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Kenneth Research recently added a report on Global Enhanced Efficiency Fertilizer (EEF) Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that, Europe is the second largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years. In the year 2018, out of the top 10 chemical producing countries in the world, two countries belonged to Europe that generated a sales revenue of 19.1% of the total sales revenue globally. Moreover, the sales of chemicals in Europe grew from 2017 by 2.8% in 2018.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Enhanced Efficiency Fertilizer (EEF) Market products.
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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.
Global Enhanced Efficiency Fertilizer (EEF) Market Analysis – 2019-2028
The Enhanced Efficiency Fertilizer (EEF) Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled“Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry's production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.
Fertilizers are referred to those agrochemicals that aid in the improvement of overall plant growth and yield. They compose of a wide array of macro and micro-nutrients, which significantly improves the quality and quantity of the crops. The global enhanced efficiency fertilizer (EEF) market is anticipated to gain a CAGR of 6.11% throughout the forecast period 2020-2028. Factors such as the increasing research and development activities in the agrochemical industry, launch of new and advanced cost-effective fertilizer products and the growing demand to produce food in sufficient quantity, which is raising the applications of fertilizers in the agricultural field are anticipated to promote towards the growth of the global enhanced efficiency fertilizer (EEF) market. Additionally, factors such as increasing agricultural investments, increasing subsidies to the farmers and favorable government initiatives are anticipated to drive the growth of the global enhanced efficiency fertilizer (EEF) market.
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The global enhanced efficiency fertilizer (EEF) market consists of various segments that are segmented by solubility, coating, product, form, application and by region. The market is further segmented by form into granular, powder and liquid. The granular segment in the Latin America enhanced efficiency fertilizer (EEF) market registered the largest market share of around 50% in the year 2019. The segment is further anticipated to grow at a CAGR of around 5% in the market of Latin America. Granular enhanced efficiency fertilizers are dry fertilizer blends which are sprinkled around the plants. The fertilizer molecules break down into the soil while simultaneously releasing the required nutrients.
Based on region, the global enhanced efficiency fertilizer (EEF) market segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Turkey & Middle East and Africa. The market in North America is registered a market share of around 25% in the year 2019 and reached a market size of around USD 590 million in the year 2019. The market in the region is further anticipated to grow by a CAGR of around 6% during the forecast period.
Some of the affluent industry leaders in the global enhanced efficiency fertilizer (EEF) market are Koch Agronomic Services, LLC, Haifa Group, Ekompany International B.V., Israel Chemicals Ltd. (ICL), Saviolife S.r.l., Yara International ASA, Nutrien Ltd., Helena Agri-Enterprises LLC, AgroLiquid and DeltaChem GmbH.
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About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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