Fertilizers Market to reach US$230 billion by 2026 | key players are Haifa Group, Nutrien, The Mosaic Company, Bunge Limited, Syngenta AG, IFFCO, SQM S.A., GÜBRETA
Dry fertilizers can be used to form blends of different micro-nutrients in desired propositions and ratio to enhance crop yield. The product is witnessing high demand due to cost-effectiveness and ease in storing. In 2019, dry fertilizers accounted for 85% of the global fertilizers market share and is anticipated to garner significant revenue in the coming years.
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Urea, calcium ammonium nitrate, anhydrous ammonia, ammonium sulfate and urea ammonium nitrate solution constitute for 50% of the nitrogen-based inorganic fertilizers market share. Nitrogen-based fertilizers are vital for crop growth enhancement as nitrogen is key component of chlorophyll that is required for several enzyme reactions in plants. Nitrogen absorption by amino acids is the building block for protein in the plants. Effective supply of nitrogen in crops can aid better growth. East and South Asia, combined account for 60% of all nitrogen fertilizer use.
Fertilizer for gardening applications will showcase a notable growth rate through 2026 on account of the shifting trends towards lawn keeping in houses and rise in public landscaping. Gardening includes public botanical gardens, residential gardens, public parks and others. Fertilizers are widely utilized in maintaining plants, herbs & shrubs, flowers as well as grass in gardens. Urbanization along with demographic changes have led to increased demand for landscaping and gardening at private homes, hotels & restaurants, office buildings, apartment & buildings, which in turn will fuel fertilizers market.
Latin America accounts for a major share of the global fertilizer industry and is estimated to grow substantially over 2020-2026, with increasing demand for food in the region. Latin America possesses expansive inadequate cultivable land and sustaining growing population demand for foods adds more stress on the system to produce more crops.
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In a bid to respond to the food supply and demand imbalance challenges, an urgent need of enhancing the crop yields is driving fertilizers market growth globally. An inversely proportional relation of per capita cultivated land and gradually rising population growth has increased the necessity to such an extent that majority agronomists around the globe are shifting towards long lasting fertilizers that would offer enhanced productivity in a due course of time.
Statistics suggest that the global population currently uses over 50% of total habitable land for agriculture, which is not enough likely to feed the surging population count. This has urged renowned companies to establish strategic partnerships and look forward to novel product launches in the field that has leveraged significant benefits to the overall fertilizers market space over the recent years.
Major key players profiled in the fertilizers market like Haifa Group, Yara International ASA, Nutrien Ltd., The Mosaic Company, CF Industries Holdings, Inc., Bunge Limited, Syngenta AG, Israel Chemicals Ltd. (ICL), Sumitomo Chemical Co., Ltd., Indian Farmers Fertiliser Cooperative Limited (IFFCO), SQM S.A., GÜBRETA, Gemlik Fertilizer Inc., Unikeyterra, Bandrma Gübre Fabrikalar A.. (BAGFA)
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