Mineral Fertilizers Market Revenue Report with 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 a crucial component in the agricultural industry, driving higher crop yields to meet the growing global demand for food. The increasing need for these fertilizers is expected to significantly boost market growth. Key factors contributing to the rise in demand include expanding markets in emerging regions, government support through subsidies, a favorable low-interest-rate environment, and the widespread adoption of intensive farming practices. In addition, there is a shift towards advanced mineral fertilizers, which offer superior performance in delivering essential nutrients compared to organic alternatives. This transition is expected to further stimulate market growth.

However, certain challenges could hinder the continued expansion of the market. These include stringent safety regulations, unpredictable weather patterns such as erratic rainfall, overproduction in the food sector, and rising natural gas prices. Furthermore, while the global demand for fertilizers continues to increase, supply chains are struggling to meet this demand adequately, resulting in rising fertilizer prices. Production gaps, driven by higher raw material costs and increased import prices, further impede market growth.

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

Market Dynamics:
Drivers-
Mineral fertilizers have played a pivotal role in India's achievement of the Green Revolution, ensuring food self-sufficiency and sustainable food-grain production. The surge in fertilizer use has notably contributed to enhancing food production, with growth rates reaching double digits in recent years. The global mineral fertilizer market is experiencing significant demand growth, driven by factors such as a rising global population, economic expansion, and the adoption of advanced agricultural technologies.

Key market drivers include emerging markets, government support, low-interest rates, and subsidies. In response to the increased demand, numerous companies are scaling up their manufacturing capacities, particularly to meet the rising need for organo-mineral fertilizers.

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Challenges:
Despite growth opportunities, several challenges are impeding the expansion of the mineral fertilizers market. These include insufficient safety regulations, unpredictable weather patterns like irregular rainfall, rising natural gas costs, and excess food production capacity. Additionally, the increasing popularity of organic farming poses a significant challenge to market growth.

Regional Trends:
The Asia Pacific mineral fertilizers market is expected to hold a significant market share due to the region's commitment to high-yield agriculture, technological advancements, and the adoption of sustainable farming practices. Despite being a well-established market, continued research and innovation in fertilizer formulations and application techniques are expected to fuel its further growth.

Europe also holds a substantial share in the global mineral fertilizer market. The Asia Pacific region, renowned for its advanced agricultural practices, relies heavily on mineral fertilizers to optimize crop yields. The diverse range of crops cultivated, such as corn, wheat, soybeans, and cotton, each has specific nutrient requirements, which are effectively addressed by tailored mineral fertilizers.

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

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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.