- Rise in sulfur deficiency in soils and growing demand for crops that require high sulfur concentration have boosted the growth of global sulfur fertilizer market.
PORTLAND, Oregon, April 2, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Sulfur Fertilizers Market by Type (Ammonium Sulphate, Single Superphosphate, Sulphate of Potash, Ammonium Nitrate-Sulphate, and Sulphate Containing Compound Fertilizers), and Type of Agriculture (Controlled Environment Agriculture, Conventional Agriculture, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global sulfur fertilizer industry was pegged at $3.4 billion in 2018, and is projected to $4.1 billion by 2026, growing at a CAGR of 2.2% from 2019 to 2026.
Driving factors for the market
Rise in sulfur deficiency in soils and growing demand for crops that require high sulfur concentration have boosted the growth of global sulfur fertilizer market. However, trend of organic food and depressing commodity prices hamper the market growth. On the contrary, surge in consumption trend of fertilizers is expected to create lucrative opportunities in the near future.
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Ammonium nitrate-sulphate segment to manifest fastest growth through 2026
The ammonium nitrate-sulphate segment is expected to register the highest CAGR of 5.4% during the forecast period, as it can be employed prior to sowing and used for all types of crops. However, the single superphosphate segment held the largest share in 2018, accounting for more than two-fifths of the global sulfur fertilizer market, as it can be used if the soil is alkaline in nature.
Controlled environment agriculture segment dominated the market
The controlled environment agriculture segment held the largest share in 2018, contributing to more than two-fifths of the global sulfur fertilizer market, as this method produces high value crops at maximum productivity and is eco-friendly. However, the conventional agriculture segment is projected to register the fastest CAGR of 2.4% during the forecast period, as it offers advantages such as better crop yield and fruitful vegetables.
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Asia-Pacific, followed by North America, held the lion's share
The global sulfur fertilizer market across Asia-Pacific held the largest share in 2018, accounting for around three-fifths of the market. Moreover, the region is expected to register the CAGR of 2.6% during the forecast period, owing to declining arable lands, increasing awareness among farming community, and surge in demand for food grains. The market across North America held the second-largest share in 2018.
Major market players
- Nutrien, Ltd.
- Yara International
- The Mosaic Company
- Mitsui & Co., Ltd.
- Kugler Company
- Royal Dutch Shell plc
- Israel Chemicals Limited
- Sulfur Mills Limited
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SOURCE Allied Market Research