The global chemical fertilizer market was valued at nearly $104 billion in 2018. Asia Pacific is the largest market for the chemical fertilizers industry, accounting for about 43% of the global market.
The fertilizers market consists of the sales of fertilizers by entities (organizations, sole traders or partnerships) that produce nitrogenous or phosphatic fertilizer materials. The market also includes establishments producing fertilizers from sewage or animal waste, manufacturing nitrogenous or phosphatic materials and mix with other ingredients into fertilizers.
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Chemical Fertilizer Market Size
The global chemical fertilizer market size is expected to grow to nearly $121.3 billion in 2022 at an annual growth rate of about 3%. This market growth resulted from growth in emerging markets, government support, a low interest environment, government subsidies and the implementation of intensive farming techniques.
Nutrien Ltd. was the largest competitor in the chemical fertilizer market, followed by Yara International, The Mosaic Company, CF Industries Holdings Inc. and Israel Chemicals Ltd (exact market shares are mentioned in the report).
Nutrien Ltd. produces and markets potash, nitrogen and phosphate products for agricultural, industrial and feed customers globally. The company was formed through the merger of PotashCorp and Agrium in July 2018, and is headquartered in Saskatoon, Saskatchewan, Canada. The company had 5,104 employees across its three divisions as of December 2017.
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By type of nutrient, the global chemical fertilizer market can be segmented into the nitrogen fertilizer market, phosphate fertilizer market, and potash fertilizer market. The nitrogen fertilizers market can be further segmented by type into urea, nitrogen – ammonium phosphate, nitrogen – others (other nitrogen fertilizers), nitrogen – NPK, ammonium sulphate, and calcium ammonium nitrate. The global nitrogen fertilizers market is expected to grow in 2022, after facing a decline in the historic period due to the growth of sustainable farming replacing the traditional type and decreased demand for nitrogenous fertilizers in the historic period to avoid water body pollution near fields.
The fastest growing segment by type of nutrient in the global chemical fertilizers market is expected to be the potash fertilizers market.
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