June 14, 2024
Utility Markers Market
Ict

The Utility of Organic Farming is on the Rise

The global rise of health consciousness among consumers has driven the demand for organic and naturally grown agri products free from synthetic pesticides and fertilizers. Utility markers play a vital role in organic farming by aiding the natural growth of crops and protecting them from diseases and pests. The global utility markers market comprises organic pesticides, organic fertilizers and other farm utilities that help maintain soil health and maximize crop yields sustainably.

The global utility markers market is estimated to be valued at US$ 6.42 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the Utility Markers Market Demand include Picks Organic Farm, Organic Farmers Co., The Indian Organic Farmers Producer Company Limited (IOFPCL), Bayer AG, Camson Bio Technologies Limited, and ZUWA Organic Farms Pvt. Ltd among others. These companies offer a wide range of organic fertilizers and pesticides through innovative formulations.

Growing demand: The rapidly growing demand for chemical-free and nutritious food has fueled the adoption of organic farming practices. Utility markers that help organic farmers protect crops from pests and diseases without the use of synthetically produced chemicals are witnessing heightened demand.

Global expansion: Leading players in the utility markers market are expanding their operations globally to tap the widespread market potential in developed as well as developing countries. Strategic partnerships with local organic producer groups are helping companies strengthen their distribution networks worldwide.

Market key trends

The demand for bio-based utility markers is gaining momentum. Bio-based/bio-degradable utility markers derived from natural sources like plant extracts are increasingly preferred over petrochemical-based products. They have minimal environmental footprint and are considered safer for use in organic farms. Major utility marker companies have strengthened their R&D efforts to develop more eco-friendly and effective bio-based alternatives to help farmers boost productivity through ecological farming practices.

Porter’s Analysis

Threat of new entrants: Low capital requirements for small farmers to enter the market pose low threat.

Bargaining power of buyers: Large retailers have significant bargaining power over independent small farmers due to their negotiating strength.

Bargaining power of suppliers: Suppliers of organic seeds, fertilizers and other inputs have moderate bargaining power due to limited options available.

Threat of new substitutes: Threat from substitutes like chemical pesticides and fertilizers is decreasing due to growing preference for organic and natural products.

Competitive rivalry: Intense competition exists among existing players to cater to the growing domestic and international demand for organic food.

The geographical regions where the utility markers market is concentrated in terms of value are North America and Europe. North America accounts for the largest share mainly due to stringent regulations regarding the use of pesticides and presence of major supermarket chains promoting organic products. Europe is the second largest market driven by consumer preference for chemical-free foods and supportive EU policies for organic farming.

The fastest growing region for the utility markers market is Asia Pacific led by countries like India and China. Increasing health consciousness, rising disposable incomes, and government initiatives to promote organic farming are fueling demand in the region. China, being the largest producer and consumer of vegetables and fruits globally, offers huge untapped growth potential for organic markers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it