PREMIUM POTTING SOILS MARKET ANALYSIS

Premium potting soil is a porous and it is utilized for root aeration and drainage but also capable of water and nutrient retention. Premium potting soil contains quality artificial mixes that generally contain slow release fertilizers, which take care of a plant's nutritional requirements for several months.

The global premium potting soils market was valued at US$ 1,598.4 Mn in 2020 and is expected to reach US$ 1,855.1 Mn by 2028, exhibiting a CAGR of 3.50% during the forecast period.

Drivers:

The increasing penetration of indoor gardening and greenhouse is expected to boost the demand for premium potting soil. The increasing popularity of home gardening and corporate landscaping for decorative purposes is expected to boost demand for premium potting soil. The COVID 19 epidemic increased the backyard gardens. The lockdown and work from home culture provided more time and energy for people to focus on their new hobby of cultivating indoor gardening. Additionally, growing lawn & garden management practices boosted the growth of the premium potting soil market.

Figure 1. Global Premium Potting Soils Market Revenue Share (%), By Region, 2020

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Among regions, North America held a dominant position in the global premium potting soils market in 2020, accounting for 38.0% market share in terms of revenue, followed by Europe and Asia Pacific. The growing adoption rate of home gardening, coupled with  increasing greenhouse cultivation in the U.S. and Canada is expected to boost the premium potting soil demand in this region. The presence of leading market players such as Scotts Miracle Gro, Sun Gro, and others is projected to boost the premium potting soil market growth during the forecast period.

Market Restraints

Low adoption rate of home gardening, greenhouse and lawn landscaping in many underdeveloped countries, and increased use of counterfeit products is a major factor hindering growth of the global premium potting soils market. Moreover, lack of universal directives pertaining to manufacturing & applications of premium potting soils is expected to restrain the market growth during the forecast period. Every country has different directives for applications of premium potting soil.

Market Trends

Consumers are inclining towards premium potting soil, owing to growing online sales channel for buying premium potting soils. Benefits associated with the premium potting soils include increased microbial activity, rich source of calcium, nitrogen, and iron are some of the leading factors driving the growth of the global premium potting soil market. Moreover, companies operating in premium potting soil are focused on adopting aggressive marketing strategies to expand its market footprints along with enhancing customer base through developing new distribution channel is expected to drive growth of the premium potting soil market during the forecast period.

Figure 2. Global Premium Potting Soils Market Revenue Share (%), By Application, 2020

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Among application, indoor gardening segment held a dominant position in the global premium potting soils market, accounting for 48.0% market share, in 2020. Increasing disposable income and rapidly expanding construction industry is propelling the cultivation of indoor gardens in many developed and emerging countries such as U.S., Canada, Germany, Japan and India which in turn is driving the global premium potting soils market growth. For instance, according to the Global Building & Construction Association, China planned to spend US$ 13 Trillion on construction activities by 2030, which is expected to contribute the growth of indoor gardens. Thus, aforementioned factors are expected to boost the growth of premium potting soil market.

Global Premium Potting Soils Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 pandemic had a limited impact on premium potting soils market. Limited economic impacts were observed in the premium potting soils industry due to agility of producers, supply chain contributors and retailers, but also to the rapid and broad response by governments. According to OECD (Organization for Economic Co-operation and Development), close to 800 measures were undertaken by governments in 54 developed and emerging countries, aimed to avoid aggravating disruptions, provide relief to affected producers and consumers, or to bolster the recovery of affected production activities.