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According to the latest report by IMARC Group, titled "Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global fertilizer market size reached US$ 163.2 Billion in 2021. Fertilizer is a mixture of artificial or natural substances that is generally added to the soil. It usually contains essential nutrients, such as phosphorus, potassium, and nitrogen, that helps in the development of farm crops while increasing the crop yield capacity. Their usage also aids in enhancing the fertility and water retention capacity of the soil while balancing the nutrients for better productivity of the plant. Widely available in organic and inorganic forms, the organic fertilizers are produced using agriculturalwastes and livestock manures, whereas inorganic fertilizers are prepared from chemical substances.
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 global market is primarily driven by considerable expansion in the agriculture sector. With the increasing food consumptionrates of the masses and the rising population on the global level, there has been a significant rise in the demand for improving farm yield and enhancing the overall soil fertility for crop development, which is creating a positive outlook for the market. Additionally, rising investments by key players in the production of organic fertilizers andfor introducing premium quality product variantsare also impacting the market growth favorably. Also, the increasing awareness and widespread adoption of organic farming practices across the globe arefurther contributing to the market growth. Along with this, continuous improvements in the agriculture infrastructure and various technological advancements in the sector are positively influencing the market growth. Furthermore, the rising government initiatives of numerous countriesto support farmers by introducing favorable schemes and financial assistance are also providing an impetus to the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.9% during the forecast period (2022-2027).
Market Summary:
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