Dry Fertilizer Market is projected to reach the value of $258.94 billion by 2030

According to the report published by Virtue Market Research, the Global Dry Fertilizer Market was valued at $191.4 billion in 2022 and is projected to reach a market capitalization of $ 258.94 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 3.85%. Growing demand for certified organic fertilizers is being fueled by ongoing R&D efforts.

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The agricultural sector has expanded as a result of the switch from chemical fertilizers to natural and bio-fertilizers, also referred to as soil conditioners. These natural alternatives are gaining popularity as a result of their capacity to enhance both plant growth and soil health. Natural fertilizers outperform their chemical counterparts in terms of safety, decomposition rate, reusability, and environmental friendliness. Due to their ability to be kept for a long time in storage, they are more sustainable. Major fertilizer producers are investing in R&D to develop new technologies and meet regulatory standards in order to keep up with these shifting patterns and boost the market size.

The global dry fertilizer industry has been significantly influenced by the COVID-19 outbreak. Supply chains were hampered during the initial lockdowns because of a labor shortage and the closure of some fertilizer plants. Being the pandemic's epicenter, China initially suffered greatly. But now that the nation's situation has stabilized, all fertilizer production costs have increased. COVID-19 is thought to have had a generally moderate effect on the fertilizer industry. Additionally, after the opening up of economies and the lifting of the travel bans, and the growing demand for fertilizers as a result of population growth and urbanization, which puts pressure on the agricultural sector, it is anticipated to expand the dry fertilizers market size. Fertilizers based on nitrogen are also crucial in supplying vital nutrients for plant growth.

Segmentation Analysis:
The global Dry Fertilizer Market segmentation includes:

By Product:
• Urea
• Methylene Urea
• Ammonium Nitrate
• Ammonium Sulphate
• Ammonia
• Calcium Ammonium Nitrate
• Others

The Dry Fertilizer Market comprises of several products, such as Urea, Methylene Urea, Ammonium Nitrate, Ammonium Sulfate, Ammonia, Calcium Ammonium Nitrate, and Others. In 2022, the Ammonia product segment had the second-highest revenue share with around 18% of the total sales revenue. This is attributed to its leaching loss resistance and solubility, as it boasts the highest nitrogen content of any industrial counterpart. It can be used as a soil nutrient or converted into other nitrogen fertilizers. Other market segments include ammonium sulfate nitrate, calcium nitrate, and amide fertilizers, such as Diammonium Phosphate and Calcium Cyanamide. Calcium nitrate is produced through a reaction of crushed limestone and nitric acid, and amide fertilizers are water-soluble and decompose easily in the soil. Urea had the highest revenue share at over 33% in 2022. This is due to its higher nitrogen content and lower costs. Urea is the most crucial nitrogenous fertilizer, as it contains 46% of nitrogen. Overall, the dry fertilizer market is propelled by the higher nitrogen content of the products and the cost-effectiveness of urea. Ammonia and Urea are the two leading products in this market, and their usage is anticipated to increase in the forecasted years.

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By Application:
• Grains & Cereals
• Fruits & Vegetables
• Pulses & Oilseeds
• Others

The dry fertilizer market is segmented by application into Grains & Cereals, Pulses & Oilseeds, fruits & vegetables, and others. Cereals & grains are projected to lead the market during the forecast period due to the high demand for increased yields and better profitability for farmers and the overall agriculture industry. Products such as urea, ammonium nitrate, and anhydrous ammonia are typically used for cereals & grains due to their lower usage requirements and availability of adequate nitrogen supply for plants. Oilseeds & pulses held the second position in the utility phase and are anticipated to register a CAGR of 5.6% over the forecast period in terms of revenue. This is mainly due to the need for improved germination of seeds and achieving dense pulse canopies. Oilseeds & pulses are essential crops that provide daily requirements of essential proteins, vitamins, and minerals in humans. Other applications include fiber crops and ornamental plants. Nitrogenous fertilizers are used to promote the growth of fiber crops and ornamental plants. Fruits & vegetables are estimated to witness a moderate growth rate over the forecast period as they are highly sensitive to fertilizers.

Regional Analysis:
North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa are the six geographic segments that make up the dry fertilizer market. Due to the extensive agriculture and grasslands in the area, Europe has a sizable presence in the market, and growth there is predicted to reach 6.3%. While phosphate-based products are primarily sourced from Morocco, and NPK compounds are imported by Europe from Norway and Russia, nitrate-based fertilizers are imported from Russia, Egypt, and Algeria. With more than 65% of the market's revenue coming from this region, Asia Pacific dominates the market. This is due to the sizable amount of arable land, the ideal climate, and a sizable rural population. Due to the rising demand and emphasis on food security, major producers of nitrogenous fertilizers are establishing their manufacturing facilities in Asia. One-third of the world's use of dry fertilizers is consumed by China, which also plays a critical role in ensuring food security by raising grain and non-grain yields.

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Latest Industry Developments:
• In March 2022, The Haifa Group and HORTICOOP BV signed a purchase agreement for Ecuadorian distributor Horticoop Andina, which specializes in selling nutrient-rich agricultural replenishments. After acquiring the brand, Haifa intends to heighten its activities there and in the neighbouring Latin market in order to keep its position as the top supplier of sophisticated plant nutrition globally.

• In September 2022, The Seed care division of Syngenta Crop Protection and Bioceres Crop Solutions (NASDAQ: BIOX), a pioneer in biological crop productivity treatments, announced an international commercial and Research and development collaboration that will benefit clients looking for forefront biological seed treatment.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.