IMARC Group has recently released a new research study titled “Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, which offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the fertilizer industry?
The global fertilizer market reached a value of US$ 163.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 203.5 Billion by 2027, exhibiting a CAGR of 3.9% during 2022-2027.
What is fertilizer?
Fertilizer is a mixture of natural and artificial substances that provide adequate nutrients to plants. It is applied to seeds, plant surfaces, soil, and the interior of different plants to grow fruits, vegetables, grains, pulses, cereals, and other commercial crops. It is made using livestock manure, carbon-based agricultural waste, industrial waste, municipal sludge and chemical substances. It consists of nitrogen, potassium, phosphorus, and other essential nutrients that support the development of farm crops while improving the crop yield capacity. It aids in balancing nutrient levels to improve the productivity of the plant and enhance the water retention and fertility capacity of the soil.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the fertilizer market?
The rising global population and the surging demand for food and crops represent one of the major factors currently driving the demand for fertilizers to improve soil fertility and crop production around the world. Moreover, several organizations and institutions in numerous countries are offering webinars, training programs, academic courses, and educational programs, to increase interest and encourage farmers and other enthusiasts to use fertilizers in farming. In addition, due to rising environmental concerns, initiatives are being undertaken by governments of several countries to promote sustainable agriculture practices like the utilization of biofertilizers that offer improved soil fertility with reduced pollution levels and enhanced economic efficiency. This, coupled with the rising adoption of organic farming and the growing consumer preferences toward organic food products, is influencing the market positively. The increasing health consciousness among individuals is also favoring the market growth.
Apart from this, the rising need for self-gardening on account of the improving lifestyles and the surging need for maintaining the aesthetics of outdoor spaces is facilitating the growth of the market. Furthermore, the rising adoption of biofertilizers on account of the declining arable land, growing food security concerns, and the increasing awareness about the harmful effects of chemical-based fertilizers are creating a positive outlook for the market. The rising adoption of water-soluble, N, P, K, and micronutrient fertilizers are offering lucrative growth opportunities to market players operating in the industry. Besides this, rising instances of droughts, floods, and other natural disasters across the globe are resulting in the increasing adoption of indoor agriculture, which, in turn, is propelling the growth of the market. Additionally, extensive investment in research and development (R&D) activities to develop improved fertilizers and produce higher yields is anticipated to strengthen the growth of the market in the coming years.
Global Fertilizer Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the top fertlizer companies in World
CF Industries, Haifa Group, Indian Farmers Fertiliser Co-operative Limited (IFFCO), Israel Chemicals Ltd. (ICL), Nutrien Limited, Sociedad Química y Minera (SQM), The Mosaic Company, Uralkali and Yara International.
The report has segmented the market on the basis on on region, product type, product, product form and crop type.
Breakup by Product Type:
Chemical Fertilizer
Biofertilizers
Breakup by Product:
Straight Fertilizers
Complex Fertilizers
Breakup by Product Form:
Dry
Liquid
Breakup by Crop Type:
Grains and Cereals
Pulses and Oilseeds
Fruits and Vegetables
Flowers and Ornamentals
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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