Report : North America Soil Fertility Testing Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Test Type (Physical, Chemical, and Biological) and Method (Onsite and Offsite/Laboratory)
Chemical Segment to dominate North America Soil Fertility Testing Market during 2020–2028
According to a new market research study on “North America Soil Fertility Testing Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Test Type and Method,” is expected to reach US$ 1,508.11 million by 2028 from US$ 1,122.08 million in 2021. The market is estimated to grow at a CAGR of4.3% from 2021 to 2028. The report provides trends prevailing in the North America soil fertility testing market along with the drivers and restraints pertaining to the market growth. Strict government regulations pertaining to the nutrient content of crops to boost market growth, raising demand to boost agricultural productivity, and growing outbreak of food-borne diseases are the major factor driving the growth of the North America soil fertility testing market. However, lack of awareness among farmers hinder the growth of North America soil fertility testing market.
The US has the highest number of confirmed cases of COVID-19, as compared to Mexico and Canada. This is likely to impact the agriculture industry in the region as, due to COVID-19, overall production processes, research and development activities, and supply chain are likely to get affected. However, with the industry's revival, governments are resuming operations while taking safeguards that come at the expense of debt and budgetary imbalance. For instance, the US federal government has taken steps to implement the COVID-19 Food Assistance Program, with the goal of giving US$ 16 billion in direct payments to farmers, which will indirectly boost the demand for soil fertility testing as this testing will help farmers to grow nutrient rich crops.
The soil fertility testing market is segmented based on test type, method and country. Based on test type, the market is segmented into physical, chemical and biological. In 2020, the chemical segment held the largest share in the market and the same segment is expected to be the fastest growing during the forecast period. Based on method the market is segmented into onsite and offsite/laboratory. In 2020, the offsite/laboratory segment held the largest market share and it is also expected to the fastest growing segment over the forecast period. Similarly, Based on country the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market and it is also expected to be the fastest growing during the forecast period.
SGS SA; Eurofins Scientific; ALS; Water Agricultural Laboratories, Inc.; A&L Great Lakes; Agrocares; Water Agricultural Laboratories, Inc.; and Activation Laboratories Ltd., are among the leading companies in the North America soil fertility testing market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Eurofins Scientific acquired Taiyo Techno Research which specializes in asbestos testing and provides a wide portfolio of environment testing assays including asbestos, soil, water and air testing and related consulting services. This acquisition allows the Eurofins Group to enter new markets.
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