Fertilizers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Fertilizers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast Fertilizers market size was is estimated to register a substantial CAGR during the forecast period, 2021– 2028. The growth of the market is attributed to technological innovations in the industry, coupled with the growing demand for N, P, and K and micronutrient fertilizers.

Fertilizers refer to chemical substances which are applied on crops to increase their productivity and crop yield. It is the most successful means of improving the quality of food and fodder and increasing crop production. Essential nutrients required by the plants such as potassium, nitrogen and phosphorus for crop production are provided by fertilizers leading to rising demand for fertilizers, which is estimated to drive the market growth during the forecast period The Covid-19 pandemic had an unpleasant impact on the fertilizers market ddue to the shortage of labor and the shutdown of a few fertilizer plants located in the integrated chemical complexes, shipments were affected and so the supply in the market; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Market Trends, Drivers, Restraints, and Opportunities 

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Rising demand for fertilizers for soil nutrient management, sustainable agriculture development and for increase productivity and crop yield is estimated to drive the market growth in coming years.

Rising influence of the private sector, improved regional trade cooperation and improved transport and infrastructure arrangements are creating immense opportunities for the fertilizer market.

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The regulations imposed by government bodies to improve agricultural productivity, reduce undernourishment of soil are expected to boost the market growth. Furthermore, government is partnering with private companies to drive fertilizer production in the region.

Insufficient crop production owing to limited use of fertilizers and lack of access to modern mechanization are projected to restrict the market expansion.

Consumption of contaminated crops or groundwater with a high concentration of nitrate has negative effects on human health and is anticipated to hinder the demand for inorganic fertilizers Regulatory and environmental constraints and high production costs are likely to impede the market growth.

R&D investment and technological advancement in fertilizers market are expected to offer lucrative opportunities for the market players.

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Market Segment Insights The complex fertilizers segment is projected to constitute a large market share Based on category, the fertilizers market is segregated into straight and complex fertilizers, the straight fertilizer is further sub-divided into nitrogenous, phosphatic, potash, secondary and micronutrient fertilizers. The complex fertilizer segment is expected to account for a key share of the market during the forecast period owing to its speedy response and its versatile applications over its competitors.

These nutrient-rich salts provide vital nutrients to the plant in the form of potassium, nitrogen and phosphorus; it further improves quality of crops along with rise in production.

Grains and cereals segment is expected to register a substantial CAGR Based on crop type, the fertilizers market is divided into grains and cereals, pulses and oilseeds, commercial crops, fruits and vegetables, and other crop types. The Grains and cereals segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to it being the foremost source of proteins and calories. According to the Food and Agriculture Organization (FAO), the production of cereals in 2018 was 38 million tons which contains wheat of 21.3 million tons, grains of 13.9 million tons and rise with 4.1 million tons.

Asia Pacific is expected to dominate the market In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to expand at a robust CAGR during the forecast period. The rapid demand for nitrogenous fertilizers is anticipated to boost the market growth over the coming years. Asia-Pacific is the largest fertilizers market and accounts for around 60.0% of the overall market. Southeast Asia is the major fertilizer consumer in Asia-Pacific, with China dominating approximately half of the consumption.

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Competitive Landscape

Key players competing in the fertilizers market include The Mosaic Company, Yara International, Nutrien Limited, K+S Group and Groupe OCP Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instances, 

In August 2020, Yara East Africa produced a micronutrient fertilizer, Yara Microp, to improve maize yields in Western Kenya. Yara Microp is a blended product with ammoniacal nitrogen, nitrogen, sulfur, phosphorus, and zinc, enabling maize crops to grow faster and produce higher yields.

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In January 2020, Nutrien Ltd acquired Agrosema Commerical Agricola Ltd to expand its roots in the growing Brazilian agriculture market.

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In 2017, The Mosaic Company, launched the first DAP fertilizer in Saudi Arabia. It provided a new source of phosphate rock, which helped it to improve access to growing agricultural markets, significantly in India.

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