Authored By: Sarah
11 Jul 2024

 Fertilizers Market Size to grow by USD 27.19 million between 2023-2027

According to a research report “ Fertilizers Market” by Type (Inorganic, Organic) Application (Agriculture, Horticulture, Gardening) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 27.19 million, at a CAGR of  2.52% during the forecast period. In the agricultural sector, the shift towards organic fertilizers is gaining momentum due to their eco-friendly properties and long-term benefits. Organic fertilizers, which degrade rapidly and pose no threat to surface and groundwater, are favored for their positive impact on the environment, animals, and soil. These non-toxic, slow-release fertilizers enhance soil structure, increase its nutrient and water retention capacity, and leave no residue in produce. With population growth and evolving dietary trends, the demand for organic fertilizers is poised to surge in both developed and developing countries. Government initiatives to promote their use can further fuel industry growth, contributing significantly to human health and sustainable farming practices.

Browse market data tables, figures, and in-depth TOC on “Fertilizers Market” by Type (Inorganic, Organic) Application (Agriculture, Horticulture, Gardening) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample

 

By Type, the Inorganic segment is projected to dominate the market size in 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.

By Application, Agriculture  segment is expected to hold the largest market size for the year 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.

APAC is forecasted to hold the largest market size by region 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.

The Fertilizers Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Bunge Ltd.
  • CF Industries Holdings Inc.
  • Coromandel International Ltd.
  • EuroChem Group AG
  • GUBRETAS
  • Haifa Group.
  • Israel Chemicals Ltd.
  • Indian Farmers Fertiliser Cooperative Ltd.
  • KS Aktiengesellschaft
  • Nufarm Ltd.
  • Nutrien Ltd.
  • OCI NV
  • OCP Group
  • PhosAgro Group of Companies
  • Sociedad Quimica y Minera de Chile SA
  • Sumitomo Chemical Co. Ltd.
  • Syngenta Crop Protection AG
  • Unikeyterra Kimya Tarim
  • Yara International ASA.
  • Zuari Agro Chemicals Ltd.
.

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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 fertilizer market encompasses a wide range of products used to enhance the growth of grains, cereals, fruits and vegetables, sugar beet, and other crops. Specialty fertilizers, including nitrogenous fertilizers, phosphorus fertilizers, and potassium fertilizers, play a crucial role in agriculture and horticulture. Nitrogen, phosphorus, and potassium are essential nutrients for plant cells, and their deficiency can negatively impact cell growth, photosynthesis, and crop performance. Inorganic fertilizers, such as nitrogenous fertilizers, are widely used in arable land and agricultural fields to provide essential nutrients. However, the use of these fertilizers can lead to toxic pollution and nutrient runoff, threatening soil health and the environment. Organic fertilizers, derived from animal waste, municipal silt, agricultural residues, and natural sources, offer a more sustainable alternative. The global farming sector, driven by the growing world population and the need for food security, is increasingly turning to advanced fertilizers, including slow release formulations, bio-based fertilizers, and water-soluble fertilizers. Precision agriculture practices, such as data analytics, drones, and advanced sensors, are being used to optimize fertilizer application and improve soil health. The fertilizer market includes various forms of fertilizers, such as conventional straight fertilizers, complex fertilizers, and specialty fertilizers, catering to different crops and applications, including horticulture, turf and ornamental, and field crops. The fertilizer market is diverse and dynamic, with a range of players, from smaller companies to large multinationals, offering various nutrient formulations and precision agriculture practices. The market is expected to grow in response to the increasing demand for food production and sustainable agriculture practices, while minimizing greenhouse gas emissions and reducing the environmental impact of fertilizer use. In summary, the fertilizer market plays a vital role in ensuring food production and food security, while also addressing the challenges of soil health, environmental sustainability, and the growing demand for sustainable agricultural practices. The use of advanced fertilizers, precision agriculture practices, and sustainable sources of nutrients is expected to drive the growth of the fertilizer market in the coming years.

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Technavio Research
Jesse Maida
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Email: media@technavio.com
Website: www.technavio.com/

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