Selbyville, Delaware, Dec. 21, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global fertilizer market size was estimated at $196.97 billion in 2019 and is estimated to hit $200 billion by 2026, registering a CAGR of 3.2% from 2020 to 2026. The report provides a comprehensive analysis of the market size & estimations, drivers & opportunities, major investment pockets, competitive scenario, wavering market trends, and top winning strategies.
Based on form, the fertilizer industry is bifurcated into liquid and dry fertilizers. The dry fertilizer segment will hold over 80% share owing to its easy storage and cost-effectiveness. Additionally, dry fertilizers are more efficient for heavy pre-plant applications as they offer slow-release options that help to feed crops longer into the season.
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Based on the product, the industry is segmented into inorganic & organic fertilizers. Phosphorus-based inorganic fertilizers are of various types such as diammonium phosphate, monoammonium, phosphate, triple superphosphate, ordinary superphosphate, ammonium polyphosphate, and others including phosphoric acid, & phosphorus rock. Phosphorus-based inorganic fertilizers accounted for a fair share of around 25% in the inorganic fertilizer market share in 2019.
Phosphorus is a key component in plant DNA and RNA, which is vital for seed production, adequate root development, and crop maturity. Additionally, it also helps the plant to resist drought. Phosphorus is also important for plant growth and development such as the ripening of seeds and fruits, which will increase its consumption in the fertilizer market over the coming years.
The fertilizer market from gardening activities is likely to grow at a significant rate over the coming years. The growth is due to rising gardening activities across the world. Gardening includes botanical gardens and public parks that use fertilizers to maintain plants, flowers, herbs, and shrubs. Furthermore, rapid urbanization across the world has also increased the demand for gardens and landscapes at private homes, apartment buildings, & commercial spaces, such as hotels & restaurants, & office buildings, which, in turn, will positively surge the fertilizer demand for gardening applications by 2026.
In 2019, North America held over a 10% share in the overall fertilizer market and is estimated to grow at a fair rate from 2020 to 2026 owing to the contraction in consumption from the U.S. This is attributed to economical international prices for crops and inadequate weather conditions in agricultural & fertilizer-consuming areas. However, the region will witness recovery in the product demand with initiatives focused on increasing cereal production in the region.
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Leading market players
The key market players analyzed in the global fertilizer industry report include CF Industries Holdings, Nutrien Ltd., The Mosaic Company, Sumitomo Chemical Co., Ltd., Haifa Group, and Yara International. Product manufacturers are focusing on capacity expansion, strategic acquisitions, cost optimization, and technology advancement strategies in the long-run.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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