Fertilizer Market Size to Worth Around US$ 271.6 Bn by 2030

Tokyo, July 12, 2022 (GLOBE NEWSWIRE) -- The global fertilizer market size was accounted at US$ 207.93 billion in 2022. The rise of the agriculture sector is being driven by the expanding population. By 2050, the world's population will have surpassed nine billion people, according to the United Nations. Furthermore, the Food and Agriculture Organization predicts that by 2050, more than 70% of the world's population would be living in cities. Because of the lack of arable land around the world, farmers are being compelled to utilizefertilizers to boost their agricultural output. As a result, the worldwide fertilizer market would rise throughout the forecast period due to rising population. The rise of other industries, such as agriculture and horticulture, is also propelling the global fertilizer industry forward. Governments all around the world are making significant investments in the global fertilizer market's development.

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Key Takeaways:

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

Regional Snapshot

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

Europe region is the fastest growing region in the fertilizer market. The rise in demand for organic products is driving the expansion of the fertilizer market in Europe. Furthermore, increased disposable income is propelling the European fertilizer business forward. Furthermore, technological developments are increasing fertilizer consumption in Europe.

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Scope of the Report

Market Dynamics

Drivers

Surge in demand for organic fertilizers

To recoveragricultural efficiency, organic fertilizers are made from natural plant scraps and waste, microorganisms, animal composts and excretions, and botanical extracts. These fertilizers are long lasting and enhance soil structure while promoting water and nutrient retention capacity. The organic fertilizers do not contain synthetic materials. As a result, the surge in demand for organic fertilizers are driving the growth and development of worldwide fertilizer market over the forecast period.

Restraints

Stringent government regulations

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

Opportunities

Growing demand for high efficiency fertilizers

Thehighly efficient fertilizers help to grow plants and crops efficiently and effectively. As a result of the advent of new natural compounds and low-cost polymer coating technologies, the use of enhanced efficiency fertilizers is increasing significantly in the agriculture business, particularly in industrial crops. Thus, growing demand for high efficiency fertilizers are creating lucrative opportunities for the growth of global fertilizer market.

Challenges

High cost of handling and management

The liquid fertilizers are soluble in water. This creates difficulty in storage of liquid fertilizers. In addition, the installation of smart storage system also requires high cost and capital investment. As a result, high cost of handling and management is the biggest challenge for the growth of global fertilizer market.

Report Highlights

• On the basis of form, dry fertilizer segment holds the largest market share in the global fertilizer market. The most important advantage of a dry fertilizer is that it penetrates slowly in the soil. It is often used in large fields since it lasts longer than any other fertilizer.
  
  
• On the basis of product, 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 nutrition. They can deal with problems caused by synthetic fertilizers. They enrich the soil with nutrients while maintaining nutritional properties for plant growth.
  
  
• On the basis of application, agriculture segment holds the largest market share in the global fertilizer market. Most agricultural fertilizers contain the three key plant nutrients. Some micronutrients like zinc can be found in fertilizers and are necessary for plant growth.
  
  

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Recent Developments

• Yara East Africa launched Yara Microp, a micronutrient fertilizer, in August 2020 to boost maize yields in Western Kenya. Yara Microp is a phosphorous, nitrogen, Sulphur, and zinc-based combination that helps maize crops develop quicker and yield more.
• Haifa Group increased its footprint in China in February 2018 by establishing Haifa Beijing Trading Company as a subsidiary. By delivering the greatest plant nutrition solutions for the advantage of Chinese producers, this subsidiary would considerably help the company expand its products to the rising Chinese agricultural industry.

Market Segmentation

By Form

• Dry
• Liquid

By Application

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

By Product

• Organic
  • Plant-based fertilizers
  • Animal-based fertilizers
  • Mineral-based fertilizers
• 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 sulfate
    • Potassium nitrate

By Geography

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

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