Fertilizers Market Forecast 2024-2028: Growth, Trends, and Key Developments

The Fertilizers Market is projected to grow by USD 24.2 billion between 2023 and 2028, at a compound annual growth rate (CAGR) of 2.21%. This growth is being driven by several key market dynamics, including the rising demand for organic fertilizers, increasing food production needs, and the adoption of high-efficiency fertilizers. However, challenges related to health issues linked to certain fertilizers and environmental concerns continue to impact the market

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Key Market Segments

The global fertilizers market is segmented by type, application, form, and geography.

• By Type: The market is divided into Inorganic and Organic fertilizers. The inorganic segment, driven by nitrogen-based fertilizers, phosphates, and potash, plays a crucial role in crop yield enhancement and soil health. Organic fertilizers, derived from plant tissue, animal waste, or mineral sources, are gaining traction due to their environmental benefits.

• By Application: Fertilizers are primarily used in Agriculture, Horticulture, and Gardening applications. The growing demand for high-performance crops such as rice, wheat, corn, and fruits continues to drive demand.

• By Form: Fertilizers are available in Dry and Liquid forms, with dry fertilizers widely used in field crops and liquid fertilizers commonly applied in horticultural applications.

Regional Market

• • APAC
    • China
    • India
  • North America
    • US
  • Europe
    • France
  • South America
    • Brazil
  • Middle East and Africa

Key Market Drivers

1. Rising Demand for Organic Fertilizers: As consumers prioritize sustainable agricultural practices, the demand for organic fertilizers, which are environmentally friendly and improve soil health, is on the rise.

2. High-Efficiency Fertilizers: Fertilizers that offer improved nutrient efficiency are becoming increasingly popular due to their lower environmental impact and enhanced crop yields.

3. Food Security and Agricultural Productivity: The global population increase necessitates higher food production, leading to an uptick in fertilizer adoption.

4. Technological Advancements in Agriculture: Precision farming techniques, including the use of drones, sensors, and data analytics, help optimize fertilizer use and reduce environmental impacts.

Market Trends

1. Shift Toward High-Efficiency Fertilizers: There is a growing focus on fertilizers that reduce nutrient runoff and greenhouse gas emissions, leading to the adoption of more advanced formulations, such as water-soluble and slow-release fertilizers.

2. Sustainable Agriculture Practices: Precision agriculture, powered by data analytics and advanced technologies, is enhancing fertilizer application efficiency and reducing waste.

3. Increase in Micronutrient Demand: Farmers are increasingly seeking fertilizers with micronutrients to enhance crop performance and improve plant growth, such as chlorophyll production, which plays a vital role in photosynthesis.

Market Challenges

1. Health Concerns Associated with Fertilizers: The use of synthetic fertilizers has raised health concerns, particularly regarding nutrient runoff and contamination of water sources.

2. Environmental Impact: Fertilizer application, especially nitrogen-based fertilizers, can contribute to nutrient runoff and greenhouse gas emissions, prompting the need for more sustainable practices.

3. Soil Health Degradation: Over-reliance on inorganic fertilizers can degrade soil health, making the use of organic and bio-based alternatives increasingly important.

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Key Companies in the Fertilizers Market

Some of the key companies of the Fertilizers Market are as follows:

• Bunge Ltd.
• CF Industries Holdings Inc.
• Coromandel International Ltd.
• EuroChem Group AG
• GUBRETAS
• Haifa Negev technologies Ltd.
• Israel Chemicals Ltd.
• Indian Farmers Fertiliser Cooperative Ltd.
• KS Aktiengesellschaft
• Nufarm Ltd.
• Nutrien Ltd.
• OCI NV
• OCP Group
• PhosAgro Group of Companies
• SQM S.A.
• Sumitomo Chemical Co. Ltd.
• Syngenta Crop Protection AG
• Unikeyterra Kimya Tarim
• Yara International ASA
• Zuari Agro Chemicals Ltd.

Recent Market Developments

• January 2024: Yara International ASA announced the launch of its new range of sustainable nitrogen fertilizers, which are designed to reduce emissions and improve crop yield efficiency.
• October 2023: Bunge Ltd. expanded its fertilizer production capabilities in Brazil to meet the rising demand for high-efficiency fertilizers in South America.
• August 2023: CF Industries Holdings Inc. partnered with Syngenta Crop Protection AG to develop innovative fertilizer products tailored for precision farming applications.
• July 2023: Haifa Negev Technologies Ltd. launched a new line of water-soluble fertilizers for use in high-value crops, including vegetables and fruits, to enhance nutrient absorption.