Fertilizer Market (Type - Organic Fertilizers, Inorganic Fertilizers, and Bio-fertilizers; Form - Granules, Liquid, Gaseous, and Others; Application - Agriculture, Gardens, Sports Fields, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the fertilizer market provides in-depth analysis of segments and sub-segments in the global as well as regional fertilizer market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional fertilizer market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global fertilizer market. According to the report, the global fertilizer market is projected to grow at a CAGR of over 3% over the forecast period of 2022-2028.

Market Insight

The revenue generated by the market was nearly USD 200 billion in 2022 and is expected to reach about 250 billion in 2028 and is expected to grow with a CAGR of over 3% over the forecast period 2022-2028. The growing population is followed by changing dietary habits in developed as well as developing nations to contribute to the growth of the fertilizer industry over the coming years. Natural and synthetic fertilizers are used to plant tissues or soil to provide one or more nutrients to plants that are required for their growth. The increasing need for enhanced soil nutrients coupled with increased crop yield is expected to further increase the demand for fertilizers over the forecast period. Growing penetration of organic fertilizers is expected to encourage farmers to use fertilizers more efficiently and safely. Further, the global population of 7.4 billion in 2016 is projected to increase to 9.7 billion by 2050, with almost all increases occurring in developing countries. Thus, it is recommended that global food production be increased by 60.0% to 70.0% between 2005 and 2050. As a result of population expansion and a steady land degradation rate, the per capita land is expected to decrease in the future.

Owing to the spread of the covid-19 pandemic around the world, there's been an augmented demand for healthy and essential products. People were compelled to stay in their homes, as there were several restrictions imposed by the governments of different countries across the world. Since the COVID-19 outbreak, the fertilizer industry has been significantly affected in many parts of the world by the outset of the pandemic. Due to the shortage of labor and the shutdown of a few fertilizer plants located in the integrated chemical complexes, shipments were affected in the initial lockdown process. China, being the epicenter of the pandemic, was greatly impacted in the beginning. However, the conditions in the country have stabilized, and production rates have increased for all fertilizers. Hence, the overall effect of COVID-19 on the fertilizer industry is moderate.

Around the world, many government and non-government organizations are raising awareness about fertilizer use and its favorable impact on agricultural output. The fertilizer market is predicted to benefit from the promotion of fertilizers through radio, television, and rural centers. Furthermore, rising rural incomes, as well as the ease and quick availability of credit, are expected to boost revenue generation. In comparison to inorganic fertilizers, organic fertilizers are usually safer to use and are not as concentrated. Organic fertilizers are non-toxic and safe for the environment. They're thought to be the best fertilizers for a variety of plants and crops. Their regular application does not jeopardize the soil's biological balance and helps to improve soil fertility. The increasing need for enhanced soil nutrients coupled with increased crop yield is expected to further increase the demand for fertilizers over the forecast period. Vulnerable raw material supply chains may hamper the growth of the market. Growing penetration of organic fertilizers is expected to encourage farmers to use fertilizers more efficiently and safely.

Asia-Pacific (APAC) dominated the fertilizer market consisting of market share followed by North America and Europe. In Asia, rice is a large nitrogen-consuming crop. Due to growing concerns about the current pattern of use of fertilizers, heavy dependence on nitrogen fertilizers, poor nutritional management, lack of additional inputs, declining soil fertility, and weak marketing and distribution systems, all these have emerged as major constraints to improving fertilizer efficiency in the region. These concerns have given way to biofertilizers and micronutrient fertilizers to grow and fuel the fertilizer market in the region. World markets are still suffering from the consequences of the Covid-19 pandemic that is sweeping the globe. The fertilizer sector has been affected from the outset, mainly in China, which is the largest producer and user of phosphates, sulfur, and sulphuric acid, while Brazil and India will continue to do so.

Segment Covered

The report on global fertilizer market covers segments such as type, form, and application. On the basis of type, the sub-markets include organic fertilizers, inorganic fertilizers, and bio-fertilizers. On the basis of form, the sub-markets include granules, liquid, gaseous, and others. On the basis of application, the sub-markets include agriculture, gardens, sports fields, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Yara International, The Mosaic Company, UralChem JC, Nutrien Limited, CF Industries, Bunge Limited, Syngenta AG, ICL Fertilizers, Sumitomo Chemicals Co Ltd., and Indian Farmer Fertilizer Cooperative Limited.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the fertilizer market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.