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The latest report by IMARC Group, titled “Fertilizer Additives Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global fertilizer additives market size reached US$ 2.88 Billion in 2021. Fertilizer additives are chemicals that are incorporated with fertilizers to enhance nutritional benefits. They offer anticaking properties that preserve the granular nature of fertilizers and provide water resistance. They also prevent the formation of lumps and dust and the loss of essential nutrients, such as phosphorus, potassium, nitrogen, and sulfur. In addition, they exhibit anti-corrosion properties that prevent corrosion of the container used for transportation. As a result, fertilizer additives are widely utilized across the agriculture industry.
Global Fertilizer Additives Market Trends:
The market is primarily driven by the rising awareness among individuals about soil deterioration caused by conventional agricultural practices. Fertilizer additives are utilized as anti-dusting, corrosion inhibitors, and hygroscopic agents as they inhibit the loss of macro and micronutrients and improve the productivity of the soil. In addition, the implementation of various government initiatives to spread awareness among farmers about the use of value-added fertilizers and fertilizer additives represents another major growth-inducing factor. Besides this, governing authorities of various countries are also extending their support to agriculture by offering grants and subsidies, which are also contributing to market growth. Moreover, various technological innovations, the escalating demand for urea-based fertilizers, the growing inclination of farmers toward improving crop productivity, and the expanding agricultural sector are some of the other factors creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 3.36 Billion by 2027, exhibiting a CAGR of 2.54% during the forecast period (2022-2027).
Market Summary:
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