Fertilizers Market Size to grow by USD 24.2 billion between 2024-2028
The Fertilizers Market is segmented by Type (Inorganic and Organic), Application (Agriculture, Horticulture, and Gardening), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 24.2 billion, at a CAGR of 2.21% during the forecast period. There are several companies that are contributing to the market as per this report. High-efficiency fertilizer gaining market traction .
By Type, the Inorganic segment is projected to dominate the market size in 2024
Inorganic fertilizers play a crucial role in enhancing soil nutrient levels, enabling optimal plant growth. The agricultural sector's increasing focus on maximizing crop yields and improving soil fertility is driving the demand for fertilizers. High-efficiency fertilizers, which allow for more efficient and safe usage, are gaining traction in the market. Essential minerals like nitrogen, phosphate, and potassium, among others, are provided to crops through these fertilizers, ensuring soil fertility and promoting higher yields. The fertilizer industry is experiencing significant growth due to this essential function in modern agriculture.
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By Application, Agriculture segment is expected to hold the largest market size for the year 2024
The agriculture sector holds a significant market share in the global fertilizers industry in 2022. The demand for fertilizers in agricultural applications, including the production of staple crops such as rice, maize, wheat, millet, paddy, and barley, will fuel the market's expansion. Moreover, the increasing consumption of these crops in both developed and developing economies will drive the fertilizers market's growth trajectory. By 2030, the agricultural sector's reliance on fertilizers will continue to increase due to the necessity of replenishing essential minerals like NPK that naturally occur in the soil, thereby maintaining soil fertility and productivity.
Why is APAC forecasted to hold the largest regional market size in 2024?
The Asia-Pacific (APAC) region holds a dominant position in the global fertilizers market, driven by the increasing demand for organic food and rising per capita income. Key agricultural players in this region include Australia, China, and India, renowned for exporting commodities such as cotton, sugarcane, fruits, vegetables, grains, and cotton. In APAC, particularly in India and China, there is a transitioning food culture from grain-centric diets to high-protein ones. This trend will fuel the demand for nitrogen-based liquid fertilizers, enabling farmers to cultivate high-yield crops rich in protein. Businesses stand to benefit significantly from the lucrative opportunities in fertilizer production and distribution in these countries, where agriculture remains a significant economic activity.
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Research Analysis Overview
The fertilizer market encompasses a wide range of products designed to enhance plant growth by providing essential nutrients, primarily Nitrogen, Phosphorus, and Potassium (NPK). These nutrients play crucial roles in plant growth, with Phosphorus being vital for energy transfer through the plant via ATP production and Chlorophyll formation for photosynthesis. Phosphorus fertilizers, in particular, are essential for strong root development and crop performance. Fertilizers come in various forms, including natural and synthetic options. Natural fertilizers, such as manure and compost, offer sustainable agriculture practices but may not provide nutrients as efficiently as synthetic fertilizers. Synthetic fertilizers, like Phosphates and Nitrogen-based fertilizers, offer quick-release nutrients for crops, making them popular choices for commercial agriculture. However, they can contribute to greenhouse gas emissions and nutrient runoff, necessitating careful application and management. Fertilization methods include foliar application, fertigation, and conventional methods like broadcasting or side-dressing. The fertilizer market caters to diverse crops, including turf and ornamentals, horticultural crops, and field crops. Ultimately, the goal is to ensure food production and food security while minimizing environmental impact. Specialty fertilizers cater to specific crop needs, while complex and straight fertilizers offer different nutrient ratios. Potash, another essential nutrient, is often used in fertilizers to improve crop yield and quality. Overall, the fertilizer market plays a vital role in global food production and sustainable agriculture practices.
Market Research Overview
The global fertilizers and agricultural chemicals market, as per Technavio, is a significant segment within the larger global chemical industry. This market encompasses the production and sale of fertilizers, including nitrogen, phosphorus, potassium, calcium, magnesium, sulfur, chlorine, iron, boron, manganese, zinc, copper, molybdenum, and nickel, as well as agricultural chemicals such as insecticides, fungicides, herbicides, bio-pesticides, fumigants, and rodenticides. The market's growth is primarily driven by the agricultural sector's increasing focus on enhancing crop yield and productivity in a time-efficient manner. With the rising demand for high-quality agricultural products, farmers are increasingly turning to fertilizers and agricultural chemicals to optimize their crop output. - The Fertilizers Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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