NEW YORK, Aug. 25, 2021 /PRNewswire/ — Research Dive in its latest published report estimates that the Global Fertilizer Market will generate $323,375.0 million by 2028 and exhibit a CAGR of 5.0% during the forecast period from 2021 to 2028.
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Market Dynamics
The demand for food grain production is growing with the rapidly increasing global population. In addition, governments of several countries are creating awareness by conducting campaigns to promote fertilizers and educate farmers regarding the benefits of fertilizers. These factors are predicted to boost the growth of the global fertilizer market over the forecast period. Moreover, the popularity of organic fertilizers is increasing due to growing environmental concerns, which is estimated to create massive opportunities for the growth of the global market by 2028. However, fertilizers when used uncontrollably can lead to pollution by emitting harmful greenhouse gases, such as nitrous oxide which is expected to restrict the market growth in the estimated timeframe.
Impact of COVID-19 Pandemic on the Fertilizer Market
The COVID-19 outbreak has negatively impacted the global fertilizer market during the pandemic. The adverse impact on the market growth is majorly due to the restrictions on import and export, and movement of people and goods across various countries in the world. Delays and disruptions in supply chain have also affected the market growth during the pandemic. However, many governments and companies are taking initiatives to recover from the chaotic situation.
Access our comprehensive analysis of the IMPACT OF COVID-19 ON FERTILIZER MARKET
Key Segment Findings of the Market:
The research report segments the global fertilizer market into type, form, application, and region.
- Based on type, the organic sub-segment valued for $91,783.0 million in 2020 and is expected to grow at the fastest rate over the forecast period. This is majorly because organic fertilizers prevent waterlogging and enhance the soil friability. Besides, organic fertilizers have gained huge popularity due to the growing adoption of organic farming to reduce pollution caused due to excessive use of chemical or synthetic fertilizers.
- Based on form, the solid sub-segment accounted for $139,652.8 million in 2020 and is estimated to hold a dominant market share by 2028. This is mainly because solid or dry fertilizers are the most widely applied fertilizers as they are mostly suitable for slow-release formulations. Plants absorb the solid fertilizers at slower rate as these fertilizers must be broken down first.
- Based on application, the agriculture sub-segment is expected to observe robust growth and garner a revenue of $130,795.8 million by 2028. There is a rising demand for fertilizers from the agriculture sector owing to the rapid growth in the population across the globe, which is resulting in increase in demand for food.
- Based on region, the Asia-Pacific fertilizer market generated $72,584.3 million in 2020 and is projected to dominate the global market throughout the forecast period. This is mainly due to the presence of top fertilizer consuming countries in the region. For instance, India ranks third across the globe in the consumption of ammonia after China and the U.S.
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Top 10 Key Players of Fertilizer Market
The prominent players of the global fertilizer market include
- Yara International
- Uralkali
- Nutrien Ltd.
- K+S Aktiengesellschaft
- The Mosaic Company
- OCP Group S.A.
- Haifa Group
- Syngenta AG
- EuroChem Group
- ICL Group Ltd.
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These players are focusing on mergers, collaborations, product development, and launches to gain a competitive in the global market.
In June 2019, EuroChem Group, the world’s leading mineral fertilizer producers, opened a third new fertilizer plant in Brazil to expand its fertilizer production facility. It is one of the main fertilizer distribution businesses in the country.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
More about Fertilizer:
How Different Types of Fertilizers Help Plants Grow?
Fertilizer Industry: The Essentiality of Providing Food for the World
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About Research Dive:
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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