The vendor landscape of the global limestone for agriculture market features a largely fragmented nature owing to the presence of a large number of regional and global companies, observes Transparency Market Research in a recent report. Companies keen on strengthening their positions in the market are focusing on expanding production capacities in emerging market such as India and China as the rising population is putting massive pressure on the agriculture sector, which is, in turn, compelling governments to invest more energy and funds into the improvement of agricultural production capacity. Focus on inorganic growth strategies such as acquisitions and mergers has also increased in the recent years.
Some of the leading companies operating in the global limestone market for agriculture are Leiths (Scotland) Ltd., Minerals Technologies Inc., Nordkalk Corporation, and Sibelco.
According to the report, the market will exhibit a 6.1% CAGR over the period between 2017 and 2025, rising from a valuation of US$321.4 mn in 2016 to a revenue opportunity of US$545.7 mn by 2025.
Powdered Limestone Remains Most Lucrative Product Variety
In terms of product type, the segment of powdered limestone presently accounts for a dominant share in the overall market as limestone in powdered form is much easily broken down and is easily spread on the soil. This, in turn, help initiate the process of neutralization at a much faster pace. The segment is also expected to benefit from its low-cost nature as compared to other varieties.
From a geographical standpoint, the Asia Pacific market for limestone for the agriculture industry presently dominates the global market in terms of growth pace and revenue owing to the large arable lands and the increased demand for agricultural produce in the region to sustain the mounting population. The region is also expected to register the maximum CAGR over the forecast period and rise to a valuation of US$294.13 mn by 2025.
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Rising Awareness Regarding Benefits to Production Capacity of Soil to Help Market Pick Pace
Limestone finds excellent usage in the agriculture industry owing to its ability of lowering down acidity in soil, which leads to the improved water penetration for acidic soils. Agricultural limestone also acts as an additional source of magnesium and calcium for plants, thus helping improve the growth of plants or crops. Thus the use of agricultural limestone can bring a significant boost to the profit potential of farm, while also making fertilizers much more efficient.
Other typical benefits of agricultural limestone include the improved intake of nutrients for plants, taking toxicities out of the soil, and bringing a good balance between the biological, physical and chemical properties of the soil. As governments across the globe focus on implementing ways of improving agricultural production capacity, there has been a major rise in awareness programs across the globe. Increased awareness among farmers regarding the vast benefits of agricultural limestone is expected to have a significant positive impact on the overall global uptake of limestone for the agriculture industry.