Westford USA, June 13, 2023 (GLOBE NEWSWIRE) -- The global Fertilizer market size is expected to reach USD 252.69 billion by 2030 and exhibit a CAGR of 3.55% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing population, changing diets, weather patterns, government policies, technological advancement, and energy prices are fueling the Market's growth.
Government Subsidies and Incentives Along with Trends to Promote the Use of Fertilizer
At a global scale, the shift towards balanced fertilization, increased demand for micronutrients, the growing popularity of organic fertilizers, and sustainability concerns are the trends promoting the market growth.
Several government initiatives, such as subsidies, research and development funding, regulations, infrastructure development, and public-private partnerships, have started with the desire to help the market grow. Governments across the globe are investing in research and development to improve the efficiency and effectiveness of fertilizers. For example, the US Department of Agriculture funds research into new types of fertilizers that can improve crop yields and reduce environmental impacts.
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Nitrogen-based Fertilizer Type Demand to Grow Substantially in the Forecast Period
Nitrogen-based fertilizer type dominated the global market as it is an essential nutrient for plant growth. It is also generally the most effective and cost-efficient way to supply crops with this nutrient. In addition, the FAO (Food and Agriculture Organization) of the United Nations reports that nitrogen fertilizers have been the most widely used type of fertilizer globally since the 1960s, and have played a significant role in increasing crop yields and improving food security.
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Broadcasting method is the Leading Application Segment
In terms of application, the broadcasting method is the leading segment as it involves spreading the fertilizer evenly across a field using a mechanical spreader or by hand. In addition, it is a cost-effective method of fertilizer application as it requires relatively simple equipment and can cover large areas quickly. This makes it a popular choice for small-scale and large-scale farmers alike.
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Asia-Pacific is the leading Market Due to its Large Population
Region-wise, Asia-Pacific is one of the largest growing markets due to its large population and high demand for food in the region. Additionally, many countries in the region, such as China and India, have large agricultural sectors and are major producers and consumers of fertilizers.
Due to government initiatives and other factors, Africa has been projected to see significant growth in the coming years. For example, the African Union's Comprehensive Africa Agriculture Development Programme (CAADP) aims to increase agricultural productivity by 6% annually. This is expected to drive demand for fertilizers in the region.
Browse in-depth TOC on " Fertilizer Market "
Pages - 242
Tables - 59
Figures - 75
Fertilizer Market Report Suggests:
- ICL, a specialty minerals company, has launched a new technology called eqo.x, which offers a groundbreaking solution for controlled release urea in open field agriculture. The technology involves a coating that is rapidly biodegradable, providing farmers with a sustainable and eco-friendly option. By limiting nutrient loss and increasing nutrient use efficiency by up to 80%, eqo.x helps farmers maximize crop performance while reducing the impact on the environment. This release technology also allows for similar or increased yields with reduced fertilizer rates, reduces the need for frequent nitrogen applications, and offers consistent and predictable nutrient release.
- In terms of application, the Broadcasting segment dominates due to the efficient spreading of fertilizer.
- In terms of type, the Nitrogen-based Fertilizers type segment is projected to gain more popularity due to its special properties
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Fertilizer Market Segmentation:
The global Fertilizer market report is segmented based on Product type, application, and region.
By Crop Type
- Cereals
- Oilseeds and pulses
- Fruits and vegetables
- Others (turf, ornamentals, etc.)
By Fertilizer Type
- Nitrogen-based fertilizer
- Phosphorus-based fertilizers
- Potassium-based fertilizers
By Application
- Broadcast
- Foliar
- Fertigation
- Seed treatments
- Others
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
Fertilizer Market Major Company Profiles:
- Agrium Inc.
- CF Industries Holdings, Inc.
- EuroChem Group AG
- Haifa Chemicals Ltd.
- ICL Group Ltd.
- Israel Chemicals Ltd.
- K+S AG
- Koch Fertilizer, LLC
- Mosaic Company
- Nutrien Ltd.
- OCI Nitrogen B.V.
- OCP Group
- PhosAgro Group
- PotashCorp
- Sinofert Holdings Ltd.
- SQM S.A.
- Terra Nitrogen Company, L.P.
- The Andersons, Inc.
- Uralkali PJSC
- Yara International ASA
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