by employees over regular intervals. Such measures have helped the biochar fertilizer market remain afloat during the pandemic.
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Highly fragmented, the biochar fertilizer market is characterized by the presence of a large number of market players. These include Pacific Pyrolysis Pty Ltd., Full Circle Biochar, Diacarbon Energy Inc., BlackCarbon, Swiss Biochar GmBh, Carbon Terra, The Biochar Company (TBC), ECOSUS, Cool Planet, Interra Energy, Element C6, Vega Biofuels and Biochar Now to name a few.
Formation of robust distribution channels by collaborating with other players is a primary growth strategy adopted by these companies. Moreover, some companies such as Phoenix Energy, Cool Plant Power Systems and Pacific Pyrolysis provide pyrolysis technology to address manufacturer energy solutions. This provides them with a competitive edge over others.
More about the Biochar Fertilizer Market
FMI’s 200-page market research report offers comprehensive and unbiased insights on the biochar fertilizer market. The report incorporates historical as well as forecast data from 2020 to 2030 and is divided into two segments: by product type and by application. By product type, the market is segmented into organic, inorganic and compound fertilizers. In terms of application, the market is divided into animal feed, agriculture, fish farming and others (water management and animal husbandry). The market also includes a detailed regional analysis, incorporating the abovementioned segments. These regions include North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa (MEA).
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