IMARC Group, a leading market research company, has recently releases report titled “Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global fertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the fertilizer market?
The global fertilizer market size reached US$ 170.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.
What is fertilizer?
Fertilizer represents an additional mixture applied to the soil or plant tissue to provide essential nutrients for growing farm-based crops. They can be broadly classified into organic and inorganic variants. Organic fertilizers are mainly manufactured with carbon-based agricultural waste, livestock manure, industrial waste, municipal sludge, etc., whereas inorganic variants are produced using different chemicals and secondary nutrient sources. Fertilizers are typically utilized to supply specific nutrients that are deficient in the soil, such as potassium, nitrogen, phosphorus, etc. It also aids in maintaining the fertility of the soil and improving its water retention capacity.
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What are the growth prospects and trends in the fertilizer industry?
The expanding agriculture sector, coupled with the escalating adoption of organic and farm-fresh food products, is primarily driving the demand for fertilizers. Moreover, the growing consumption of plant-based food sources is further augmenting the need for fertilizers to enhance soil fertility and improving crop growth. Additionally, the emergence of bio-fertilizers due to the rising concerns towards the negative impact of chemical-based fertilizers on soil quality is also positively influencing the global market. Furthermore, the implementation of favorable government policies promoting the use of nano-fertilizers and the development of advanced farming techniques will continue to stimulate the growth of the global fertilizer market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Straight Fertilizers
- Nitrogenous Fertilizers
- Calcium Ammonium Nitrate
- Ammonium Nitrate
- Ammonium Sulfate
- Anhydrous Ammonia
- Phosphatic Fertilizers
- Mono-Ammonium Phosphate (MAP)
- Di-Ammonium Phosphate (DAP)
- Single Super Phosphate (SSP)
- Triple Super Phosphate (TSP)
- Potash Fertilizers
- Muriate of Potash (MoP)
- Sulfate of Potash (SoP)
- Secondary Macronutrient Fertilizers
- Calcium Fertilizers
- Magnesium Fertilizers
- Sulfur Fertilizers
- Micronutrient Fertilizers
- Complex Fertilizers
- Nitrogenous Fertilizers
Breakup by Product Form:
Breakup by Crop Type:
- Grains and Cereals
- Pulses and Oilseeds
- Fruits and Vegetables
- Flowers and Ornamentals
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
- Yara International.
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