Inorganic mulching material accounts for a majority share in sales of mulching material. This is due to comparatively low initial cost and maintenance. Big commercial farms account for high demand for inorganic mulching material owing to its numerous advantages.
Key players are operating aggressively and deploying capital for the development of their distribution and sales networks across the globe, which enables them to corner a big chunk of the market share. Companies are also focusing on developing innovative products to cater to a wide range of consumers. Further, increase in demand from horticulture farms and lawn gardening, especially among millennials, will steer market growth upwards over the coming years.
As per a new report published by an ESOMAR-certified market research and consulting firm, the mulching material market is anticipated to surpass US$3 bn valuation in 2021, and expand at a CAGR of around 7% over the next ten years.
Key takeaways from market study
• The market is projected to create an absolute opportunity of around US$4 bn from 2021 to 2031.
• East Asia is projected to hold a prominent market share in terms of value over the forecast period. However, the market in North America is projected to resister a growth rate of around 7% in terms of value.
• Inorganic mulch is anticipated to create absolute opportunity of around US$3.5bn, and is likely to expand at a value CAGR of approx. 8% over the forecast period.
• The organic mulch segment is estimated to progress at a CAGR of around 7% to surpass a market valuation of approx. US$170mn by the end of the forecast period.
• The gardens segment is anticipated to expand at a value CAGR of around 8% through 2031.
Horticulture is anticipated to dominate the market in terms of value and volume, owing to high demand from commercial farms across the globe.