The global fertilizer market size was valued at US$ 201.1 billion in 2021 and is expected to hit US$ 271.6 billion by 2030 with a registered compound annual growth rate (CAGR) of 3.4% over the for2022 to 2030.
The growing population is emphasizing the expansion of agriculture sector. As per the United Nations, the worldwide population will surpass nine billion people by 2050. In addition, as per the Food and Agriculture Organization, more than 70% of the global population will live in cities by 2050. The farmers are being forced to use fertilizers to enhance their agricultural output due to loss of arable land across the globe. As a result, the growing population is expanding the global fertilizer market over the forecast period.
As the need for smart agriculture grows, different governments in emerging and established nations have taken steps to encourage farmers to convert their land to organic. For example, the European government has set aside 30% of its CAP policy’s rural development budget to assist organic farming. The governmental activities that is likely to benefit the sales of organic fertilizers in the coming years to come include market findings, capacity growth, targeted subsidies, and research assistance for organic farming. Thus, the surge in demand for organic fertilizers is contributing towards the growth of global fertilizer market.
Report Scope of the Fertilizer Market
|Market Size by 2030||USD 271.6 Billion
|Growth Rate from 2022 to 2030||
CAGR of 3.4%
|Asia Pacific Market Share in 2021||46%|
|Organic Segment Market Share in 2021||92.7%|
|Forecast Period||2022 to 2030|
|Segments Covered||Form, Application, Product, Geography|
|Companies Mentioned||Haifa Group, Nutrien Ltd., Yara International ASA, CF Industries Holdings Inc., Syngenta AG, Bunge Limited, Israel Chemicals Ltd., Indian Farmers Fertilizer Cooperative Limited, Sumitomo Chemical Co. Ltd, Gemlik Fertilizer Inc.|
The dry fertilizer segment accounted largest market share in 2021. The most significant benefit of a dry fertilizer is that it slowly absorbs in the soil. As it lasts longer than any other fertilizer, it is commonly utilized in big fields. Furthermore, employing a dry fertilizer rather than a liquid fertilizer, which can progressively burn plants, has a considerably lower danger of injuring plants and crops.
The liquid fertilizer segment is fastest growing segment of the fertilizer market in 2021. The surge in demand for high efficiency fertilizers, the convenience of use and administration of liquid fertilizers, and the acceptance of precision agriculture and irrigated agriculture are some of the drivers expected to propel the growth of the segment.
The organic segment garnered largest revenue share in 2021. The organic fertilizers are mineral sources that are found in nature and include a moderate amount of plant needed nutrients. They are capable of resolving issues caused by synthetic fertilizers. They lessen the need for synthetic fertilizer applications to maintain soil fertility. They slowly release nutrients into the soil solution while maintaining nutritional balance for plant and crop growth.
The inorganic segment is fastest growing segment of the fertilizer market in 2021. The minerals and synthetic chemicals are used to make inorganic fertilizer. The petroleum is a popular source of inorganic nitrogen. Inorganic fertilizers are high in macronutrients such as potassium chloride, ammonium sulphate, and magnesium sulphate. Because the phosphorus, potassium, and nitrogen mix can provide quick treatment, some gardeners find inorganic fertilizer useful for rescuing starved plants.
The agriculture segment held highest revenue share in 2021. The three essential plant nutrients, potassium, nitrogen, and phosphorus are found in most fertilizers used in agriculture. The certain micronutrients such as zinc are also present in some fertilizers and are required for plant growth. Natural fertilizers are materials that are put to the ground with the goal of improving soil properties.
The horticulture segment is fastest growing segment of the fertilizer market in 2020. The fertilizers used for horticulture are very essential for the growth of plants. They provide large number of nutrients to the crops and results into rapid growth of plants. As a result, the growing importance of using fertilizers is driving the growth of the segment during the forecast period.
Asia-Pacific dominated the fertilizer market in 2021. The Asia-Pacific region is considered as largest region in terms of rice production. The rice requires nitrogen while cultivation process. The rice production represented for 36% of total fertilizer consumption in Asia in 2017. In 2020, India has projected to export rice worth around US$ 4 billion. Oil palm fertilizer accounted 17% of overall fertilizer consumption and 50% of potash usage.
Middle East & Africa Fertilizer market is expected to grow at a CAGR of 3.5% from 2022 to 2030. Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK dominates the fertilizer market in Europe region. The growth of fertilizer market in Europe region is being driven by the surge in demand for organic products. In addition, rising disposable income are also driving the growth of Europe fertilizer market. Moreover, the technological advancements is creating demand for fertilizer in Europe region.
Some of the prominent players
Segments Covered in the Report
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