New York, USA, May 03, 2022 (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 $323,375.0 million by 2028, rising at a CAGR of 5.0% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
The report segments the global fertilizer market into form, type, application, and region.
Form: Solid Sub-Segment to Lead the Market Growth
Based on form, the global fertilizer market is divided into solid and liquid.
The solid sub-segment was valued at $139,652.8 million in 2020, and is anticipated to grow significantly and garner $200,943.9 million during the forecast period. This growth is chiefly owing to the rising adoption of solid or dry fertilizers in farming practices as this type of fertilizer are greatly applicable in slow-release formulations as they get absorbed slowly by plants. Also, this fertilizers are economical and can be easily stored as they do not “settle out” with time or in cold weather. All these factors are greatly fueling the solid sub-segment’s growth.
Moreover, the liquid sub-segment was valued at $81,775.7 million in 2020, and is predicted to grow rapidly and hit $122,431.1 million during the forecast period. This growth is chiefly owing to the rising usage of liquid fertilizers because they can be applied on ground or foliar. Also, this type of fertilizers get swiftly absorbed by plants and hold the potential to boost plant growth in the course of the growing season. All these factors are greatly fueling the liquid sub-segment’s growth.
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Application: Agriculture Sub-Segment to Grow Remarkably
Based on application, the global fertilizer market is divided into agriculture, horticulture, gardening, and others.
The agriculture sub-segment was valued at $87,566.5 million in 2020, and is anticipated to observe highest growth and garner $130,795.8 million during the forecast period. This is chiefly owing to the rising use of fertilizers in the agriculture arena due to the growing population of the world, globalization, and expansion of smart cities, all of which have resulted in the reduction in the accessibility of arable areas and increased the demand for healthy agricultural soil and food across the globe.
Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global market. The implementation of stringent restrictions on import-export activities, movement of people and goods, and agricultural activities during the pandemic greatly disrupted the agri-food supply chains across the world. Moreover, there has been a significant decline in the demand for fertilizer owing to stoppage of agricultural production during the crisis period. All these factors are greatly hampering the growth of the fertilizer market amidst the pandemic period. However, government of various nations are undertaking numerous initiatives and offering subsidies to support the demand and supply of fertilizers and guarantee continuous availability of raw materials for helping the world to recuperate from the catastrophic situation. This is likely to fuel the market growth post-pandemic period.
Post COVID-19 Pandemic Growth for Fertilizer Market. Connect with Expert
Type: Organic Sub-Segment to Observe Rapid Growth
The organic sub-segment of the type segment is anticipated to grow significantly and garner $137,207.5 million during the forecast period. This growth is chiefly owing to the rising demand and popularity for organic fertilizers in farming practices, as they boost soil friability and avert waterlogging.
Asia-Pacific Market 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 and hit $108,902.3 million in the forecast period. The growth of the region market is mainly because Asian nations like India and China are the major producers as well as consumers of fertilizers.
Factors Impacting the Market Growth:
The key factors boosting the growth of the global fertilizer market are the rising worldwide population and speedy urbanization which is leading to increased demand for food across the globe. Moreover, growing awareness about the significance and benefits of organic fertilizers in farming is projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, pollution and hazards caused due to overuse of fertilizers is expected to obstruct the market growth.
Key Market Players
The report lists some of the foremost players operating in the global fertilizer market including
- Yara International
- K+S Aktiengesellschaft
- The Mosaic Company
- Haifa Group
- Syngenta AG
- EuroChem Group
- OCP Group S.A., ICL Group Ltd
- Uralkali, Nutrien Ltd..
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in September 2021, Coromandel International Limited, one of the most trusted agricultural brands in India for innovation and manufacturing of fertilizers, launched a new fertilizer brand “GroShakti Plus” for the farming community.
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Related links:
- Fertilizers: Enhancing the Quality of Plants and Soil
- How Different Types of Fertilizers Help Plants Grow?
- Fertilizer Industry: The Essentiality of Providing Food for the World
- Integration of Modern Technologies in Agriculture to Up the Game of Fertilizer Sector
