The Sulfur Fertilizers Market is expected to reach USD 5.52 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 2.2% between 2022 and 2028. Conventional and traditional agriculture activity has led to soil deterioration over time. Today the soil which is used for agriculture lacks the essential minerals that give a productive environment to the crops. The minerals are added in the form of fertilizers. Mainly the deficiencies are of nitrogen and sulfur, due to which sulfur-based fertilizers are highly demanded. The sulfur-based fertilizers offer lowered pH levels for the alkaline soils and help the crops in moisture retention.
- The sulfates segment is projected to grow at a Significant Compound Annual Growth Rate (CAGR) over the forecast period. Increasing consumption of the traditional and new sulfate fertilizers like single superphosphate, ammonium sulfate, potassium sulfate, and ammonium phosphate sulfate, sulfates of micronutrients is fuelling the market growth.
- The oilseeds & pulses segment is projected to hold a significant share in 2021. Oilseeds are drought tolerant and have low transpiration. Canola, Soybean, and groundnut are some major crops that are being considered under this segment to utilize .
- Asia Pacific is expected to witness the fastest growth during the forecast period. The growth in the region is driven by the ongoing research and development activities in agriculture sector.
Some of the players in Market are - Yara International ASA (Norway), Nutrien, Ltd. (Canada), ICL (Israel), The Mosaic Company (US), and K+S Aktiengesellschaft (Germany)..
Governments in several countries are focusing on boosting their agriculture sector. The government is promoting the usage of pesticides and fertilizers. Additionally, financial benefits for farmers are the major key factor fuelling the Market growth. On the contrary, the awareness regarding the usage of several chemicals in agriculture, people are being more conscious towards the effects of those chemicals in agriculture practices and it is impacted on human health, thus, it has made people opt for the organic food.
The Asia Pacific is anticipated to have a significant share. The declining ratios of lands that are suitable for agriculture is a major factor for driving the Market in this region. Additionally, awareness among the farming community coupled with a rising demand of food grains is promoting the usage of fertilizers.