Global Fertilizer Market: by Type (Complex, Straight), by Type (Organic and Inorganic), by Form (Liquid and Dry) and byGeography (Europe, Asia-Pacific, North America, Middle East & Africa, &South America)—Global Forecast till 2032

Description

Market Overview: The fertilizer market touched a valuation of $181.6 billion during 2021 and is projected to achieve $246.5 billion by 2030, with a compound annual growth rate (CAGR) of 3.55% from 2022 to 2030. The foremost drivers of fertilizer requirements include global nutrient demands, economic uncertainties, fluctuating crop prices, growing market competition, and volatile energy costs. In addition, the rising global population and restricted arable land have intensified the requirement for higher food productivity, thereby propelling fertilizer utilization.

Market Size for Global Fertilizer Market on the Basis of Revenues in USD Bn, 2018-2023

Source: Maven Market Research

Factors are Leading to the Growth of the Global Fertilizer Market:

• The fertilizer market is crucial to the agriculture industry, playing an important role in fostering crop yields and confirming food security. With a rising global population and risingrequirements for food production, the market has observed significant expansion.
• Nitrogen-based fertilizers, phosphates, and potash are important products fostering growth in the market, personalized to different crops and soil conditions. The expansion is notably aided by emerging economies with growing agricultural sectors.
• The market is seeing innovations in nutrient formulations and technologies. As agriculture develops, the market proves to be a dynamic sector, constantly adapting to address the increasing demands of a speedily evolving world.

Which Industry Trends have been Fueling the Growth?

Growing Requirements for Food and Rapid Population: The fertilizer market has been intensely propelled by the rapid growth of the global population. As the world’s population expands, so does the requirement for food. To address this growing demand, farmers are aimingto grow agricultural productivity and crop yields. Fertilizers play an important role in this endeavor by supplying important nutrients to the soil, surging robust plant growth, and rising harvests. With restricted arable land accessible to address the burgeoning global population’s food requirement, the agricultural sector faces the challenge of improving food production. Consequently, there is an increasingrequirement for fertilizers to foster crop productivity and uphold food security.

Growing Usage of Organic Fertilizers and Increasing R&D Activities: The agriculture industry is considerablymoving away from chemical fertilizers and implementing organic and biofertilizers on an international scale. These substitutes, often referred to as “soil conditioners,” are resultant of plant or animal waste. They are valued for their ability to enhance soil health by improving water retention and nutrient accessibility over extended periods. Organic fertilizers are also favored for their reduced environmental impact, quick decomposition, reusability, protection, and ability to withstand temperatures up to 45 degrees Celsius or higher, enabling longer storage periods.Leading fertilizer suppliers are raising their research and development expenditures due to stringent regulations and the complexities linked with their products. Sales of fertilizer products are particularly propelled by climatic conditions and crop changeability. Moreover, these suppliers are actively integrating advanced technologies into their production facilities to foster capacity and advance production costs.

What is the Current Structure for Global Fertilizers Market?

By Type, the Inorganic Segment Dominated the Largest Market Growth

The fertilizer market is classified into organic and inorganic types. As of 2023, the inorganic segment dominated a dominant position, apprehending a market share of 72% with revenues totaling $131.1 billion. Inorganic fertilizers are projected to endure leading in revenue generation. These fertilizers offer speedy nutrient infusion to plants, confirming they receive precise and synthetic doses. One of their foremostbenefits is their quick-acting nature, enabled by nutrient-rich salts that liquify swiftly and are speedily absorbed by plants. Inorganic fertilizers also feature defined nutrient ratios, including nitrogen, potassium, and phosphorus, tailored to meet precise plant species’ demands. They are accessible in different user-friendly forms, comprising dry granules, liquid concentrates, and water-soluble powders, making them straightforward to apply in agricultural practices.

By Form, Dry Segment Registered the Largest Market Growth

The fertilizer market is classified by form into dry and liquid categories. As of 2023, the dry segment dominated the largest market share, grasping 79% of the market with revenues touching $143.9 billion. Dry fertilizers endure to lead in revenue generation within the market. These fertilizers are broadly used owing to their slow-release formulations, demanding plants to break them down before absorption. They are also cost-effective and informal to store since they do not settle out over time or in cold situations. Dry fertilizers are essential nutrients that have been dried, often denoted as granular fertilizers, with different sizes and consistencies depending on the brand and product type. They have a lengthier shelf life compared to liquid fertilizers, offered they are kept away from moisture and direct sunlight.

By Region, Asia Pacific Held the Largest CAGR in the Global Market

Asia-Pacific emerged as the dominant region in the global fertilizer market in 2023and is predicted to maintain this position in the forecast period. The region’s strong agricultural applications and growing demand for high-quality agricultural products are the foremost drivers driving growth in the nitrogenous fertilizers segment. Asia-Pacific is well-known for its cultivation of key crops including rice, sugar beet, fruits, vegetables, cereals, and grains, with the region consuming nearly 90% of the world’s rice production. Countries including Korea, China, Japan, and more recently Vietnam are intensively applying nitrogenous fertilizers per hectare for both short-term and perennial crops, contributing to a significant requirement for specialty fertilizers across the region.

Competitive Analysis

The global fertilizer market features a competitive landscape marked by aggressive competition and a broadvariety of players determined for market dominance. It is an important industry within agriculture, attracting different companies varying from large conglomerates to specialized firms, all functioning in this dynamic sector. Competition among these players centersacross factors including product diversity, quality, pricing strategies, distribution channels, and innovative offerings. Market leaders prioritize starting themselves as industry authorities and consultants in fertilizer market research, focusingon distinguishing themselves in a crowded market environment. Some of the major player included are CF Industries, Israel Chemicals Ltd, Nutrien Limited, The Mosaic Company and Yara International

Market Segmentation

Global Fertilizers Market, by Product Type

• Inorganic
• Organic

Global Fertilizers Market, by Form

• Liquid
• Dry

Global Fertilizers Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East & Africa

Market Players Included

• 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
• Yara International