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).
- On the basis of the product type, the market has been bifurcated into chemical fertilizer and biofertilizers.
- Based on the product, the market has been segregated 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.
- On the basis of the product form, the market has been segmented into dry and liquid.
- 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.
- 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.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include CF Industries, Haifa Group, Indian Farmers Fertiliser Co-operative Limited (IFFCO), Israel Chemicals Ltd. (ICL), Nutrien Limited, Sociedad Química y Minera (SQM), The Mosaic Company, Uralkali and Yara International.
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