The global fertilizer market is expected to grow immensely by 2030 due to increasing usage of organic fertilizers. Agriculture sub-segment is expected to be the most dominant. Fertilizer market in the Asia-Pacific region to be highly lucrative.
NEW YORK, June 30, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Fertilizer Market by Type (Organic and Inorganic), Form (Dry and Liquid), Application (Agriculture, Horticulture, Gardening and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2030."
According to the report, the global fertilizer market is predicted to register a revenue of $251.57 billion by 2030, growing at a healthy CAGR of 3.55% during the forecast period 2022-2030.
Dynamics of the Fertilizer Market:
Drivers: Increase in demand for food grain production is predicted to become the primary growth driver of the market in the forecast years. Along with this, the increasing adoption of organic fertilizers in order to engage in sustainable agricultural practices is expected to help the fertilizer market grow in the forecast timeframe.
Opportunities: Over the years, there is a growth in demand for fertilizers especially from the agriculture sector which is anticipated to offer numerous growth opportunities to the market. Apart from this, government initiatives in order to promote the use of organic fertilizers is expected to boost the market further.
Restraints: According to market analysts, the uncontrolled use of fertilizers, however, is expected to create hindrances in the growth trajectory of the market.
Covid-19 Impact on the Fertilizer Market:
Since the outbreak of Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. The fertilizer market faced a similar situation during the pandemic. The disruption in steady supply of raw materials and restrictions on import-export activities of manufactured products have severely impacted the market. However, government initiatives to bring the economy back on track is expected to help the market grow in the post-pandemic years.
Segments of the Fertilizer Market:
The report has fragmented the global fertilizer market into a few segments based on type, form, application, and regional analysis.
- By type, the inorganic fertilizer sub-segment of the fertilizer market is anticipated to have a dominating market share and register a revenue of $229.92 billion by 2030. Quick infusion of necessary nutrients provided by inorganic fertilizers, when added to the soil, is expected to be the primary growth driver of this sub-segment.
- By form, the dry fertilizer sub-segment is predicted to garner the highest revenue and register $202.42 billion by 2030. Dry fertilizers are in great demand as they are cheaper and easier to store than their liquid counterparts. Additionally, they have a longer shelf life than liquid fertilizers. All these factors are expected to contribute to the growth of this sub-segment.
- By application, the agriculture sub-segment is anticipated to have a dominant market share and garner $110.02 billion by 2030. The rising demand for fertilizers from the agriculture sector is projected to become the main growth factor of this sub-segment.
- By regional analysis, the fertilizer market in the Asia-Pacific region is estimated to be the most dominant as well as the fastest growing sub-segment and is projected to grow with a CAGR of 3.76%. The presence of some of the largest consumers of fertilizers in this region such as China and India is expected to boost the market in this region.
Prominent Fertilizer Market Players:
Some prominent market players are
- Yara International
- Syngenta AG
- OCP Group S.A.
- Nutrien Ltd.
- ICL Group Ltd
- K+S Aktiengesellschaft
- The Mosaic Company
- EuroChem Group
- Haifa Group
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in June 2021, Competition Commission of India, a statutory authority under the ambit of Ministry of Corporate Affairs in Govt. of India, gave the go-ahead to Paradeep Phosphates Ltd. to acquire Zuari Agro Chemicals Limited's fertilizer manufacturing plant at Zuarinagar. The acquisition will help Paradeep Phosphates Limited to expand its market share by capitalizing on its newly acquired infrastructure.
The report also sums up various crucial facets including financial performance of the fertilizer market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Fertilizer Market:
- How Different Types of Fertilizers Help Plants Grow?
- Fertilizers: Enhancing the Quality of Plants and Soil
- How Fertilizers Can Help in Reducing Global Food Insecurity
- Integration of Modern Technologies in Agriculture to Up the Game of Fertilizer Sector
- Company Acquisition and Strategic Partnerships by Market Players such as Syngenta AG and ICL Group to Foster the Growth of the Global Fertilizer Market
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