Global Fertilizer Market to Reach US$ 210.0 Billion by 2028, Impelled by Increasing Demand for Food

According to the latest report by IMARC Group, titled "Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global fertilizer market size reached US$ 170.4 Billion in 2022. A fertilizer is a chemical substance put on land or soil to make plants grow better and enhance crop yield. It promotes the growth and productivity of plants and provides them with essential nutrients. It contains vital nutrients plants need, including nitrogen, potassium, and phosphorus. It also improves the soil's water retention capacity. It is mainly classified into two main types, organic and inorganic fertilizers. Organic fertilizers are natural fertilizers derived from plants and animals. It boosts the amount of organic matter in the soil, encourages microbial reproduction, and alters the soil's physical and chemical composition. On the other hand, inorganic fertilizers are chemical fertilizers generated by synthetic techniques. Fertilizer is easy to transport, store, and apply and can easily dissolve in the soil. It is predictable and reliable and has a rapid effect on the crops.

Global Fertilizer Market Trends:

The global market is majorly driven by the rapid growth in population, followed by the changing dietary habits among the masses in developed and developing countries. In line with this, the increasing requirement for enhanced soil nutrients and crop yield is significantly contributing to the product demand. Furthermore, the rising penetration of organic fertilizers and significant growth in the agriculture industry are positively influencing the market. Apart from this, the emerging demand for water–soluble fertilizers and the growing demand for food globally are catalyzing the market. Moreover, several government and non-government organizations worldwide are raising awareness about the benefits of fertilizer and its favorable impact on agricultural output. This is expected to create a positive outlook for the market. Besides, inflating incomes of the individuals residing in rural areas and the ease and quick availability of credit are anticipated to propel the market expansion. Additionally, several key market players are forming strategic alliances and opting for joint ventures to expand their product portfolio. Some of the other factors driving the market growth include rapid urbanization, significant growth in the horticulture industry, and heavy investments in research and development (R&D) activities. On account of the factors above, the market is anticipated to reach a value of US$ 210.0 Billion by 2028, exhibiting a CAGR of 3.7% during 2023-2028. 

Market Summary:

• On the basis of the product type, the market has been categorized into chemical fertilizers and biofertilizers. Among these, chemical fertilizers exhibit a clear dominance in the market.
• Based on the product, the market has been classified into straight fertilizers (nitrogenous fertilizers [urea, calcium ammonium nitrate, ammonium nitrate, ammonium sulfate, anhydrous ammonia, and others], phosphatic fertilizers [Mono-Ammonium Phosphate (MAP), Di-Ammonium Phosphate (DAP), Single Super Phosphate (SSP), Triple Super Phosphate (TSP), and Others], potash fertilizers [Muriate of Potash (MoP) and Sulfate of Potash (SoP)], secondary macronutrient fertilizers [calcium fertilizers, magnesium fertilizers, and sulfur fertilizers], micronutrient fertilizers [zinc, manganese, copper, iron, boron, molybdenum, and others], and complex fertilizers. Currently, straight fertilizers account for the majority of the total market share.
• Based on the product form, the market has been segmented into dry and liquid, wherein dry fertilizers hold the leading market segment.
• Based on the crop type, the market has been categorized into grains and cereals, pulses and oilseeds, fruits and vegetables, flowers and ornamentals, and others, wherein grains and cereals hold the majority of the overall market share.
• On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa. Currently, Asia Pacific holds the leading position in the market.
• The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include CF Industries Holdings, Inc., Haifa Group, Indian Farmers Fertiliser Cooperative Limited (IFFCO), Israel Chemicals Ltd. (ICL), Nutrien Limited, Sociedad Química y Minera (SQM), The Mosaic Company, Uralkali PJSC, and Yara International.

Report Scope:

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