$219+ Billion Global Fertilizer Market is Expected to Grow at a CAGR of over 2.3% During 2022-2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, July 27, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Fertilizer Market finds that poor economic growth, sudden changes in crop prices, increasing global nutrient demand, and unexpected growth in energy prices are expected to augment the growth of the Fertilizer Market in the years to come. In addition, increasing food demand along with a growing population is also likely to augment the growth of the Fertilizer Market in recent years. The Global Market revenue stood at a value USD 191.5 Billion in the year 2021.
The Global Fertilizer Market size is forecasted to reach USD 219.4 Billion by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 2.3% during the forecast period; states Vantage Market Research, in a report, titled “Fertilizer Market Size, Share & Trends Analysis Report by Form (Dry, Liquid), by Product (Organic, Inorganic), by Application (Agriculture, Horticulture, Gardening, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Fertilizer market is predicted to grow at a CAGR of roughly 2.3% during the forecast period.
The Fertilizer market was estimated to be worth roughly USD 191.5 Billion in 2021 and is expected to reach USD 219.4 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Fertilizer market.
Market Dynamics:
Driver: Growing Comprehension of Organic Fertilizer Markets to Drive the Market Growth
The agriculture industry is inhibiting the use of chemical Fertilizer Markets and is systematically enfolding organic and bio Fertilizer Markets widely to stimulate plant growth as well as soil health. These Fertilizer Markets are also introduced as "soil conditioners" assembled from plant or animal waste to initiate water and nutrients for a longer period. In addition, organic Fertilizer Markets are less hazardous, quickly putrefy, reusable, safe, and environmentally friendly, and can be stored for a longer duration of time due to their capacity to resist temperatures to 45 degrees Celsius or more. Organic-based Fertilizer Markets comprise three specific product categories which include organic Fertilizer Markets, organo-mineral Fertilizer Markets, and organic soil improvers. The utilization of organic-based Fertilizer Markets in imperishable agriculture benefits farmers, growers, consumers, and the environment in many ways. As experimentally indicates, organic-based Fertilizer Markets help to increase both nutrient efficiency and organic matter content in the soil. Thus, owing to the above-mentioned factors, the Fertilizer Market is expected to grow significantly during the forecast period.
Growing R&D Activities to Augment the Growth of the Global Fertilizer Market
Major Fertilizer Market distributors are increasing their Research and Development (R&D) splurges due to inflexible regulations and product involvement since sales of Fertilizer Market products are influenced by climatic conditions and crop variance. In addition, most of the significant distributors are introducing newer technologies at their production plants to increase capacity and minimize production costs. Enhanced and efficient application of Fertilizer Markets ensures that crops & plants receive nutrients in an amount that is preferred at the right time and the right place, with minimum wastage. Fertilizer Markets are growing substantially in the agriculture industry in various applications such as cereals and industrial crops. As a result, there are huge development in the new urease inhibitors and inexpensive polymer coating technologies. Such Fertilizer Markets also help in increasing Research and Development (R&D) growth and have a positive impact on the growth of the Fertilizer Market. Thus, the growing population in the world has resulted in an increasing demand for food, which will assist in a further increase in the consumption of Fertilizer Markets across the globe.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the agriculture industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Asia Pacific dominated the Global Fertilizer Market in 2021. This is owing to the increasing analysis of the current pattern of use of Fertilizer Markets, heavy dependence on Fertilizer Markets, poor nutritional management, lack of additional inputs, declining soil fertility, and weak marketing and distribution systems. Farmers have been using Fertilizer Markets in combination with conventional chemicals, which has helped them to achieve no residue crops by internationally accepted standards. This factor will drive the growth of the market in the region. A growing population followed by increasing demand for enhanced food production in China, India, Pakistan, Vietnam, and Bangladesh are anticipated to further increase Fertilizer Market concentration in the years to come.
List of Prominent Players in the Fertilizer Market:
CF Industries Holdings Inc.
GÜBRETA
Indian Farmers Fertiliser Cooperative Limited (IFFCO)
Haifa Group
Syngenta AG
Unikeyterra
SQM S.A
Yara International ASA
BAGFAŞ
Sumitomo Chemical Co. Ltd.
Gemlik Fertilizer
Israel Chemicals Ltd. (ICL)
Bunge Limited Inc.
Nutrien Ltd.
Recent Developments:
September 2021: Yara acquires Finish colan to expand its organic Fertilizer Market business which shows the company’s commitment to playing a bigger role in the organic Fertilizer Market business.
August 2020: Yara East Africa introduced a micronutrient Fertilizer Market, Yara Microp, to improve maize yields in Western Kenya. Yara Microp is a blended product with nitrogen, phosphorus, ammoniacal nitrogen, sulfur, and zinc, enabling maize crops to grow faster and produce higher yields.
January 2020: Nutrien Ltd purchased Agrosema Commerical Agricola Ltd to expand its roots in the growing Brazilian agriculture market.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Fertilizer Market?
How will the Fertilizer Market change in the upcoming six years?
Which application and product will take a lion’s share of the Fertilizer Market?
What is the Fertilizer market drivers and restrictions?
What will be the CAGR and size of the Fertilizer Market throughout the forecast period?
This market titled “Fertilizer Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Form
Dry
Liquid
Product
Organic
Inorganic
Application
Agriculture
Horticulture
Gardening
Others
Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Region & Counties Covered
North America
U.S.
Canada
Mexico
Europe
U.K
France
Germany
Italy
Spain
Rest Of Europe
Asia Pacific
China
Japan
India
South Korea
South East Asia
Rest Of Asia Pacific
Latin America
Brazil
Argentina
Rest Of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest Of Middle East & Africa
Companies Covered
CF Industries Holdings Inc.
GÜBRETA
Indian Farmers Fertiliser Cooperative Limited (IFFCO)
Haifa Group
Syngenta AG
Unikeyterra
SQM S.A
Yara International ASA
BAGFAŞ
Sumitomo Chemical Co.
Ltd.
Gemlik Fertilizer
Israel Chemicals Ltd. (ICL)
Bunge Limited Inc.
Nutrien Ltd.
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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