Fertilizer Market Size to Reach US$ 210.0 Billion by 2028 - IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global fertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the fertilizer market?

The global fertilizer market size reached US$ 170.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.

What is fertilizer?

Fertilizer is a vital agricultural input designed to enhance soil fertility and improve crop productivity. It is composed of various essential nutrients, such as nitrogen, phosphorus, and potassium, along with secondary and micronutrients like calcium, magnesium, and zinc. These nutrients are crucial for plant growth and development, as they facilitate key physiological processes within plants. The primary purpose of fertilizers is to replenish the nutrients in the soil that are depleted due to continuous cultivation and harvesting of crops. When applied appropriately, fertilizers can significantly boost crop yields, ensuring sufficient food production to meet the demands of a growing global population. The two most commonly available fertilizers, include organic and inorganic. Organic fertilizers are derived from natural sources, such as animal manure, compost, and plant residues. They contribute to soil health by improving its structure and fostering beneficial microbial activity. In contrast, inorganic fertilizers, also known as synthetic or chemical fertilizers, are manufactured through industrial processes. They are easily soluble in water and provide a quick nutrient supply to plants.

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What are the growth prospects and trends in the fertilizer industry?

The continuous expansion of the global population puts immense pressure on agricultural systems to produce more food. As the demand for food increases, so does the need for higher crop yields, leading to a surge in fertilizer consumption to optimize agricultural productivity. Additionally, the availability of arable land is shrinking due to urbanization and environmental degradation. Farmers are compelled to intensify production on limited land, which necessitates the use of fertilizers to extract maximum yield potential from existing agricultural areas. Other than this, with rising incomes and urbanization, there is a shift in dietary preferences towards high-value crops, such as fruits, vegetables, and protein-rich food items.

These crops require substantial nutrient inputs, driving the demand for specialized fertilizers tailored to their nutritional needs. Besides this, climate change poses both challenges and opportunities for the fertilizers market. Extreme weather events, such as droughts and floods, can impact crop yields and influence fertilizer usage patterns. Additionally, there is an increasing focus on sustainable agriculture and eco-friendly fertilizers to mitigate greenhouse gas emissions and minimize environmental impacts. In line with this, the adoption of crop rotation practices and diversified cropping patterns contributes to maintaining soil fertility and reducing nutrient depletion. This trend leads to the demand for specific fertilizers that cater to the nutrient requirements of different crops in rotation. Furthermore, advancements adoption of crop rotation practices and diversified cropping patterns contributes to maintaining soil fertility and reducing nutrient depletion. This trend leads to the demand for specific fertilizers that cater to the nutrient requirements of different crops in rotation. Moreover, governments in various countries provide subsidies and incentives to encourage farmers to use fertilizers. These initiatives aim to bolster agricultural productivity, ensure food security, and support rural economies, thereby driving fertilizer demand.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product:

Straight Fertilizers
Nitrogenous Fertilizers
Urea
Calcium Ammonium Nitrate
Ammonium Nitrate
Ammonium Sulfate
Anhydrous Ammonia
Others

Phosphatic Fertilizers
Mono-Ammonium Phosphate (MAP)
Di-Ammonium Phosphate (DAP)
Single Super Phosphate (SSP)
Triple Super Phosphate (TSP)
Others

Potash Fertilizers
Muriate of Potash (MoP)
Sulfate of Potash (SoP)
Secondary Macronutrient Fertilizers
Calcium Fertilizers
Magnesium Fertilizers
Sulfur Fertilizers
Micronutrient Fertilizers
Zinc
Manganese
Copper
Iron
Boron
Molybdenum
Others
Complex Fertilizers

Breakup by Product Form:

Dry
Liquid

Breakup by Crop Type:

Grains and Cereals
Pulses and Oilseeds
Fruits and Vegetables
Flowers and Ornamentals
Others

Breakup by Region:

North America (U.S. Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East Africa
Who are the key players operating in the industry?

The report covers the major market players including:

CF Industries
Haifa Group
Indian Farmers Fertiliser Co-operative Limited (IFFCO)
Israel Chemicals Ltd. (ICL)
Nutrien Limited
Sociedad Química y Minera (SQM)
The Mosaic Company
Uralkali
Yara International.

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