According to the recent report by IMARC Group, titled “Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global fertilizer market grew at a CAGR of 3% during 2014-2019. Fertilizers are natural or chemical substances that are applied to soil for the productive growth of the crops. Some of the essential nutrients present in these fertilizers are nitrogen, phosphorus, and potassium. Apart from offering an improved crop yield, they also enhance the texture and fertility of the soil, replace lost nutrients, and increase water retention. There are two popular variants of fertilizers, namely, inorganic and organic. Inorganic fertilizers are produced using synthetic chemicals that contain all the essential nutrients for the sustainable growth of the crops. On the other hand, organic fertilizers are made from natural raw materials that enrich the soil with vital compounds and promote the reproduction of microorganisms.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fertilizer Market Trends:
The rapidly increasing global population is one of the major growth-inducing factors for the market as it has created an incessant demand for food around the globe. Apart from this, urbanization and industrialization have led to a decline in arable land. As there is a pressure on the existing arable land to produce more food, the demand for advanced fertilizers has consequently increased. Additionally, rising environmental concerns have led to the widespread practice of organic farming and augmented demand for organic food. As a result, small-scale farmers are now shifting toward organic fertilizers from inorganic variants. Furthermore, technological advancements in this field are expected to provide a thrust to the market growth. For instance, there is a high demand for nano-fertilizers, which are being promoted by favorable government policies. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
- Based on the product type, the market has been bifurcated into chemical fertilizers and biofertilizers.
- On the basis of the product, the market has been divided into straight and complex fertilizers. Among these, straight fertilizers are further segmented into nitrogenous fertilizers (urea, ammonium nitrate, calcium ammonium nitrate, anhydrous ammonia, ammonium sulfate, and others), potash fertilizers (muriate of potash and sulfate of potash), phosphatic fertilizers (single super phosphate, mono-ammonium phosphate, di-ammonium phosphate, triple super phosphate, and others), secondary macronutrient fertilizers (calcium, sulfur, and magnesium fertilizers), and micronutrient fertilizers (zinc, copper, iron, manganese, boron, molybdenum, and others).
- Based on the product form, the market has been categorized into dry and liquid fertilizers.
- On the basis of the crop type, the market has been segregated into fruits and vegetables; grains and cereals; flowers and ornamentals; pulses and oilseeds; and others.
- Region-wise, the market has been segmented into Latin America (Mexico, Brazil, and Others), Europe (Germany, the United Kingdom, France, Spain, Italy, Russia, and Others), North America (the United States and Canada), Asia Pacific (Indonesia, Japan, India, Japan, China, South Korea, Australia, and Others), and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being CF Industries, Haifa Group, Sociedad Química y Minera (SQM), The Mosaic Company, Uralkali, Yara International, Indian Farmers Fertiliser Cooperative Limited (IFFCO), Israel Chemicals Ltd. (ICL), and Nutrien Limited.
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