Climate-smart Agriculture is Increasing the Demand for Bio-fertilizersMarket Insights
The global fertilizer market report offers a detailed analysis of the market structure, along with the forecast for the various segments and sub-segments of the global fertilizer market. The global fertilizer market was valued at USD 145.62 billion in 2017 and is expected to register a CAGR of 3.8% during the forecast period.
Fruits and vegetables are high-value crops and represent a segment that is expected to grow at a faster rate, owing to the shift of consumer preference toward healthy and balanced diet. Fruits and vegetables consume high-value fertilizers, like DAP, CAN, ammonium nitrate, and other compound fertilizers. The use of high amounts of chemical fertilizers is leading to accumulation of these compounds in the vegetable tissues, thereby increasing the demand for biofertilizers in order to produce high yields and best quality of vegetable produce.
Among the geographical regions, Africa was the fastest growing market for fertilizers in 2017, and this trend is expected to continue over the forecast period. Africa is expected to grow at a CAGR of 4.78% from 2018 to 2023, owing to government initiatives to reduce dependence on imported agricultural products. In 2017, 11 African countries ranked among the top ten sources for at least one major mineral. Africa’s agro-ecological potential is massively larger than its current output. However, its food requirements are also high, as compared to the present consumption. Hence, Africa is expected to witness significant demand for fertilizers during the forecast period.
Companies in the global fertilizer market are not only competing on the basis of product quality and promotion but are also focused on strategic moves aimed at occupying larger market shares. Acquisitions, new product launches, and expansions are some of the major strategies opted by the market leaders in this domain. In India, long product development cycles and even longer product registration cycles make it challenging to organically boost the scale in the Indian market. The companies have to look for inorganic growth in this region, thereby creating differentiated and sustainable products.
OCP (Office Chérifien des Phosphates) has been the most active company as far as strategic developments are concerned. It is one of the largest phosphate-based fertilizer companies. The global potash fertilizer segment is highly consolidated, unlike the overall global fertilizer market. In 2016, the top five potash-producing companies were, PotashCorp, Uralkali, Belaruskali, Mosaic, and ICL, which accounted for around 78% of the global potash fertilizer production. Yara International acquired the largest market share in the global fertilizer market, owing to two very important strategic moves:
1) Acquisition of Tata Chemicals’ Babrala urea plant in 2016 and its distribution business in Uttar Pradesh for USD 400 million.
2) Expansion and modernization of Rio Grande plant in Brazil in 2016, with an investment of USD 275 million.
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