Fertilizer Market Touched USD 840 billion in 2019 and is expected to grow at a CAGR of 5% during 2020-2027 |, Industry Share, Size & forecast

Fertilizer Market

The Fertilizer Market was estimated around USD 840 billion in 2019 and is expected to grow at a CAGR of 5% over the forecast period (2020-2027).

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The factors driving the growth of Fertilizer Market includes growing popularity of organic fertilizers, rise in the consumption of food, increased adoption of precision farming around the world and expansion of the agriculture sector. According to the report published by Statista, the Global Precision Farming Market was calculated around USD 6.73 billion in 2021 and is expected to reach USD 14.44 billion by the end of 2027, which will accelerate the Global Fertilizer Market in the approaching years. Moreover, growing demand for high-efficiency fertilizers, rising awareness amongst farmers about the benefits of using fertilizers and Government schemes promoting the use of organic fertilizers, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rising concerns related to environment pollution, easy availability of credit to farmers, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.

However, growth of the Fertilizer Market is hindered attributed to high cost of producing specialty fertilizers.

The leading players operating in the market are Syngenta AG, Israel Chemicals Ltd. (ICL), Sumitomo Chemical Co., Ltd., Haifa Group, Yara, Nutrien Ltd., Mosaic, IFFCO, CF Industries Holdings, Inc. and Bunge Limited, among others.

Based on Form, the Dry segment is predicted to expand at a significant CAGR during the forecast period

As per the Fertilizer Market Analysis, dry fertilizers are cost effective, comes in different blends and highly efficient for pre plant applications, are some of the key factors responsible for the segment's growth.

Based on Application, the Agriculture segment is projected to grow at a remarkable CAGR over the forecast period

According to the Fertilizer Market Report, growing demand for wheat, rice, and paddy across the globe, is the major factor propelling the growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period

Increasing reliance on nitrogenous fertilizers, Government policies promoting precision farming, rising concerns related to pollution, favorable demographic conditions and topography for agricultural practices and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

In 2021, Yara completed the acquisition of Finish colan, which will expand its organic fertilizer business.
In 2020, Yara East Africa intorduced a micronutrient fertilizer, Yara Microp, to raise maize yields in Western Kenya. Yara Microp is incorporated with nitrogen, phosphorus, sulfur, ammoniacal nitrogen, and zinc, to help maize crops grow faster and produce high yields.
In 2020, Haifa Group launched a new range of plant supplements, which it calls "HaifaStim". It includes wide range of products, which are formulated to enhance the plant's environment and support its physiological growth process.

Market Segmentation

Segmentation by Form

Dry
Liquid

Segmentation by Product

Organic
Plant-based fertilizer
Animal-based fertilizer
Mineral-based fertilizer
Inorganic
Nitrogen
Phosphorus
Potassium

Segmentation by Application

Agriculture
Horticulture
Gardening
Others

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.