New York, USA, Jan. 19, 2023 (GLOBE NEWSWIRE) -- A new report on the global fertilizer market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $251.57 billion by 2030, rising at a CAGR of 3.55% in the estimated period, 2022-2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Fertilizer Market
The outbreak of the COVID-19 pandemic in 2020 negatively impacted the growth of the global market. The application of strict restrictions on import-export activities, transportation, and agricultural activities during the pandemic period significantly disturbed the agri-food supply chains worldwide. Additionally, there has been a substantial drop in the demand for fertilizers due to the halt in crop production during the disaster period. All these factors significantly hindered the growth of the fertilizer market during the pandemic period. However, as the pandemic is relaxing, the governments of various nations are implementing several initiatives and offering aid to balance the demand and supply of fertilizers and ensure incessant availability of raw materials for helping the world to recover from the disastrous situation. This is expected to boost the market growth post-pandemic period.
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Factors Influencing the Fertilizer Market Growth
The key factors enhancing the growth of the global fertilizer market are the increasing global population and swift urbanization, which is increasing the demand for food. Furthermore, increasing awareness about the importance and benefits of using organic fertilizers in agriculture is expected to unlock favorable opportunities for the growth of the market in the forecast period. However, pollution and hazards caused owing to excessive usage of fertilizers are projected to impede the market growth.
The report segments the global fertilizer market into type, form, application, and region.
Inorganic Fertilizer Sub-Segment to Perceive Speedy Growth
The inorganic fertilizer sub-segment of the type segment is anticipated to grow significantly and garner $229.92 billion during the forecast period. This growth is chiefly owing to the rising demand and popularity for inorganic fertilizers in farming practices, as they offer an instant infusion of nutrients, enabling plants to feed as per convenience.
Dry Sub-Segment to Lead the Market Growth
The dry sub-segment of the form segment is anticipated to grow significantly and garner $202.42 billion during the forecast period. This growth is chiefly owing to the rising adoption of dry fertilizers in farming practices as this type of fertilizers is greatly applicable in slow-release formulations as they get absorbed gradually by plants.
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Agriculture Sub-Segment to Grow Extraordinarily
The agriculture sub-segment of the application segment is anticipated to observe the highest growth and garner $110.02 billion during the forecast period. This is chiefly owing to the rising adoption of fertilizers in farming practices due to the growing population of the world, growth of smart cities, and globalization, all of which have resulted in a reduction in the availability of agricultural land and surged the demand for healthy agricultural soil and food worldwide.
Asia-Pacific Region to Observe Rapid Growth
The report analyzes the global fertilizer market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe remarkable growth with a CAGR of 3.76% in the forecast period. The growth of the regional market is mainly because Asian countries such as India and China are the leading producers as well as users of fertilizers.
Key Players of the Market
The report states some of the leading players functioning in the global fertilizer market including
- Haifa Group
- K+S Aktiengesellschaft
- Uralkali
- The Mosaic Company
- OCP Group S.A.
- Syngenta AG
- EuroChem Group
- ICL Group Ltd.
- Nutrien Ltd.
- Yara International
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The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in October 2022, Narendra Modi, the Prime Minister of India, introduced subsidized urea under a single brand 'Bharat' as a part of the One Nation, One Fertilizer scheme and launched 600 Kisan Samruddhi Kendras, ensuring that these two reforms will increase the availability and quality fertilizers.
More about Fertilizer Market:
- How Fertilizers Can Help in Reducing Global Food Insecurity
- Fertilizers: Enhancing the Quality of Plants and Soil
- Integration of Modern Technologies in Agriculture to Up the Game of Fertilizer Sector
- Company Acquisition and Strategic Partnerships by Market Players such as Syngenta AG and ICL Group to Foster the Growth of the Global Fertilizer Market
