The fertilizer market hit USD 840 billion in 2019 and is expected to

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Fertilizer market

Fertilizer market

The fertilizer market was estimated at around USD 840 billion in 2019 and is expected to grow at a CAGR of 5% over the forecast period (2020-2027).

For additional information, click to access the full report – https://www.gmiresearch.com/report/fertilizer-market-size-analysis-industry-research/

Factors driving the growth of the fertilizer market include growing popularity of organic fertilizers, rising food consumption, increased adoption of precision agriculture globally, and expanding industry agricultural. According to the report published by Statista, the global precision agriculture market was calculated around USD 6.73 billion in 2021 and is expected to reach USD 14.44 billion by the end of 2027, which will accelerate the global market fertilizers in the years to come. Additionally, growing demand for high-yield fertilizers, increased awareness among farmers about the benefits of using fertilizers, and government programs encouraging the use of organic fertilizers are some of the additional factors complementing the growth of the market. In addition, increasing investments by major players in research and development, growing concerns over environmental pollution, ease of access to credit for farmers, rapid urbanization and increasing population growth rates further contribute to the growth of the market.

However, the growth of the fertilizer market is hampered due to the high cost of producing specialty fertilizers.

Major players operating in the market are Syngenta AG, Israel Chemicals Ltd. (ICL), Sumitomo Chemical Co., Ltd., Haifa Group, Yara, Nutrien Ltd., Mosaic, IFFCO, CF Industries Holdings, Inc. and Bunge Limited, among others.

Based on Form, the Dry segment is expected to grow at a significant CAGR during the forecast period

According to the fertilizer market analysis, dry fertilizers are cost effective, come in different blends and are highly effective for pre-planting applications, are some of the major factors responsible for the growth of the segment.

Based on the application, the Agriculture segment is expected to grow at a remarkable CAGR during the forecast period

According to the fertilizer market report, growing demand for wheat, rice and paddy across the globe is the major factor propelling the growth of the segment.

Based on region, Asia-Pacific region is expected to capture the largest market share during the forecast period

Growing reliance on nitrogen fertilizers, government policies favoring precision agriculture, growing pollution concerns, demographic conditions and topography favorable to agricultural practices, and high population growth rates are some of the significant factors driving are increasing market growth in the Asia-Pacific region.

Key development

In 2021, Yara completed the acquisition of Finish Colan, which will expand its organic fertilizer business.
In 2020, Yara East Africa introduced a micronutrient fertilizer, Yara Microp, to increase maize yields in western Kenya. Yara Microp contains nitrogen, phosphorus, sulfur, ammonia nitrogen and zinc, to help corn crops grow faster and produce high yields.
In 2020, Haifa Group launched a new line of herbal supplements, which it calls “HaifaStim”. It includes a wide range of products formulated to improve the plant’s environment and support its physiological growth process.

Market segmentation

Segmentation by form

Dry
Liquid

Segmentation by product

organic
Plant fertilizer
Fertilizers of animal origin
Mineral fertilizer
Inorganic
Nitrogen
Phosphorus
Potassium

Segmentation by application

Agriculture
Horticulture
Gardening
Others

Segmentation by region

Asia Pacific
China
Japan
India
Rest of APAC

North America
the United States of America
Canada

Europe
UK
Germany
France
Spain
The rest of Europe

Line
Brazil
South Africa
Saudi Arabia
United Arab Emirates

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