According to market research report “Fertilizers Market By Organic (Blood Meal, Fish Meal, Manure, Granite Meal, Others) By Inorganic (Nitrogen, Potassium, Phosphate, Calcium, Sulfur, Others) By Bio Fertilizers (PSB, Azotobacter, Others) By Type of Crop-Forecast (2015-2020), published by IndustryARC, the fertilizers market is estimated to reach $151.8 Billion by 2020 at a high CAGR.
Browse 92 Market Tables, 36 Figures spread through 200 Pages and an in-depth TOC on “Fertilizers Market”.
Fertilizers are mixtures of chemical products containing nitrogen, phosphorus, potassium and other necessary nutrients. Minerals are essential nutrients for survival of all plants, naturally provided through soil or man-made sources such as fertilizers. Naturally occurring minerals are gradually washed out of soil due to various reasons such as soil erosion and continuous extraction of mineral components by the plant. Therefore, fertilizers are used to re-supply proper amount of nutrients in the soil to maintain optimal plant growth. Agricultural fertilizers are available in solid, liquid as well as in gaseous form for cultivation of plants in farms. Use of fertilizers in the farms increases the production and farm income.
The global fertilizer market is segmented according to the different types of fertilizers such as organic fertilizer, inorganic fertilizer and bio fertilizer. Among these different types of fertilizers, organic fertilizers dominate the overall market in terms of consumption and revenue owing to its renewable nature, sustainability and environment friendliness.
The global market in 2014 was $116.7 Billion and is dominated by Asia-Pacific which is poised to exhibit the faster growth due to favorable macroeconomic conditions such as increasing population which would eventually result in increasing the yield of crops to feed everyone. China and India are the growth frontiers for the fertilizers manufacturers providing a huge potential market to be tapped. China is the largest market with the highest share. Major countries of Asia-Pacific region, China, India, Pakistan, Indonesia are involved in many agricultural activities which make it high demand region for fertilizers. Apart from Asia-Pacific, the fertilizer revenue in South and Central American countries are estimated to grow at a high CAGR of 7.6% during the forecast period.
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Due to governmental regulations in developed nations such as the European countries, the fertilizer usage is limited to reduce fatal environmental impact. These regulations have led to an increased demand for organic crop harvesting processes with fewer chemicals which have hence restrained the market demand for fertilizers in developed markets.
The number of manufacturers across the world for fertilizers market has increased and actively investing in scaling up their position in the market and are able to attract profitable deals. Some of the major players are:
- Potash Corp of Saskatchewan Inc. (Canada),
- The Mosaic Company (U.S.),
- Uralkali PJSC (Russia),
- Yara International ASA (Norway)
- JSC Belaruskali (Belarus) and Others
Major firms spent huge amounts of money in the development of efficient technologies and at the same time, new firms are coming up with cutting-edge technological innovations, resulting in tremendous increase in the degree of competition. Consequently, product launches, mergers and acquisitions and partnerships by companies, universities as well as individual researches has been frequenting the fertilizers market headlines.
Potash Corp and Mosaic, key players of this industry, together occupy 19% of the market share. They are followed by Uralkali and Belaruskali with significant market share.
Bio Fertilizers along with Bio Pesticides Emerge as an Ecofriendly Source for Sustainable Agriculture in the Coming Future.
Across the regions, the availability and affordability of petroleum based chemical fertilizers have been ensured only through imports and subsidies. However, today, bio-fertilizers have emerged as a highly compelling alternative to chemical fertilizers due to their eco-friendly and cost effective nature. The production of bio fertilizers is always demand driven and hence creating proper awareness and demand among farmers is one of the most important steps which need to be followed towards the promotion of the former. Research and development efforts by the government and research organizations have brought remarkable changes in the production and wide usage of these products across the world wherein its probable requirement exceeds the actual production.
The demand for bio fertilizers is on an upsurge, ever since the last decade owing to its environment-friendly characteristics and a worldwide trend to reduce the reliability on chemically synthesized fertilizers. Bio fertilizers and bio pesticides are two important cornerstones which needs comprehensive research to improve the quality primarily to achieve food security of the growing population while still restoring the soil fertility. Nonetheless, both these products are the answer for the sustainable growth of agriculture in the near future.
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