Fertilizer Industry Will Develop Rapidly Due To Changing Dietary Habits And An Increasing Income
The fertilizer industry database, compiled by Grand View Research, is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.
The economic value generated by the fertilizer industry was estimated at approximately USD 200 billion in 2021. This economic output is an amalgamation of businesses that are involved in the manufacturing of fertilizers & their additives, distribution & supply, and application of fertilizers.
Nitrogenous Fertilizer Market Insights
The global nitrogenous fertilizer market size was valued at USD 57.2 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 5.7% in terms of revenue from 2022 to 2030. The growth is attributed to the increasing popularity of agriculture on a commercial level across the world. There has been a rising demand for nitrogenous fertilizers from the agriculture industry for providing appropriate nutrition to the various food crops, thereby improving their yield. Agricultural commodities including vegetables, fruits, cotton, and cereals are crucial areas of application for these fertilizers.
China, Russia, the U.S., and India accounted for over half of global fertilizer supplies, on account of the scale of their respective industries for agrochemical development & production. China accounted for just over 23% of the global demand for nitrogenous fertilizers in 2021, with the country also supplying 25% of global nitrogenous fertilizers. India follows suit after China, as the second largest consumer of nitrogenous fertilizers. Both countries are characterized by the significant development of their agrarian economies and the concurrent food demand of their respective populations.
Phosphatic Fertilizers Market Insights
The global phosphate fertilizer market size was valued at USD 61.63 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2040. This is attributed to the increased demand from agricultural producers for a fertilizer that provides necessary nutrients such as nitrogen and potassium. Agricultural products, such as fruits, vegetables, cereals, and pulses, are major application areas. The use of phosphorous fertilizers in various grains promotes root growth, improves crop quality, and enhances stalk strength. Phosphorus rocks are the most significant global sources of phosphorus. Globally, the U.S. is the leading producer and consumer of phosphate rocks, which are primarily used for the manufacturing of the product. The rising global demand for food is a significant factor driving the growth of the market.
Over half of the global consumption of phosphorus fertilizers can be attributed to the Asia Pacific, with the region holding 56% of the market share in 2021. Like the region’s domination in consumption of other nutrient-based fertilizers, phosphorus fertilizers demand is driven by China and India, boasting of large agricultural sectors respectively.
Order your copy of the Free Sample of “Fertilizer Industry Data Book - Nitrogenous, Potassic, Phosphatic, Foliar, Water-soluble, Biofertilizers, And Fertilizer Additives Market Size, Share, Trends Analysis And Segment Forecasts, 2022 - 2030” Data Book, published by Grand View Research
Biofertilizers Market Insights
The global biofertilizers market size was valued at USD 1.5 billion in 2022 and is expected to grow expand at a compound annual growth rate (CAGR) of 12.8% from 2023 to 2030. The increasing usage of microbes in biofertilizers proves the potential for sustainable farming methods and food safety. The increasing concern with respect to food safety is expected to drive the market for biofertilizers over the forecast period. The EU “Common Agricultural Policy” promotes the use of bio-based products along with organic farming and provides up to 30.0% of the budget as direct green payment to farmers complying with sustainable agricultural practices. A favourable regulatory scenario, especially in North America and Europe is expected to be a key driving factor for the market for biofertilizers over the next couple of years across these regions.
Water Soluble Fertilizer Market Insights
The global water soluble fertilizer market size was valued at USD 12.5 billion in 2015 and is expected to register a CAGR of 6.5% in terms of revenue over the forecast period. Soaring demand for food crops, food grains, vegetables, and fruits in emerging economies like China, India, and Brazil is likely to positively influence product demand. Surge in population, along with rising inclination of consumers toward disease-free and healthy fresh fruit and vegetables, will fuel market growth over the coming years. There has been increasing demand for and adoption of drip irrigation as it saves water and is suitable for all lands, including undulating terrain, barren lands, rolling topography, and areas with shallow soil layers. Rising government initiatives focused on increasing agricultural output, coupled with implementation of various subsidies to promote the use of drip irrigation will have a positive impact on the industry.
Fertilizer Additives Market Insights
The global fertilizer additives market size was estimated at USD 3.25 billion in 2019 and is expected to grow at a CAGR of 3.1% over the forecast period. The robust growth of the fertilizer industry along with rising population & decreasing per capita arable land is expected to drive the demand.
The ability of the product to prevent loss of key nutrients such as phosphorous, sulfur, potassium and nitrogen is expected to augment the growth over the forecast period. Moreover, it is used during transportation and storage of fertilizers to inhibit the caking and corrosion. It is also used to prevent the moisture and lump formation in fertilizers, which are generally caused by the humid climatic condition.
The U.S. is one of the major markets in North America. The country has witnessed a revival in the agricultural sector which has led to the growing demand. The product is most commonly used as an anti-caking agent in the U.S. due to variations in storage temperatures.
Go through the table of content of Fertilizer Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Fertilizer Industry Data Book Competitive Landscape
Fertilizer markets across the globe returned to making profits in Q2 2022. This is followed by a supply squeeze of essential crop nutrients in the wake of the Russian invasion of Ukraine. Sanctions on Belarus and Russia, which are amongst the top producers of potash behind Canada, a key nutrient of potassium fertilizers, led to an increase in the mineral’s prices to levels registered back during the 2008 food crisis. The sanctions left a 35% void in the global output of potash.
Key players operating in the Fertilizer Industry are –
• Nutrien • CF Industries • Mosaic • Yara International • Omnia Holdings • Bunge Ltd. • Sorfert • Waitaki Bo. • Sasol • OCI Nitrogen • Koch Fertilizer LLC • Coromandel International • Haifa Chemicals • Novozymes • CBF China Bio-Fertilizer • Symborg • Antibiotice • Israel Chemical Ltd. • Hebei Moband • K+S AG • Sinochem • TATA Chemicals • BASF • Thyssenkrupp • Albemarle Corp. • Clariant AG • Johnson Matthey • Dorf Ketal • KAO Corp. • Solvay
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.