Fort Collins, Colorado, Nov. 13, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Fertilizers Market size was valued at USD 197.4 Billion in 2022 and is expected to have a market size of USD 279.1 Billion by 2032 with a CAGR of 3.6%.
Fertilizers are chemical components that help plants grow and produce more. They can be found in natural or artificial substances. Fertilizers can either increase the soil's fertility or replace the crops' chemical elements. The fertilizers industry will likely expand in the coming years due to the changing food patterns and a growing population in developed and developing nations.
Natural and synthetic fertilizers feed plant tissues or soil to provide one or more nutrients necessary for growth and development by supplying the right balance of nutrients. An increasing requirement for enhanced soil nutrients and increased crop yield is expected to increase demand for fertilizers in the forecast period.
The Food and Agriculture Organization (FAO) predicts that urban areas will account for 70% of the world's population in 2050 and that urbanization will continue to accelerate. Farmers are additionally being compelled to use fertilizers to improve their agricultural results because of the loss of arable land owing to increasing urbanization.
Regulatory framework and government initiatives are bolstering market growth. Certain government and non-government panels support the usage of fertilizers and their positive effect on agricultural activities. For instance, the U.S. Department of Agriculture (USDA) enforces the Federal Fertilizer Act (FFA), which requires that fertilizers, including bio-fertilizers, be correctly labeled before being sold or distributed. The FFA ensures that user-friendly fertilizer labels include precise and standardized information on nutrient content, directions for use, and safety considerations.
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Segmentation Overview:
The global fertilizers market has been segmented into form, type, application, and region. The agriculture segment dominates the fertilizer market globally. Agriculture extensively uses fertilizers to improve crop growth, yield, and soil fertility. North America is considered to be the second largest market in the fertilizers market. This region has a growing demand for organic food products and increasing awareness about sustainable agricultural practices. According to the World of Organic Agriculture, over 3.6 million hectares of farmland were managed organically in 2019. Of these, 0.8% of North America's total agricultural land was used for organic farming, reaching around 5% by the end of 2020.
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Fertilizers Market Report Highlights:
- The global fertilizers market growth is anticipated at a CAGR of 3.6% by 2032.
- The rise in agricultural bio-stimulant development is expected to impel the market growth for fertilizers in the forecast period. Besides, bio-fertilizer availability in various is projected to trigger the demand in the forthcoming years.
- Based on form, the fertilizers market is categorized into dry and liquid.
- Based on type, the fertilizers market is categorized into organic and inorganic.
- Some prominent players in the fertilizers market report include Nutrien, Yara International, Mosaic Company, Israel Chemicals Limited, OCI, CF Industries, Syngenta AG, Indian Farmers Fertilizers Cooperative Limited, Bunge Limited, and Gemlik Fertilizers.
Industry Trends and Insights:
- In June 2022, ICL and India Potash Limited (IPL) entered a five-year contract to supply one million metric tons of polysulphate through 2026.
- In March 2022, Nutrien declared that it would build its potash creation from the ongoing levels of one million metric tons to 15 million metric tons every year, owing to the political scenarios in Eastern Europe.
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Fertilizers Market Segmentation:
By Form: Dry, liquid.
By Type: Organic, inorganic.
By Application: Agriculture, horticulture, gardening, others.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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