Fertilizer Market

Fertilizer Market Research, 2030

The global fertilizer market was valued at $184.60 billion in 2021, and is projected to reach $251.57 billion by 2030, growing at a CAGR of 3.55% from 2022 to 2030.

Since the outbreak of COVID-19, the fertilizer industry has been significantly impacted in many parts of the world. During the initial lockdown, shipments were disrupted due to a labor shortage and the closure of a few fertilizer plants located in integrated chemical complexes

The fertilizer market is segmented into Application, Type and Form.

Fertilizers of synthetic or natural origin are applied to soil or plant tissue to increase crop performance by enabling plant growth nutrients. Nitrogen-based fertilizers, for example, contain nitrogen, which is the primary constituent of chlorophyll, which aids in plant photosynthesis. Phosphorus fertilizers are beneficial to plant roots because phosphorus is found in cell protoplasm, which promotes cell growth and proliferation. Organic fertilizers, on the other hand, are made from agricultural residues, toxic pollution, municipal silt, or animal waste. These fertilizers increase soil water retention capacity, promote microorganism reproduction, and improve soil physical and chemical properties.

Natural and synthetic fertilizers are applied to plant cells or soil and provide one or even more nutrients required by plants for growth. Growth of the market for improved soil nutrients, combined with increased crop yield, are expected to drive up fertilizer demand over the forecast period. Growing organic fertilizer penetration is expected to encourage farmers to use fertilizers more efficiently and safely.

The global farming sector is facing numerous challenges. As per the United Nations, the world population will have exceeded nine billion people by 2050. This will put a lot of stress on the agricultural industry, which is already suffering from a loss of productivity due to labor shortages and the shrinking of agricultural fields due to rapid urbanization. According to the Food and Agriculture Organization, cities will house more than 70% of the world's population by 2050. Farmers are being forced to use fertilizers to increase agricultural output due to global loss of arable land.

The global fertilizer market share is segmented on the basis of type, application, and region. By type, market has been divided into organic and inorganic. By form, the analysis has been divided into dry and liquid. By application, the market is further divided into agriculture, horticulture, gardening, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.  

The key players profiled in this report include Yara International, Nutrien Ltd., The Mosaic Company, Haifa Group, Syngenta AG, ICL Group Ltd., EuroChem Group, OCP Group S.A., K+S Aktiengesellschaft, and Uralkali.

By type, the market has been divided into organic and inorganic. Among these, the inorganic sub-segment accounted for the highest revenue share in 2021. Inorganic fertilizers are made up of nutrient-rich salts like potassium, phosphorous, nitrogen, and others that disintegrate rapidly and are immediately available to the plants. Because the use of inorganic fertilizers is regulated by law, they have precise nitrogen, phosphate, and potassium, effectively meeting plant and soil requirements.

By form, the dry sub-segment accounted for the highest revenue share in 2021. Dry fertilizers are commonly used fertilizers. Dry fertilizers are best suited for slow-release formulations because they are absorbed more slowly by plants and must first be broken down. Because they do not "settle out" over time or in cold weather, these fertilizers are less expensive and easier to store. This is one of the reasons for the fertilizer market growth.

By application, the agriculture sub-segment is anticipated to have the dominant share during the forecast period. Agriculture sub-segment accounted for the highest revenue share in 2021. Fertilizer demand in agriculture has skyrocketed as a result of rising global population, globalization, and the development of smart cities, all of which have resulted in a decrease in arable land availability and an increase in food demand. Fertilizers are important for maintaining soil nutrient levels, meeting crop nutritional needs, and increasing agricultural productivity. According to Future Farming, a brand focusing on smart farming, the world's population is expected to reach 10 billion by 2050. As a result, increasing agricultural productivity is critical in order to meet the food needs of the growing population. As a result, the use of fertilizers in the agricultural sector is critical to balancing nutrients in the soil.

By region, Asia-Pacific dominated the global fertilizer market share in 2021 and is forecasted to remain the dominant region during the forecast period. The growing agricultural practices and demand for high-quality agricultural produce are expected to drive the growth of the nitrogenous fertilizers market in this region. Rice, sugar beet, fruits and vegetables, cereals, and grains are among the major crops grown in Asia; the region consumes 90 percent of the world's rice production. Asian countries such as Korea, China, Japan, and, more recently, Vietnam are using high nitrogenous fertilizer rates per hectare for both short-term and perennial crops. As a result, the region has a high demand for specialty fertilizers.

KEY BENEFITS FOR STAKEHOLDERS

• The report provides an in-depth analysis of the global fertilizer market trends along with the current and future market forecast.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global fertilizer market growth for strategy building. 
• A comprehensive global fertilizer market analysis covers factors that drive and restrain the market growth.
• The qualitative data in this report aims on market dynamics, trends, and developments.   

IMPACT OF COVID-19 ON THE GLOBAL FERTILIZER MARKET

• Since the outbreak of COVID-19, the fertilizer industry has been significantly impacted in many parts of the world. During the initial lockdown, shipments were disrupted due to a labor shortage and the closure of a few fertilizer plants located in integrated chemical complexes.
• China, as the pandemic's epicenter, was severely impacted at first. However, the country's conditions have stabilized, and fertilizer production rates have increased across the board. As a result, the overall impact of COVID-19 on the fertilizer industry is considered moderate.

• Travel restrictions resulted in fertilizer stockpiling. Hubei, a Chinese province, is the leading producer of phosphoric acid and phosphate.

 Fertilizer Market Report Highlights