Fertilizers Market Overview
The fertilizers market is projected to register a CAGR of 3.8% during the forecast period, (2022-2027). The rise in demand for organic products is booming, not only due to the increase in conscientious consumers but also due to rising incomes, along with improved farming practices that make organic yields more robust. As a result, the increasing demand for organic food worldwide has increased the area under organic farming. For instance, as per the FiBL statistics, the area under global organic farming increased from 69.4 million hectares in 2017 to 74.9 million hectares in 2020.
The factor such as the increase in organic farming practices resulted in improved soil fertility, along with the extensive usage of organic products, like biofertilizers. This has further triggered the demand for biofertilizer products, as they are organic and help in maintaining the ecological balance. Government bodies across the world are taking initiatives to promote the use of biofertilizers.
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Fertilizers Market – Geographical Overview
The Asia-Pacific region accounts for around 47.7% of the overall fertilizers market in 2021
China is the largest consumer of fertilizers in the Asia-Pacific region, and it accounted for around 42.5% share in the Asia-Pacific fertilizer market in 2021. China feeds 22% of the world’s population with merely 12.68% of the arable land. China implemented the Action Plan for the Zero Increase of Fertilizer Use in 2015, which led to a decrease in the growth rate of fertilizer use in the country in the following years. However, many foliage fertilizers have been introduced in China in recent years.
According to the US Department of Agriculture, the country has expanded the farmlands to plant 94 million acres of corn and 85 million acres of soybeans, resulting in greater consumption of nitrogenous fertilizers in 2021 and supporting the domestic crop production in the country. Thus, with the increasing demand for nitrogen fertilizers, the United States has increased its export potential, and it is anticipated to become a globally important exporter of nitrogen products in the coming years.
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Recent Developments in the Fertilizers Market
- According to the International Fertilizer Association (IFA), the global demand for urea is expected to increase by 1.6% per annum, to reach 188 million metric tons by 2022, while the supply (effective capacity) may reach 197 million metric tons. The United States, which is one of the world’s largest importers of nitrogen fertilizers, has developed into one of the most promising nitrogen investment destinations.
- In September 2021, Yara acquires Finnish Ecolan to expand its organic fertilizer business which shows the company’s commitment to playing a bigger role in the organic fertilizer business.
- In September 2021, CF Industries Holdings Inc. announced that it is immediately restarting the ammonia plant at its complex in Billingham, UK. It is an interim agreement to cover the costs of restarting the ammonia plant for the UK market.
Related Research and Links
- Controlled Release Fertilizer Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
- Global Biofertilizers Market | Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
List of Key Players in the Fertilizers Market
- Yara International
- The Mosaic Company
- UralChem JC
- Nutrien Limited
- CF Industries
- Bunge Limited
- Syngenta AG
- ICL Fertilizers
- Sumitomo Chemicals Co Ltd.
- Indian Farmer Fertilizer Cooperative Limited
- Haifa Group
- Sociedad Química y Minera (SQM)
*List Not Exhaustive
Mordor Intelligence has segmented the Fertilizers Market based on type, crop type, and geography:
- Type (Market Size & Forecast based on Value (USD), 2017-2027)
- Straight Fertilizers
- Nitrogenous
- Phosphatic
- Potash
- Secondary Macronutrient
- Micronutrient
- Complex Fertilizers
- Crop Type (Market Size & Forecast based on Value (USD), 2017-2027)
- Grains and Cereals,
- Pulses and Oilseeds
- Commercial Crops
- Fruits and Vegetables
- Other Crop Types
- Geography (Market Size & Forecast based on Value (USD), 2017-2027)
- North America
- United States
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Africa
- South Africa
- Rest of Africa
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