Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Fertilizer Market by Type (Organic, Inorganic), by Form (Dry, Liquid), by Application (Agriculture, Horticulture, Gardening, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." The report states that the global fertilizer market is anticipated to garner $251.57 billion by 2030. The market was valued at $184.60 billion in 2021 and is expected to display the fastest growth with 3.55% CAGR during the forecast period of 2022 to 2030.
Factors influencing the growth of the market:
The global fertilizer market is expanding rapidly due to factors such as development in physical and chemical properties of soil, promotion of microorganism reproduction, and benefits of fertilizers like surge in soil water retention capacity. Additionally, enhanced soil nutrients coupled with heightened crop yield with application fertilizers drives the market expansion. However, the bad impacts of chemical fertilizers on the arable soil hamper the market growth to some extent. Nevertheless, an increase in demand for organic fertilizers is anticipated to offer lucrative growth opportunities to the market in the future.
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The agriculture segment to lead the trail during the forecast period
By application, the agriculture segment grabbed the largest market share in 2021, accounting for nearly half of the global market revenue and is estimated to rule the roost from 2022 to 2030. The growth is attributed to the increase in usage of agriculture activities with surge in development of smart cities, globalization, and population, and food demand. The horticulture segment, on the other hand, would showcase the fastest growth with 3.9% CAGR by 2030, due to a rise in investments in vertical farming.
The inorganic segment to retain its dominance by 2030
On the basis of type, the inorganic segment grabbed the largest share of around 92% of the global fertilizer market in 2021 and is expected to continue its supremacy from 2022 to 2031. The use of nutrient-rich salts like nitrogen, potassium, phosphorous, and others during yielding process to allow swift integration in soil supportive norms by law to efficiently meet the plant and soil needs. The organic segment, on the other hand, would showcase the fastest growth with 5.5% CAGR throughout the forecast timeframe, owing to an increase in awareness related to effects of inorganic substances on arable land and soil quality.
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Asia-Pacific to retain its dominant status by 2030
The regional analysis in the report states that the Asia-Pacific region grab the largest market share in 2021, contributing to more than half of the total market share and is expected to continue its supremacy throughout the forecast timeframe. Also, the same region would display the fastest growth with 3.7% CAGR by 2030, owing to the presence of the largest fertilizer consumers and demand for high-quality agriculture production. The report also analyzes markets across the LAMEA, Europe, and North America regions.
Key market players:
- K+S Aktiengesellschaft
- Uralkali
- OCI
- PhosAgro
- OCP
- CF industries
- Israel Chemicals Limited
- Eurochem
- The Mosaic Company
- Yara International
- Nutrien Ltd.
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