Fertili-zer Market to Reach Valuation of USD 219.4 Billion by 2028 – Increase in the Demand for Fertili-zers due to the Lack of Nutrients Drives the Market
In terms of revenue, the Global Fertilizer Market is expected to reach USD 219.4 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 2.3% from 2022 to 2028.
The rapidly increasing population has led to an increase in the demand for food and an increase in the demand for Fertilizers due to the lack of nutrients which is expected to fuel the growth of the market during the forecast period.
Key Highlights from Report:
- The agriculture segment held a significant share in 2021. This is attributable to the increasing need for Fertilizer in agricultural activities such as producing plants and fundamental food crops are projected to propel the Fertilizer sector. In addition, rising demand for rice, maize, wheat, millets, paddy, and barley in both developed and developing nations would drive the Fertilizer Market in the future years. By 2030, agriculture will be driven using Fertilizers in agricultural areas to restore key minerals such as nitrogen, phosphorus, and potassium that are naturally present in the soil.
- The organic segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. Animal Waste, Animal Excreta, and Vegetable matter are used to make organic Fertilizers (like crop residue). These Fertilizers not only provide nutrients to the plant but also aid in the development and maintenance of a healthy soil ecology with earthworms and other microorganisms; unlike synthetic Fertilizers, they have a relatively little environmental impact.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period because of the high rate of adoption of starting Fertilizer products and the high level of exports of these products to the Asia-Pacific. China accounted for the largest share in Asia pacific Fertilizer Market in 2021.
The worldwide Fertilizer industry is highly fragmented, with well-established and small-scale Fertilizer firms operating in both developed and developing economies. Fertilizers are such an important tool for enhancing agricultural productivity that industry players are forming strategic alliances and joint ventures to broaden their geographic presence and product selection. Fertilizer uses in agricultural activities such as producing plants and fundamental food crops are projected to propel the Fertilizer sector. In addition, rising demand for rice, maize, wheat, millets, paddy, and barley in both developed and developing nations would drive the Fertilizer Market in the future years. By 2030, agriculture will be driven by the use of Fertilizers in agricultural areas to restore key minerals such as nitrogen, phosphorus, and potassium that are naturally present in the soil.
Further, inorganic Fertilizers deliver nutrients quickly, allowing them to feed the plants whenever needed. They are entirely manufactured and exactly dosed. Their nutrient ratios are displayed on the bag and inorganic Fertilizers advantage of being rapidly acting. Inorganic Fertilizers, for example, contain nutrient-rich salts that dissolve fast and are immediately available to plants for nutrition. Furthermore, inorganic Fertilizers include precise amounts of vital elements like nitrogen, potassium, and phosphorus to fulfill the needs of various plants. These Fertilizers are very simple to use because they come in a variety of forms, including dry granules, liquid concentrates, and water-soluble powders. Because these Fertilizers are manufactured in large quantities, they are less expensive and help to balance soil nutrients, resulting in higher yields and better crop quality.
Asia Pacific held the largest shares in 2021. For the Fertilizers sector, the expanding markets of the region provide enormous growth prospects. The rise of the region on the international Fertilizer map is primarily due to low labor costs and liberal government restrictions.
The Fertilizer is segmented as follows:
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Pages and in-depth TOC on "Fertilizer Market Size, Share & Trends Analysis Report by Form (Dry, Liquid), by Product (Organic, Inorganic), by Application (Agriculture, Horticulture, Gardening, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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