New York, USA, May 25, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global fertilizer market is projected to garner a revenue of $251.57 billion and grow at a CAGR of 3.55% during the analysis timeframe from 2022 to 2030.
As per our analysts, with the increasing demand for food grain production across developing countries due to the rising population, the fertilizer market is expected to witness remarkable growth during the estimated period. Besides, the increasing use of liquid fertilizers for plants and crops to get what they need at the right time with minimal waste is predicted to foster the growth of the market during the forecast period. Moreover, the increasing adoption of organic fertilizers to improve water retention capability, soil structure, soil nutrients, and productivity is projected to amplify the growth of the market during the analysis timeframe. However, the uncontrolled use of the fertilizers that leads to pollution may hamper the growth of the market over the estimated timeframe.
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Segments of the Fertilizer Market
The report has divided the market into segments based on type, form, application, and region.
Type: Inorganic Fertilizer Sub-Segment to be Most Lucrative
The inorganic fertilizer sub-segment is expected to garner a revenue of $229.92 billion during the forecast period. This is mainly because inorganic fertilizers provide a quick infusion of nutrients for the plants. In addition, the ease of use, cost-effective nature, and the availability of inorganic fertilizers in different formulations including dry granules, water-soluble powders, and many more, are projected to propel the growth of the market sub-segment during the analysis period.
Form: Dry Fertilizer Sub-Segment to be Most Productive
The dry fertilizer sub-segment is expected to garner a revenue of $202.42 billion over the estimated period. The increasing use of dry fertilizers for easy storing capability and lower prices are expected to fortify the growth of the market sub-segment during the forecast period.
Application: Agriculture Sub-Segment to be Most Profitable
The agriculture sub-segment is predicted to generate a revenue of $110.02 billion during the analysis period. This is mainly due to the increasing population, and globalization which further increases the demand for food production. Moreover, the increasing need for fertilizers to balance the nutrients present in the soil and to boost the quality yield, are expected to amplify the growth of the market sub-segment throughout the forecast period.
Get Detailed COVID-19 Impact Analysis on the Fertilizer Market
Region: The Asia-Pacific Region to Have Huge Growth Opportunities
The Asia-Pacific region of the fertilizer market is predicted to grow at a noteworthy CAGR of 3.76% over the analysis timeframe. The strong presence of fertilizer consumers in this region is expected to fuel the regional growth of the market during the estimated period.
Covid-19 Impact on the Fertilizer Market
The outbreak of the Cvid-19 pandemic has had a negative impact on the fertilizer market, likewise various other industries. This is mainly due to the import-export restrictions imposed by the governments of many nations, which have brought many challenges to the food chain supply. However, the increasing government initiatives to ensure the availability of raw materials uplifted the growth of the market during the pandemic period.
Key Players of the Fertilizer Market
The major players of the fertilizer market include
- ICL Group Ltd.
- Syngenta AG
- EuroChem Group
- Haifa Group
- OCP Group S.A.
- The Mosaic Company
- K+S Aktiengesellschaft
- Nutrien Ltd.
- Uralkali
- Yara International.
These players are working on the development of new business tactics such as product development, mergers, and acquisitions, collaborations, and partnerships, to gain a leading position in the global industry.
For instance, in January 2022, Yara International, a leading Norwegian chemical company, announced its collaboration with Lantmännen, a renowned Swedish agricultural cooperative. With this collaboration, the companies aimed to introduce fossil-free fertilizers to the market. These fertilizers have been produced with renewable energy and have been used in agriculture to offer consumers better food options.
Further, the report also summarizes other vital aspects such as product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
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Related Trending Article Links:
- Fertilizers: Enhancing the Quality of Plants and Soil
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- Integration of Modern Technologies in Agriculture to Up the Game of Fertilizer Sector
- Company Acquisition and Strategic Partnerships by Market Players such as Syngenta AG and ICL Group to Foster the Growth of the Global Fertilizer Market
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