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Starter Fertilizers Market Report 2024: Size Analysis, Research, and Forecast Trends
Starter Fertilizers Global Market Report 2024
According to The Business Research Company's, The starter fertilizers market size has grown steadily in recent years. It will grow from $7.81 billion in 2023 to $8.15 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to crop yield improvement goals, efforts to reduce environmental impact, focus on sustainable agriculture, expansion of commercial farming practices, government support and subsidies.
The starter fertilizers market size is expected to see steady growth in the next few years. It will grow to $9.75 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand for specialty crops, bio-based and organic starter fertilizer solutions, climate change adaptation strategies, increased focus on nutrient use efficiency, adoption of liquid starter fertilizers. Major trends in the forecast period include customized formulations for crops, use of controlled-release technologies, integration of biostimulants, emphasis on seed coating technologies, digital solutions for nutrient management.
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Market Drivers and Trends:
The growing demand for food is expected to drive the growth of the starter fertilizers market going forward. Starter fertilizers are applied for crops as they are beneficial for enhancing the development of emerging seedlings by supplying essential nutrients in accessible locations near the roots, increasing nutrient intake effectiveness, minimizing nutrient losses to the environment, and enhancing the general health and vigor of crops, and thereby increases the food productivity. For instance, in July 2021, according to the Springer Nature Group, a Berlin-based journal publisher stated that the total global food demand is expected to increase by 35% to 56% between 2010 and 2050. Furthermore, in 2021, according to USDA Economic Research Service, a US-based government administration, the agriculture, food, and related industries contributed 5.4 percent to U.S. gross domestic product. Therefore, the growing demand for food drives the starter fertilizers market.
Product innovation is a key trend gaining popularity in the starter fertilizers market. Major companies operating in the starter fertilizers market are focused on developing innovative products to strengthen their position and gain a competitive advantage. For instance, in January 2023, Archer-Daniels-Midland Company, a US-based fertilizer manufacturer, launched a new crop biostimulant named NeoVita™ 43. This new biostimulant boosts corn yields by improving nutrient use efficiency. In multiyear trials conducted at the University of Illinois at Urbana-Champaign, the NeoVitaTM 43 biostimulant boosted maize yields by up to seven bushels per acre when combined with liquid starter fertilizer. NeoVita 43 is made to closely resemble the root exudate of plants, which encourages soil microbial activity to encourage nutrient availability and uptake by plants. growth plants can boost nutrient uptake and get off to a stronger start by having these essential nutrients available to the soil microbiome earlier in the growth season. This can result in higher yields.
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Major Key Players of the Market:
Yara International ASA; Miller Seed Company; Alpine Plant Foods Corporation; Conklin Company Partners Inc.; The Scotts Miracle-Gro Company; Stoller USA Inc.; Helena Agri-Enterprises LLC; Bayer AG; BASF SE; Compass Minerals International Inc.; Syngenta Crop Protection AG; ADAMA Ltd.; Sumitomo Chemicals Co. Ltd.; Nufarm limited; UPL Limited; K+S AG; ICL Group Ltd.; Agrium Inc.; EC Grow Inc.; Nutrien Ltd.; CF Industries Holdings Inc.; The Mosaic Company; Haifa Chemicals Ltd.; EuroChem Group AG; Israel Chemicals Ltd.; Wilbur-Ellis Holdings Inc.; Coromandel International Limited; Deepak Fertilisers and Petrochemicals Corporation Limited; KeyPlex LLC; Nachurs Alpine Solutions; Kellogg Garden Products
Starter Fertilizers Market 2024 Key Insights:
• The starter fertilizers market size will grow to $9.75 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Addressing Rising Global Food Demand Through The Growing Impact Of Starter Fertilizers Market
• Innovative Breakthrough Redefines Crop Yield Enhancement In Starter Fertilizers Market
• North America was the largest region in the starter fertilizers market in 2023
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