Selbyville, Delaware, May 18, 2022 (GLOBE NEWSWIRE) --
The fertilizer market value was estimated at USD 193.3 billion in 2021 and is anticipated to reach USD 240 billion by 2030, according to a new research report by Global Market Insights Inc. The market is getting a lot of traction since it helps to increase crop output by giving critical nutrients to crops including nitrogen, phosphate, potassium, and other nutrients that promote soil fertility.
Fertilizer consumption has risen fast, particularly in the agriculture sector, as the world's population has grown, resulting in increasing food need. Furthermore, agricultural output has decreased due to a shortage of nutrients in the soil caused by the use of pesticides and other toxic chemicals.
Organic fertilizers are rising in favor due to their capacity to boost soil nutrients, water retention, and structure. Chemical compounds such as ammonium nitrate, potassium sulphate, and others found in synthetic or inorganic chemicals alter the soil. Fertilizer use should be optimized and regulated, as excessive fertilizer uses leads to pollution. Plant development is aided by nitrogen-based fertilizers, for example. Excess nitrogen-based fertilizer use, on the other hand, is detrimental since it has deleterious consequences on animals, humans, plants, and water bodies.
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Fertilizer market from dry segment accounted for more than 80% revenue share in 2021. Dry fertilizers are less expensive than liquid fertilizers and do not require particular storage conditions. To improve the fertilizer's effectiveness, dry fertilizers are frequently combined with other granular fertilizers.
Browse key industry insights spread across 400 pages with 516 market data tables & 22 figures & charts from the report, “Fertilizer Market Analysis, By Form (Dry, Liquid), Product (Organic, Inorganic), Application (Agriculture, Horticulture, Gardening), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/fertilizer-market
Organic segment is expected to increase rapidly in the fertilizer business. Organic fertilizers are gaining popularity as people become more conscious of soil contamination and environmental damage caused by various inorganic fertilizers. Various government efforts are assisting farmers in the adoption of organic fertilizers in order to increase agricultural yields.
Fertilizer market from gardening segment is set to cross USD 16 billion by 2030. Fertilizers are needed to maintain the growth of shrubs, plants, herbs, and flowers in public parks, botanical gardens, and other gardening activities. Furthermore, as the world becomes more urbanized, the demand for gardens and parks in public places, private houses, office buildings, restaurants, and hotels will grow, pushing fertilizer demand for gardening applications.
Latin America fertilizer market will witness around 3% CAGR from 2022 to 2030 due to rising demand for food in the region. The lack of cultivable land in the region to support its rising population puts additional strain on the system's ability to produce more efficiently. As a result, inorganic fertilizers are utilized to increase both food output and soil fertility. Furthermore, the growth of croplands and increased government support for fertilizer efficiency will boost the business.
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Leading companies operating in this fertilizer industry are CF Industries Holdings, Inc., GÜBRETA, Indian Farmers Fertiliser Cooperative Limited (IFFCO), Haifa Group, Syngenta AG, Unikeyterra, SQM S.A, Yara International ASA, Sumitomo Chemical Co., Ltd., Gemlik Fertilizer, Israel Chemicals Ltd. (ICL), Bunge Limited, Inc., and Nutrien Ltd.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
