Fertilizers Market Size, Share, Forecasts to 2026 | Companies 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.
A growing population combined with rising per capita income in these regions is anticipated to further accelerate food demand. In addition, a significant shift in dietary preferences, such as increased consumption of protein and high-nutrition foods, along with lifestyle trends observed in recent years, highlights the need to boost crop production in the fertilizers market.
The fertilizers market from agriculture industry is slated to witness numerous challenges in the forthcoming years. In addition to population upsurge, several other factors ranging from changing climatic conditions, to urbanization and lack of investment, will make it challenging for the industry to produce enough food.
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Fertilizers have played and will continue to play a crucial role in high-yield crop production and be the foundation of the science-based agriculture required to feed the ever-increasing global population. Lack of awareness about the proper use of fertilizers may hamper the industry forecast up to certain extent.
However, a positive application outlook of organic and water-soluble fertilizers and growing adoption of precision farming techniques will augment global fertilizer market share in the near future.
Major key players profiled in the fertilizer market are fertilizer market are 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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