The fertilizer market size will be worth around US$271.6 billion per

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Tokyo, July 12 2022 (GLOBE NEWSWIRE) — The world fertilizer market size amounted to 207.93 billion US dollars in 2022. The growth of the agricultural sector is driven by population expansion. By 2050, the world’s population will exceed nine billion people, according to the United Nations. Additionally, the Food and Agriculture Organization of the United Nations predicts that by 2050, more than 70% of the world’s population will live in cities. Due to the lack of arable land in the world, farmers are forced to use fertilizers to increase their agricultural production. As a result, the global fertilizer market would increase throughout the forecast period owing to the increase in population. The rise of other industries, such as agriculture and horticulture, is also propelling the global fertilizer industry forward. Governments around the world are making significant investments in the development of the global fertilizer market.

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Key points to remember:

  • The Asia-Pacific fertilizer market is expected to grow at a CAGR of 3.86% from 2022 to 2030.
  • Agriculture segment accounted for US$83.78 billion in 2021
  • The dry fertilizer segment contributed US$152.31 billion in 2021 and is expected to grow at a CAGR of 3.45%.
  • In 2021, the global inorganic fertilizer market was valued at USD 171.87 billion in 2021.
  • Latin America Fertilizer Market to Grow at a CAGR of 3.2% from 2022 to 2030
  • The gardening segment is expected to reach USD 16.1 billion by 2030.
  • By form, the dry fertilizer segment contributed the highest market share of 82.5% in 2021.
  • By application, the agriculture segment gained 45.2% market share in 2021.
  • By product, the organic segment contributed 92.7% market share in 2021.

Regional overview

Asia-Pacific is the largest segment of the fertilizer market in terms of region. China and India dominate the fertilizer market in the Asia-Pacific region. In terms of rice production, the Asia-Pacific region is the most populated. During the cultivation phase, rice needs nitrogen. In 2017, rice production accounted for 36% of total fertilizer consumption in Asia. Thailand and Vietnam export rice at record levels every year. India is expected to export rice worth more than $4 billion in 2020. Oil palm is Asia’s second largest consumer of fertilizer, accounting for 17% of total fertilizer use and 50% of fertilizer demand. potash.

The Europe region is the fastest growing region in the fertilizer market. Rising demand for organic products is driving the expansion of the fertilizer market in Europe. In addition, the increase in disposable income propels the European fertilizer sector forward. In addition, technological developments are increasing the consumption of fertilizers in Europe.

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Report scope

Report attributes Details
Market size in 2021 $201.1 billion
Revenue forecasts by 2030 $271.6 billion
CAGR 3.4% from 2022 to 2030
The biggest market Asia Pacific
Fastest growing region North America
Year of reference 2021
forecast year 2022 to 2030
Key players Haifa Group, Nutrien Ltd., Yara International ASA, CF Industries Holdings Inc., Syngenta AG, Bunge Limited, Israel Chemicals Ltd., Indian Farmers Fertilizer Cooperative Limited, Sumitomo Chemical Co. Ltd, Gemlik Fertilizer Inc.

Market dynamics

Drivers

Rise in demand for organic fertilizers

To regain agricultural efficiency, organic fertilizers are made from natural plant remains and waste, micro-organisms, composts and animal excretions and botanical extracts. These fertilizers are long lasting and improve soil structure while promoting water and nutrient holding capacity. Organic fertilizers do not contain synthetic materials. Accordingly, the surge in demand for organic fertilizers is driving the growth and development of the global fertilizer market over the forecast period.

Constraints

Strict government regulations

Like other businesses, the fertilizer industry has its own set of regulatory and other laws and rules that both accelerate and impede the growth of the global market. If these laws and guidelines are not followed by market participants, strict measures are taken against them. Thus, stringent government regulations are hampering the growth of the global fertilizer market.

Opportunities

Growth request high yield fertilizer

Highly effective fertilizers help to grow plants and crops efficiently and effectively. Due to the advent of new natural compounds and low-cost polymer coating technologies, the use of fertilizers with improved efficiency is increasing dramatically in the agricultural sector, especially in industrial crops. Thus, the growing demand for high efficiency fertilizers is creating lucrative opportunities for the growth of the global fertilizer market.

Challenges

High handling and management cost

Liquid fertilizers are water soluble. This creates difficulties in the storage of liquid fertilizers. Moreover, installing a smart storage system also requires high costs and capital investments. As a result, the high cost of handling and management is the biggest challenge for the growth of the global fertilizer market.

Report Highlights

  • Based on form, the dry fertilizer segment holds the largest market share in the global fertilizer market. The most important advantage of a dry fertilizer is that it slowly penetrates the soil. It is often used in large fields because it lasts longer than any other fertilizer.
  • Based on product, the organic segment holds the largest market share in the global fertilizer market. Organic fertilizers are mineral sources that occur naturally and include a reasonable amount of plant nutrients. They can deal with problems caused by synthetic fertilizers. They enrich the soil with nutrients while maintaining nutritional properties for plant growth.
  • Based on application, the agriculture segment holds the largest market share in the global fertilizer market. Most agricultural fertilizers contain all three major plant nutrients. Some micronutrients like zinc can be found in fertilizers and are needed for plant growth.

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RECENT DEVELOPMENTS

  • Yara East Africa launched Yara Microp, a micronutrient fertilizer, in August 2020 to increase maize yields in Western Kenya. Yara Microp is a combination of phosphorus, nitrogen, sulfur and zinc that helps corn crops grow faster and produce more.
  • Haifa Group strengthened its presence in China in February 2018 by establishing Haifa Beijing Trading Company as a subsidiary. By providing the best plant nutrition solutions for the benefit of Chinese growers, this subsidiary would significantly help the company expand its products to the booming Chinese agricultural industry.

Market segmentation

By form

By app

  • Agriculture
    • Grains and Cereals
    • Oilseeds
    • Fruits and vegetables
    • Others
  • Horticulture
  • Gardening

By product

  • organic
    • Plant fertilizers
    • Fertilizers of animal origin
    • Mineral-based fertilizer
  • Inorganic
    • Nitrogen
      • Urea
      • Anhydrous ammonia
      • Ammonium nitrate
      • UAN Solutions
      • Ammonium sulfate
    • Phosphorus
      • diammonium phosphate
      • Monoammonium phosphate
      • Triple superphosphate
      • Ordinary superphosphate
      • Ammonium polyphosphate
      • Others
    • Potassium
      • Potassium chloride
      • Potassium sulphate
      • potassium nitrate

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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