Fertilizer Market Expected to Reach $251.57 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Fertilizer Market," The fertilizer market was valued at $184.60 billion in 2021, and is estimated to reach $251.57 billion by 2030, growing at a CAGR of 3.55% from 2022 to 2030.

Fertilizers are natural or synthetic substances that contain chemical elements that promote plant growth and productivity. Fertilizers either improve the soil's natural fertility or replace the chemical elements removed by previous crops. Nitrogenous, potash, and phosphate fertilizers are examples of modern fertilizers. Some fertilizers also include "micronutrients" like zinc and other metals that are required for plant growth.

The global fertilizer market analysis is segmented on the basis of type, form 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.

The report focuses on the global fertilizer market opportunity  and the major products & applications, where Edge AI processors are utilized. It further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for Fertilizer in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

IMPACT OF COVID-19 ON THE GLOBAL FERTILIZER MARKET TRENDS

• The COVID-19 pandemic has had a negative impact on many economies around the world. COVID-19-fighting measures, such as complete lockdown and quarantine, have had a negative impact on many industries around the world, including a portion of the agriculture industry. Due to disrupted logistics and transportation, the fertilizers market in the agriculture sector experienced a significant slowdown in sales during the first quarter of 2020.
• The fertilizer industry has also experienced disruptions throughout the value chain, from raw material supply to manufacturing, packaging, and distribution.
• Since early 2020, the effects of the COVID-19 outbreak on the fertilizer market growth have been observed in China, one of world's largest consumers and producers of natural manure. The supply chain was impacted by the closure of Chinese production facilities and limitations on the exporters and importers of fertilizers and raw materials, particularly animal waste, to and from China's restricted areas. This scenario had an impact on the industry's production, sales, and operations.
• The pandemic is also expected to have a negative impact on the fertilizer market in many countries around the world, including the United States, India, Australia, Brazil, and the EU-5 countries. Many fertilizer plants in India have shut down or are operating at reduced capacity due to the countrywide lockdown, resulting in significant losses in the domestic market.

Key Findings of the Study

• On the basis of type, the inorganic fertilizer segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of form, the dry segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period.
• On the basis of application, the agriculture segment emerged as the global leader in 2021 and is anticipated to be the largest market during the forecast period. 
• On the basis of region, Asia-Pacific is projected to have the fastest growing market during the forecast period.