Agriculture Fertilizers Market (By Form: Solid, Liquid, By Nature, Inorganic, Organic; By Product: Nitrogenous, Phosphatic, Potash, Secondary Micronutrient, Micronutrient, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 -2032


The global agriculture fertilizers market size was valued at USD 214.66 billion in 2023 and it is expected to surpass around USD 297.67 billion by 2032 with a registered CAGR of 3.7% from 2023 to 2032.

Agriculture Fertilizers Market Size, Share 2023 to 2032

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Key Takeaways

  • Asia Pacific contributed more than 50% of revenue share in 2022.
  • By Form, the solid form segment has held the largest market share of 63% in 2022.
  • By Form, the liquid form segment is anticipated to grow at a remarkable CAGR of 5.3% between 2023 and 2032.
  • By Nature, the inorganic segment generated over 58.5% of revenue share in 2022.
  • By Product, the nitrogenous fertilizers segment captured the biggest revenue share in 2022.

Agriculture Fertilizers Market in the Asia Pacific 2023 To 2032

The Asia Pacific agriculture fertilizers market size was valued at USD 107.43 billion in 2023 and is expected to reach USD 150.28 billion by 2032, growing at a CAGR of 3.80% from 2023 to 2032.

Asia Pacific Agriculture Fertilizers Market Size 2023 to 2032

Asia Pacific captured a market share of more than 50% and led the global agriculture fertilizers market in 2022. The various nations such as China, India, Vietnam, Thailand, and Indonesia are the prominent consumers of agriculture fertilizers owing to their huge crop yields. These nations are among the top exporters of rice, edible oils, and various other crops across the globe. China is the largest consumer of urea and it accounts for around one-third of the global urea consumption. Urea is mainly utilized in the production of cereals, oilseeds, corn, and soybean.

India is the second largest consumer of urea followed by Indonesia. The cheap costs and favorable government policies regarding the subsidies to the farmers have resulted in the increased utilization of urea for increasing crops production in Asia Pacific. Asia Pacific is expected to remain the fastest-growing market during the forecast period.

Agriculture Fertilizers Market Share, By Region, 2022 (%)

Growth Factors

The rapidly growing global population and shifting dietary preferences are boosting the growth of the agriculture fertilizers market across the globe. Fertilizers are the rich sources of various nutrients that are needed for the agricultural crops and vegetables to grow. Fertilizers are an essential ingredient or materials that facilitate higher production of crops and improving soil nutrients availability. The increasing awareness among the farmers regarding the benefits of using agriculture fertilizers has significantly boosted its adoption among the global farmers population. According to the United Nations, the global population is projected to reach over 9 billion by 2050. This will create a tremendous pressure on the food supply and thus the demand for the agriculture fertilizers is expected to gain a tremendous momentum during the forecast period. Furthermore, the agriculture industry is facing low productivity owing to various factors such as rapid urbanization, shrinking of agricultural land, and shortage of labor. The rising focus of the population towards participation in manufacturing and services industry is resulting in shortages of agricultural labor.

According to the United Nations Food and Agriculture Organization, approximately 70% of the global population is expected to reside in urban areas in the forthcoming years. Therefore, rising urbanization, rising population, and shrinking of agricultural lands is expected to drive the demand for the agriculture fertilizers to increase agricultural production. Moreover, the rising demand for the organic fertilizers among the farmers owing to the growing demand for the organic fruits, vegetables, and grains among the global population is expected to spur the growth of the global agriculture fertilizers market during the forecast period.

Surging government initiatives and subsidies provided to the farmers to support the farmers and ensure adequate availability of raw materials to the farmers in order to meet the demand for food or agricultural crops is expected to support the growth of the market. In April 2020, according to a national news platform, The Economic Times, Indian government is closely monitoring the distribution and supply of the fertilizers to ensure the adequate supply of fertilizers to the farmers in order to support the fertilizers industry growth in the country.

Report Scope of the Agriculture Fertilizers Market

Report Coverage Details
Market Size in 2023 USD 214.66 Billion
Market Size by 2032 USD 297.67 Billion
Growth Rate from 2023 to 2032

CAGR of 3.7%

Asia Pacific Market Share in 2022 50%
Solid Form Segment Market Share in 2022 63%
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Form, Nature, Product, Geography
Companies Mentioned Yara International, Nutrien Ltd., The Mosaic Company, Haifa Group, Syngenta AG, ICL Group Ltd., EuroChem Group, OCP Group S.A., K+S Aktiengesellschaft, Uralkali

 

Form Insights

Depending on the form, the global agriculture fertilizers market was dominated by the solid form segment that accounted for a market share of 63% in 2022. There is a high demand for the dry or solid fertilizers that are available in granules form. The solid agriculture fertilizers are suitable for the slow release formula be4cause it is slowly absorbed by the crops and plants. The slow absorption helps in breaking down the nutrients in the fertilizers. Moreover, the solid form of fertilizers is cheaper and facilitates easy storage and it remains intact in different weather conditions, which is a major advantage of the solid form of agriculture fertilizers.

The liquid form segment is expected to register the highest CAGR of 5.3% from 2023 to 2032. It is available in the form of liquid or in liquid concentrate form that can be mixed with water to make fertilizers. It is highly water soluble and are very much efficient. In the past few years, the demand for the liquid fertilizers has increased rapidly as it can be quickly absorbed by the plants and crops that fuels the growth of the crops and plants in the agricultural fields. Further, the low salt content of the liquid fertilizers does not allow the roots to steer away. The higher solubility of the liquid fertilizers, ease of blending, and ease of handling are the prominent factors associated with the liquid fertilizers that are boosting the demand for the liquid fertilizers across the globe.

Nature Insights

Based on the nature, the inorganic segment accounted for around 58.5% of the global agriculture fertilizers market in 2022. The inorganic are the chemical based traditional fertilizers that are highly used in the agricultural sector across the globe. The nutrient rich salts in inorganic fertilizers like potassium, phosphorous, and nitrogen get quickly dissolved in plants and helps in rapid growth of the crops. The inorganic fertilizers are regulated under strict norms that prescribes the content of nitrogen, potash, and phosphorous to be used in fertilizers to meet the soil and plant requirements efficiently. The easy availability of inorganic fertilizers in various forms such as liquid, solid, water-soluble powder, and liquid concentrates has significant contributions towards the growth of the market.

Agriculture Fertilizers Market Share, By Nature, 2022 (%)

The organic segment is anticipated to be the most opportunistic segment during the forecast period. The rapidly burgeoning demand for the organic food products among the population, especially in the developed regions is expected to boost organic farming in the forthcoming years and hence, the demand for the organic fertilizers is expected to grow at a rapid rate in the upcoming future. The rising health consciousness and rising awareness regarding the ill-impacts of chemically processed food items has resulted in the growing demand for organic food items, thereby boosting the growth of the organic fertilizers across the globe.

Product Insights

Based on the product, the nitrogenous fertilizers was the dominating segment in the global agriculture fertilizers market in 2022. The demand for the nitrogenous fertilizers is high among the farmers owing to its easy availability, cheap cost, and higher efficiency in growing crops. Urea-ammonium nitrate is one of the prominent crop growth enhancers and it is gaining a rapid traction among the liquid fertilizer manufacturers owing to its higher compatibility with herbicides, pesticides, and growth regulators. This segment is expected to remain dominant throughout the forecast period.

Key Market Developments

  • In September 2021, Yara acquired Finish Colan to strengthen its organic fertilizer portfolio in the market.
  • In January 2020, Nutrien Ltd. completed the acquisition of AgrosemaCommerical Agricola Ltd. to strengthen its position in Brazil.

Some of the prominent players in the global agriculture fertilizers market include:

  • Yara International
  • Nutrien Ltd.
  • The Mosaic Company
  • Haifa Group
  • Syngenta AG
  • ICL Group Ltd.
  • EuroChem Group
  • OCP Group S.A.
  • K+S Aktiengesellschaft
  • Uralkali

Segments Covered in the Report

(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)

By Form

  • Solid
  • Liquid

By Nature

  • Inorganic
  • Organic

By Product

  • Nitrogenous
  • Phosphatic
  • Potash
  • Secondary Micronutrient
  • Micronutrient
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of agriculture fertilizers market?
The global agriculture fertilizers market size was reached at USD 214.66 billion in 2023 and is anticipated to rake around USD 297.67 billion by 2032.
What will be the CAGR of global agriculture fertilizers market?
The global agriculture fertilizers market is expected to grow at a CAGR of 3.7% from 2023 to 2032.
Who are the major players operating in the agriculture fertilizers market?
The major players operating in the agriculture fertilizers market are Yara International, Nutrien Ltd., The Mosaic Company, Haifa Group, Syngenta AG, ICL Group Ltd., EuroChem Group, OCP Group S.A., K+S Aktiengesellschaft, and Uralkali.
Which are the driving factors of the agriculture fertilizers market?
The rapidly growing global population and shifting dietary preferences are boosting the growth of the agriculture fertilizers market across the globe. Fertilizers are the rich sources of various nutrients that are needed for the agricultural crops and vegetables to grow.
Which region will lead the global agriculture fertilizers market?
Asia Pacific captured a market share of more than 50% in 2022 and will led the global agriculture fertilizers market forecast period 2023 to 2032.

PROCEED TO BUY :

   USD 4900
   USD 3800
   USD 2100
   USD 2100
   USD 7500

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client

Get a Sample