The global premium potting soils market was valued at US$ 1,598.4 million in 2020, according to Premium Potting Soils Market Report, by Product (All-purpose Potting Soil, Lawn and Garden Soil, and Professional Potting Soil), by Application (Indoor Gardening, Greenhouse, and Lawn & Landscaping), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights.
The global premium potting soils market is expected to surpass US$ 1,855.1 million by 2028, exhibiting a CAGR of 3.50% during the forecast period (2021-2028). Increasing practice of indoor gardening and greenhouse farming is expected to drive the global premium potting soils market growth. Moreover, high yield and enhanced growth of plants and nutrients are increasing the adoption of premium potting soils, which in turn is expected to propel the market growth.
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Browse 25 market data tables* and 20 figures* on "Global Premium Potting Soils Market” - Forecast to 2028.
Key Trends and Analysis of the Global Premium Potting Soils Market:
- Among regions, North America held a highest market share of 38% in 2020 and is expected to keep its dominance during the forecast period. Growing indoor gardening in the U.S. and Canada is expected to boost demand for premium potting soils market in North America. Moreover presence of major market players such as Scotts Miracle Gro, Sun Gro is expected to boost the market growth during the forecast period.
- Indoor farming is growing because of its ability to produce more with limited resources and space. For instance, according to the in 2019 United States Department of Agriculture (USDA), In U.S. the average yield of conventional lettuce farming doubled by two folds, when cultivated through indoor farming.
Key Takeaways of the Market:
- Among product, all-purpose potting soil product segment held the largest revenue share of 55.5% in the global premium potting soils market in 2020. All-purpose potting soil is used for various applications such as indoor gardening, greenhouse, and lawn & landscaping. All-purpose premium potting soil product has the ability to enhance the harvesting cycle of the plants, when compared to traditional farming, and this is expected to drive the segment growth.
- Players operating in the global premium potting soils market include Scotts Miracle-Gro, CreekSide, Sun Gro, ASB Greenworld, FoxFarm, Klasmann-Deilmann, Michigan Peat, Lambert, Vermicrop Organics, Espoma, Baccto, and Rexius. These players are adopting various organic and inorganic growth strategies such as new product launches, expansion, collaboration, joint ventures, strategic alliances, etc., to expand their product portfolio and business operations.
Global Premium Potting Soils Market - Impact of Coronavirus (Covid-19) Pandemic
- Many countries across the globe resorted to lockdown to flatten the curve of the Covid-19 infection. The lockdowns have resulted in shutting of businesses and ceasing of almost all economic activities. The virus impacted major producers of premium potting soils, and the entire ecosystem of premium potting soils including raw materials suppliers, formulators, distributors, and retailers. The shortages in premium potting soils had a severe impact on planting, crop development, and harvest later this year, which can lead to food crisis. According to Coherent Market Insights’ analysis, the gap in the demand-supply will lead to irrational prices for premium potting soils.