Agriculture Fertilizers Market Size To Hit USD 85.8 Bn By 20...| MENAFN.COM

Tuesday, 17 May 2022 08:34 GMT

Agriculture Fertilizers Market Size To Hit USD 85.8 Bn By 2030

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Tokyo, May 02, 2022 (GLOBE NEWSWIRE) -- The global agriculture fertilizers market size was estimated at USD 71.16 billion in 2021. Some sales insight revealing the strong growth of agriculture fertilizers during the past few years are listed below:

  • The global agriculture fertilizers market value is expected to reach US$ 85.8 billion by 2030
  • By form, the solid segment captured a market share of 63% in 2021
  • Liquid segment is expected to witness the fastest growth rate of 5.2% from 2021 to 2030
  • Based on nature, the inorganic segment accounted for 58.5% of the global market share in 2021
  • China accounts for one-third of the total global urea consumption
  • The global population is expected to reach over 9 billion by 2050
  • Asia Pacific is the largest market accounting for over 50% of the market share and is also projected to be the fastest-growing market during the forecast period.

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Approximately Over 50% of the Global Agriculture Fertilizers Market Captured by Asia Pacific

China, India, and Indonesia are the top three leading users of agriculture fertilizers across the globe as well as in Asia Pacific region. The Asia Pacific countries are the largest producers of rice, wheat, rapeseed, soybean, corn, and several other crops. The huge presence of farmers and high dependence of huge number of population on agriculture has significantly boosted the demand for the agriculture fertilizers in Asia Pacific. Furthermore, the favorable government policies to boost the agriculture sector have led to the increased demand for the fertilizers. Asia Pacific is the home to the largest global population and it is growing rapidly, thereby creating a pressure on the food supply. Hence, the demand for the fertilizers is expected to rise significantly during the forecast period for ensuring adequate availability of crops and ensure adequate food supply. Thailand, Singapore, Hong Kong, and Malaysia are some of the prominent consumers of agriculture fertilizers in the Asia Pacific region.

Report Scope Details
Market Size in 2021 USD 71.16 Billion
CAGR 2.1% from 2022 to 2030
Largest Market Asia Pacific
Fastest Growing Region North America
Companies Covered Yara International, Nutrien Ltd., The Mosaic Company, Haifa Group, Syngenta AG, ICL Group Ltd., EuroChem Group, OCP Group S.A., K+S Aktiengesellschaft, Uralkali

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What are the key trends in the Global Agriculture Fertilizers Market?

Growing demand for the organic food across the globe is expected to boost the adoption of the organic fertilizers in the forthcoming future. The increasing health consciousness and growing awareness regarding the bad effects of chemically processed foods on health has resulted in the increasing demand for the organic fertilizers. Moreover, the rising urbanization has shrunk the agricultural area on the Earth and now with the increasing demand for food, the adoption of effective agriculture fertilizers is gaining a rapid traction. The population on the globe is growing at a rapid pace and the demand for the food products is growing exponentially. Furthermore, the rising investments in research and development of efficient nitrogenous fertilizers and the growing popularity of digital farming is boosting the market growth across the globe. The major market players are adopting digital marketing strategies to strengthen their business. For example, Yara International introduced a tool for precision farming, named Yaralix that allows measuring the nitrogen requirement of the crop using smartphones. Therefore, the rising adoption of digital technologies in the farming is expected to boost the growth of the agriculture fertilizers market during the forecast period.

What are the key challenges in the Global Agriculture Fertilizers Market?

The use of nitrogenous fertilizers during heavy rainfall gets leached into the groundwater and washed into water ways that may cause economical as well as environmental damage. Furthermore, the growing awareness among the consumers regarding the bad effects on health of using chemical based fertilizers is boosting the demand for the organic farming. However, shifting to organic farming is a complex process and the strict government regulations pertaining to the organic farming is a major challenge for the farmers. The farmers need to pay high fees for registration and have to invest few years to completely shift towards organic farming. Furthermore, the use of organic fertilizers cannot produce as much as the inorganic fertilizers do and further, organic fertilizers are costly, which increases the cost of the crops. Therefore, production in huge volumes using organic fertilizers is a difficult and costly process and it is another major challenge for the market players. Further, the majority of the farmers especially in the developing and underdeveloped economies have low literacy rates and weak financial condition, which restricts them from adopting various digital and expensive technologies pertaining to the use of fertilizers. Thus, the production of crops is hampered. These are some of the prominent challenges in the global agriculture fertilizers market.

Top Agriculture Fertilizers Manufacturers in 2020

The Mosiac Company, Yara International, OCP Group, Uralkali, ICL Group, Haifa Group, Nutrien Ltd., EuroChem Group, K+S Aktiengesellschaft, and Syngenta Ag are some of the prominent players operating in the global agriculture fertilizers market.

Market Segmentation

B y Form

  • Solid
  • Liquid

By Nature

  • Inorganic
  • Organic

By Product

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

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Tags Agriculture Fertilizers Market Agriculture Fertilizers Market Size Market Share Precedence Research Market Growth Related Links

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