According to the latest report by IMARC Group “Global Fertilizer Market Growth: Industry Trends, Share, Size, Opportunity and Forecast 2022-2027“, The global fertilizer market reached a value of US$ 163.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 203.5 Billion by 2027, exhibiting a CAGR of 3.9% during 2022-2027.
Fertilizers refer to chemical substances that are added to the soil to promote healthy growth among farm crops. They are manufactured using livestock manure, industrial waste, carbon-based agricultural waste, and municipal sludge. Fertilizers are available in phosphatic, potash, nitrogenous, and micronutrient variants. They contain nutrients and microbes, such as potassium, phosphorus, and nitrogen, which are essential for efficient plant growth. Fertilizers enhance the natural fertility and water retention capacity of the soil by replacing chemical elements or altering the pH level. They also assist in destroying pathogenic components responsible for spreading diseases in plants and crop failure. As a result, fertilizers find widespread applications among various crops, including grains, pulses, cereals, oilseed, fruits and vegetables, commercial, etc.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The increasing global population and the escalating demand for sustainable food production are among the primary factors driving the fertilizer market. Besides this, the launch of several policies by the government bodies to promote awareness programs and rural workshops to educate farmers about the usage and benefits of these substances in farming activities is further augmenting the market growth. Moreover, the introduction of nano-fertilizers (NFs) that maintain flat green grounds and fields is also catalyzing the global market. Apart from this, the growing popularity of innovative and advanced farming techniques and the rising utilization of bio-fertilizers, on account of the elevating environmental consciousness, are acting as significant growth-inducing factors. Furthermore, the inflating need for water-soluble N, P, K, and micronutrient products and the various technological advancements are expected to bolster the fertilizer market in the coming years.
Breakup by Product:
- Straight Fertilizers
- Nitrogenous Fertilizers
- Calcium Ammonium Nitrate
- Ammonium Nitrate
- Ammonium Sulfate
- Anhydrous Ammonia
- Phosphatic Fertilizers
- Mono-Ammonium Phosphate (MAP)
- Di-Ammonium Phosphate (DAP)
- Single Super Phosphate (SSP)
- Triple Super Phosphate (TSP)
- Potash Fertilizers
- Muriate of Potash (MoP)
- Sulfate of Potash (SoP)
- Secondary Macronutrient Fertilizers
- Calcium Fertilizers
- Magnesium Fertilizers
- Sulfur Fertilizers
- Micronutrient Fertilizers
- Complex Fertilizers
At present, straight fertilizers dominate the market as they are organic materials added to fertilizer mixtures during their preparation for reducing hygroscopicity.
Breakup by Product Form:
Dry fertilizers hold the majority of the global fertilizer market share as they are easy to store and more efficient for heavy pre-plant applications.
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Breakup by Crop Type:
- Grains and Cereals
- Pulses and Oilseeds
- Fruits and Vegetables
- Flowers and Ornamentals
Presently, grains and cereals dominate the market as they are widely consumed across the globe.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- CF IndustriesHoldings, Inc (NYSE: CF)
- Haifa Group
- Indian Farmers Fertiliser Cooperative Limited (IFFCO)
- Israel Chemicals Ltd (NYSE: ICL)
- Nutrien Limited (TSE: NTR)
- SQM S.A (NYSE: SQM)
- The Mosaic Company (NYSE: MOS)
- Uralkali PJSC
- Yara International ASA (OTCMKTS: YARIY)
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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