Mineral Fertilizers Market Analysis: Growth, Challenges, and Industry Forecast to 2031.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Mineral Fertilizers Market- (By Nutrient type (Nitrogen, Phosphate, Potash), By Crop Type (Oilseeds, Cereals, Fruits, Vegetables, Others), By Application Method (Foliar Spray, Fertigation, Drop Spreading/Placement, Broadcasting)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Mineral Fertilizers Market is valued at US$ 107.98 Mn in 2022, and it is expected to reach US$ 161.96 Mn by 2031, with a CAGR of 4.73% during a forecast period of 2023-2031.

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Mineral fertilizers have become increasingly essential in the agricultural sector to achieve higher crop yields, meeting the rising global food demand. This growing need for such fertilizers is expected to drive market expansion. The surge in demand for mineral fertilizers is attributed to several factors, including expanding markets in developing regions, government backing, a favourable low-interest rate environment, government subsidies, and the adoption of intensive farming methods. Furthermore, the agricultural industry is witnessing a shift towards advanced mineral fertilizers, which outperform organic alternatives in delivering immediate nutrients. The widespread acceptance of these fertilizers is poised to propel market growth further. However, certain factors may hinder market growth, including safety regulations, unpredictable rainfall patterns, overcapacity in food production, and escalating natural gas prices.

Additionally, while there is a rising global demand for fertilizers, the supply needs to meet this demand adequately. Consequently, fertilizer prices have risen within the industry. Moreover, production gaps due to higher raw material costs and elevated import prices exert a negative impact on the fertilizer market's growth trajectory. Moreover, the global mineral fertilizers market is expected to benefit from increased demand for enhanced, high-efficiency fertilizers, their ease of application, and the utilization of mineral-based fertilizers in agriculture.

List of Prominent Players in the Mineral Fertilizers Market:
• Eurochem Inc
• JSC Belaruskali,
• Sinofert Holdings Ltd.,
• SQM
• BP Bunge Bioenergia S.A.
• CF Industries Holdings, Inc.
• Coromandel International Limited
• Israel Chemicals Ltd.
• K+S Aktiengesellschaft
• Nutrien Ltd.
• Mosaic Company
• Nufarm
• Yara International ASA
• Uralkali

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Market Dynamics:
Drivers-
Mineral fertilizers have been instrumental in India's achievement of the green revolution and self-sufficiency in food-grain production. The rise in fertilizer usage has significantly bolstered sustainable food production within the nation, resulting in a noteworthy increase in growth rates, reaching double digits over recent years. The market is witnessing a tremendous upsurge in demand, driven by several factors, including a growing global population, economic expansion, and the widespread adoption of advanced technologies.

Emerging markets, government support, a low-interest rate environment, and government subsidies are among the key drivers propelling market expansion. Numerous companies are scaling up their manufacturing facilities to cater to the heightened need for organo-mineral fertilizers. Factors such as increased agricultural output and efficiency, concerns regarding the adverse effects of prolonged chemical exposure, government initiatives promoting organo-mineral fertilizers, cost competitiveness compared to mineral fertilizers, and the management of animal waste are all contributing to the market's growth.

Challenges:
Several obstacles impede its growth, including inadequate safety regulations, unpredictable rainfall patterns, escalating natural gas costs, and surplus food production capacity. The burgeoning practice of "organic farming" is exerting a detrimental influence on market growth. Consumer awareness regarding the health advantages linked to organic produce is driving its popularity, subsequently diminishing the demand for traditional fertilizers. Furthermore, concerns about the negative environmental and soil impacts associated with these fertilizers are further reducing their appeal.

Regional Trends:
The Asia Pacific mineral fertilizers market is expected to register a major call share driven by the region's commitment to high-yield agriculture, technological advancements, and sustainable farming practices. While the market is well-established, ongoing research and innovation in fertilizer formulations and application methods are likely to contribute to its growth.

Besides, Europe had a substantial share of the market. Asia Pacific is known for its advanced agricultural practices and modern farming techniques. Mineral fertilizers are a fundamental component of these practices, helping farmers achieve high crop yields. The region cultivates a wide variety of crops, including corn, wheat, soybeans, and cotton. Each of these crops has unique nutrient requirements, and mineral fertilizers are tailored to meet these specific needs.

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Recent Developments:
• In Aug 2023, EuroChem initiated the commencement of the construction process for a chemical complex aimed at manufacturing mineral fertilisers in the Zhambyl region of Kazakhstan. The production capacity is expected to reach a minimum of 1 Mn tonnes of products annually. The aforementioned information was disclosed by the press service of the Government of Kazakhstan.
• In September 2020, Nutrien, Ltd. completed the acquisition of Ruralco Holdings Limited (Ruralco) in Australia. Through this acquisition, Nutrien aims to deliver significant advantages to its clientele while enhancing the distribution of its products and services to farmers in Australia.

Segmentation of Mineral Fertilizers Market-
By Nutrient type-
• Nitrogen
• Phosphate
• Potash
By Crop Type-
• Oilseeds
• Cereals
• Fruits
• Vegetables
• Others
By Application Method
• Foliar Spray
• Fertigation
• Drop Spreading/Placement
• Broadcasting
Segmentation of Mineral fertilizers Market-
By Nutrient type-
• Nitrogen
• Phosphate
• Potash
By Crop Type-
• Oilseeds
• Cereals
• Fruits
• Vegetables
• Others
By Application Method
• Foliar Spray
• Fertigation
• Drop Spreading/Placement
• Broadcasting
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.