New York, USA, Jan. 12, 2022 (GLOBE NEWSWIRE) -- According to Research Dive, the global fertilizer market is estimated to generate a revenue of $323,375.0 million by 2028 and grow at CAGR of 5.0% over the forecast period (2021 to 2028). As per our analysts, the growing population especially in the developing nations such as China and India is leading to the rising demand for fertilizers and food, which is the major factor expected to boost the growth of the global fertilizer market over the forecast period. Fertilizers play a vital role in enhancing the crop productivity, and growing awareness campaigns to educate the farmers related to the benefits of fertilizers are driving the market growth. Moreover, the rising popularity along with increasing adoption of organic fertilizers as they improve crop resistance is projected to create lucrative growth opportunities for the market by 2028. However, the uncontrolled use of fertilizers leading to pollution is estimated to restrict the market growth in the projected timeframe.
Impact of COVID-19 on the Fertilizer Market Industry
The COVID-19 pandemic has impacted the global fertilizer market in a negative way. Restrictions imposed by various countries across the globe on import-export have resulted into disruptions and delays in supply chain at country borders. In addition, the restrictions on movement of goods and people have brought numerous challenges for the agri-food supply chain. These factors have unfavorably impacted the growth of the global fertilizer market during the pandemic period. However, various governments are taking initiatives and providing subsidies to support the rising demand and supply of fertilizer, which are helping the society to recover from the pandemic situation.
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Inorganic Sub-segment to be Most Profitable
By type, the inorganic sub-segment accounted for $129,645.6 million in 2020 and is projected to hold a dominating market share by 2028. This is mainly because inorganic fertilizers consist of nutrients rich salts such as phosphorous, potassium, nitrogen, and others that dissolve quickly owing to which they are instantly available to the plants. Besides, inorganic fertilizers are easy to use as they are available in several easy-to-use formulations such as liquid concentrates, dry-granules, water-soluble powders, and others.
Liquid Sub-segment to Grow at the Fastest Rate
By form, the liquid sub-segment is anticipated to grow at the fastest rate and reach up to $122,431.1 million by 2028. This is majorly due to the growing adoption of liquid fertilizers in recent times as they can be either foliar applied or ground applied. Plants can quickly absorb liquid fertilizers which can efficiently boost the plant growth during the growing seasons, aiding the sub-segment’s growth.
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Agriculture Sub-segment to Hold Largest Market Share
By application, the agriculture sub-segment valued for $87,566.5 million in 2020 and is projected to hold the majority of market share over the forecast period. This is mainly due to the growing popularity and demand for fertilizers in the agriculture sector along with the increasing global population leading to surging demand for food.
Asia-Pacific Region to Dominate the Fertilizer Market
By region, the Asia-Pacific fertilizer market is projected to subjugate in the global industry by growing at a CAGR of 5.4% during the forecast period. This dominance can be attributed to the presence of largest fertilizer consumers in China, India, and other countries of the region. For instance, in December 2018, World Fertilizer, a popular platform for fertilizer news, stated that China is the largest consumer of urea by accounting for one-third of the total consumption of urea in the world.
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Prominent Fertilizer Market Key Top Players
Some of the top players of the global fertilizer market are:
- Yara International
- Nutrien Ltd.
- The Mosaic Company
- Haifa Group
- Syngenta AG
- ICL Group Ltd.
- EuroChem Group
- OCP Group S.A.
- K+S Aktiengesellschaft
- Uralkali
These players are applying numerous strategies to gain a strong hold and competitive edge in the global industry. - Inquire for Global Industrialise study on Development by Top Key Business Manufacturers.
For instance, in July 2020, Nutrien, a Canadian fertilizer company, announced the launch of ‘Smart Nutrition MAP+MST’ fertilizer powered by micronized sulfur technology (MST), which is the latest and the most efficient system for delivering phosphate and sulfur to maximize crop production and meet crop needs.
Related Article Links:
- Fertilizer Industry: The Essentiality of Providing Food for the World
- How Different Types of Fertilizers Help Plants Grow?
