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The fertilizers market size is forecast to increase by USD 24.2 billion at a CAGR of 2.21% between 2023 and 2028. The market is experiencing significant growth due to several key factors. Firstly, the increasing demand for organic fertilizers reflects consumer preferences for sustainable farming practices. Secondly, water-soluble fertilizers are gaining traction as they offer faster nutrient absorption for crops, particularly in large-scale commercial agriculture. Lastly, the rapidly expanding food industry necessitates the use of efficient and effective fertilizers, including biofertilizers, to meet the rising demand for agricultural production. These trends are driving the growth of the fertilizers market, making it an essential sector for the agricultural and food industries. The fertilizer market analysis reveals significant opportunities for expansion, as the fertilizer industry overview highlights rising global demand. Fertilizer industry analysis emphasizes the growing focus on sustainable practices, driving fertilizer market growth. This trend underscores the vital role of fertilizers in boosting agricultural productivity, making the sector increasingly pivotal in addressing food security challenges.
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The market is experiencing significant growth due to the increasing demand for higher crop production in response to the growing global population and food security concerns. Nitrogen-based fertilizers, phosphates, and potash continue to be the primary nutrient formulations used in agriculture sectors worldwide. However, environmental concerns, such as nutrient runoff and greenhouse gas emissions, are driving the need for sustainable agriculture practices and advanced fertilizers. Key industry participants are investing in new product developments, mergers & acquisitions, and sales & marketing facilities to increase profitability. Precision agriculture practices, technology, and eco-friendly farming methods are gaining popularity to improve soil health and reduce environmental impact. Water-soluble fertilizers and advanced fertilizer technologies are also becoming increasingly important in this context.
Fertilizer market analysis indicates robust potential, with fertilizer industry analysis spotlighting key growth drivers. The fertilizer industry overview shows evolving practices, fueling fertilizer market growth. As the industry adapts to environmental concerns, the increasing demand for efficient fertilizers such as catalyst fertilizers plays a crucial role in global agricultural advancements, reinforcing the importance of this dynamic market sector. Market trends indicate a shift towards sustainable and eco-friendly farming practices, with a focus on reducing nutrient runoff and greenhouse gas emissions. The use of nutrient formulations that are specifically tailored to the needs of different crops and soil types is also becoming more common. Overall, the market is expected to continue growing as the agricultural sectors of developing economies seek to increase food production while addressing environmental concerns. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand for organic fertilizers is notably driving market growth. The agriculture industry is poised for growth due to the increasing global population and shifting dietary habits, leading to an expansion in the fertilizer market. Organic fertilizers, such as those derived from nitrogen, phosphates, and potash, are preferred for their eco-friendly properties, including rapid degradation, minimal impact on water sources, and improvement of soil structure and nutrient retention. Developing economies and agricultural sectors are embracing sustainable agriculture practices, including precision agriculture and balanced fertilization, to enhance crop yield and ensure food security.
Environmental concerns, including nutrient runoff and greenhouse gas emissions, are driving the demand for advanced fertilizers and technologies, such as water-soluble fertilizers, nutrient formulations, sensors, drones, and data analytics for efficient fertilizer application. Industry participants are investing in sales & marketing facilities, mergers & acquisitions, and new product developments to increase profitability and meet the growing demand for fertilizers. The Fertilizer Market Trends reflect a focus on soil health, eco-friendly farming practices, and technology to minimize waste and optimize nutrient management. Thus, the global market is expected to witness rapid growth during the forecast period due to the increase in demand for organic fertilizers. Hence, these factors will propel the market growth during the forecast period.
High-efficiency fertilizers gaining market traction is an emerging trend in the market. The agriculture industry is experiencing a surge in demand due to the growing global population and the need for food security. This increased food production necessitates higher agricultural output, leading to a greater demand for fertilizers such as nitrogen-based fertilizers, phosphates, and potash. Developing economies and intensifying agricultural sectors are significant contributors to this trend. However, environmental concerns, including nutrient runoff and greenhouse gas emissions, necessitate the adoption of sustainable agriculture practices and precision agriculture.
Advanced fertilizers, water-soluble fertilizers, and nutrient formulations are gaining popularity as industry participants focus on profitability and sales & marketing facilities. Mergers & acquisitions, new product developments, and technology advancements are key trends in the Market. Soil health, eco-friendly farming practices, precision agriculture, technology, and fertilizer application are essential aspects of this industry's future. Sensors, drones, data analytics, efficiency, waste minimization, nutrient management, and balanced fertilization are some of the technologies driving the market. Hence, these factors will propel the market growth during the forecast period.
Health issues associated with fertilizer are a major challenge impeding the market growth. The Fertilizer Market plays a significant role in the agriculture industry, enhancing crop yield and ensuring food security for the growing global population. Nitrogen-based fertilizers, including ammonium nitrate, phosphates, and potash, are essential for food production. Developing economies and agricultural sectors heavily rely on these nutrient formulations to increase productivity.
However, environmental concerns, such as nutrient runoff and greenhouse gas emissions, have led to the adoption of sustainable agriculture practices and precision agriculture. Advanced fertilizers, water-soluble fertilizers, and eco-friendly farming practices are industry trends. Sales & marketing facilities, mergers & acquisitions, and new product developments contribute to profitability. Technologies like sensors, drones, and data analytics improve fertilizer application efficiency and waste minimization. Balanced fertilization and nutrient management are crucial for soil health and maintaining productivity in the face of the growing population's demands. Thus, the rising concern about health issues due to fertilizers may hinder the market growth during the forecast period.
The fertilizers market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the fertilizer market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies. The fertilizer industry outlook is poised for significant growth, driven by increasing fertilizer demand forecast and evolving fertilizer market trends. The specialty fertilizers market is expanding, reflecting the need for advanced solutions. Fertilizer industry trends indicate a strong demand for fertilizer in sustainable agriculture, highlighting the essential role of fertilizers in global food security.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Coromandel International Ltd. - The company offers nutrient products such as Urea, fertilizers, single super phosphate, and muricate of potash.
The fertilizers market size report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the inorganic segment will be significant during the forecast period. The agriculture industry is experiencing significant growth due to the increasing global population and the need for higher food production. To meet this demand, the Fertilizer Market is witnessing increased popularity. Advanced fertilizers, including Nitrogen-based fertilizers, phosphates, and potash, play a crucial role in promoting crop yield and maintaining soil nutrients. Developing economies and agricultural sectors are major consumers of these essential minerals. However, environmental concerns, such as nutrient runoff and greenhouse gas emissions, necessitate the adoption of sustainable agriculture practices and precision agriculture. Nutrient formulations and technologies, like water-soluble fertilizers and sensors, drones, and data analytics, are driving efficiency and waste minimization in the market.
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The inorganic segment was valued at USD 175.70 billion in 2018 and continued to grow until 2022. Industry participants are focusing on sales & marketing facilities, mergers & acquisitions, and new product developments to ensure profitability. Fertilizer Market Trends include eco-friendly farming practices, balanced fertilization, and the integration of technology for fertilizer application. Soil health and sustainable agriculture are key priorities in addressing food security concerns while minimizing environmental impact. The fertilizer business is rapidly growing in popularity due to the need to provide crops with essential minerals such as nitrogen, phosphate, potassium, and other minerals that promote soil fertility. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC region, particularly India and China, leads the global fertilizers market due to increasing per capita income and the growing demand for organic food. Nutrient imbalances in agricultural land call for the use of various fertilizer formulations, including dry fertilizers. The versatility of fertilizers extends to various agriculture applications, such as Horticultural crops, Turf and ornamentals, and Grains. However, environmental impact is a concern, leading to the adoption of precision agriculture technologies, GPS-guided equipment, and reduced chemical inputs through cover cropping. Nitrogen-based liquid fertilizers are in high demand due to the shift towards high protein-based diets, driving business share in the market. Nutrient use efficiency is crucial to mitigate environmental concerns and optimize crop yields. Thus, due to all such factors, the regional fertilizers market is expected to witness high growth during the forecast period.
The fertilizers market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
In the agriculture industry, the use of fertilizers plays a crucial role in enhancing crop productivity and ensuring healthy plant growth. The Fertilizers market is a significant sector, driven by the increasing global population and the need to increase agricultural output. The industry includes various types of fertilizers such as Nitrogenous fertilizers, Phosphatic fertilizers, Potassic fertilizers, and Organic fertilizers. These fertilizers contain essential nutrients like Nitrogen, Phosphorus, and Potassium that are vital for plant growth. The market landscape depends on the Straight, Conventional, Specialty, Form, Synthetic fertilizers, Natural fertilizers, Plant tissue, Crop performance, Phosphorus fertilizers, Plant roots. The use of advanced technology in fertilizer production, such as controlled-release fertilizers and precision farming, has led to improved crop yields and reduced environmental impact. The market is expected to grow due to factors like increasing agricultural productivity, government initiatives, and technological advancements. However, concerns regarding the environmental impact of fertilizer use and the high cost of fertilizers remain challenges for the industry. Overall, the market is a dynamic and essential sector in the agriculture industry, with continued growth and innovation expected in the future.
The market is diverse and crucial in global agriculture, encompassing nitrogen-based fertilizers, water-soluble fertilizers, and bio-based fertilizers. The shift towards eco-friendly farming practices is driving innovation, supported by advanced sensors for horticulture and gardening applications. Both smaller companies and established players offer complex and specialized fertilizers tailored for fertigation and foliar applications across field crops, turf, and ornamental plants. Various forms of fertilizers, including synthetic and natural variants, provide essential plant growth nutrients like phosphorus, crucial for chlorophyll production and plant photosynthesis. These nutrients promote robust root development, cell protoplasm health, and overall cell proliferation. Agricultural residues and organic waste contribute to soil fertility and water retention capacity, fostering microorganism reproduction and enhancing soil physical and chemical properties.
The fertilizer industry outlook reveals a positive trajectory with rising demand for fertilizer, driven by strong fertilizer demand forecast and emerging fertilizer industry trends. The specialty fertilizers market is gaining momentum as innovative products meet agricultural needs. Fertilizer market trends show increased adoption of sustainable practices, underscoring the industry's growth potential. The fertilizer industry plays a critical role in sustainable agricultural practices, mitigating toxic pollution from inorganic fertilizers while meeting global food demands. With increasing arable land challenges and a growing world population, organizations like the United Nations and the Food and Agriculture Organization emphasize the importance of balanced fertilization and slow-release formulations in crops like sugar beet, fruits, vegetables, and cereals. Specialty fertilizers continue to innovate, addressing specific crop needs and optimizing yield quality and quantity in the agricultural sector.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.21% |
Market growth 2024-2028 |
USD 24.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.1 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
China, US, India, Brazil, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bunge Ltd., CF Industries Holdings Inc., Coromandel International Ltd., EuroChem Group AG, GUBRETAS, Haifa Negev technologies Ltd., Israel Chemicals Ltd., Indian Farmers Fertiliser Cooperative Ltd., KS Aktiengesellschaft, Nufarm Ltd., Nutrien Ltd., OCI NV, OCP Group, PhosAgro Group of Companies, SQM S.A., Sumitomo Chemical Co. Ltd., Syngenta Crop Protection AG, Unikeyterra Kimya Tarim, Yara International ASA, and Zuari Agro Chemicals Ltd. |
Market dynamics |
Parent market analysis, market growth analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our fertilizers market size report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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