The growth of the fertilizer market is driven by population growth and increasing awareness regarding food security in developing economies.
SELBYVILLE, Del., March 3, 2020 /PRNewswire/ -- As per the report published by Global Market Insights, Inc., the overall fertilizer market size was valued at $200 billion in 2019 and is projected to surpass $230 billion by 2026, registering a CAGR of 2.3% from 2020 to 2026. The report provides a complete analysis of the top winning strategies, wavering market trends, major investment pockets, drivers and opportunities, competitive scenarios, and industry size and estimations.
The industry is segmented in terms of form, product, and application. With respect to form, the market is categorized into liquid and dry segments. Based on the product, the fertilizer market is bifurcated into organic and inorganic products, having wide applications in areas such as gardening, agriculture, horticulture, and other avenues. The other applications include public parks, nurseries, and stadium turfs among others.
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Key reasons for the fertilizer market growth:
Increasing inclination towards organic farming.
The growing acceptance of liquid solutions across water-stressed regions.
The focus of product manufacturers on technological advancement, strategic acquisitions, geographic expansion, and cost optimization strategies.
2026 forecasts anticipate the 'inorganic' product segment retaining its dominance:
Nitrogen derived inorganic fertilizers like ammonium sulfate, calcium ammonium nitrate, urea, urea ammonium nitrate solution, and anhydrous ammonia are dominating the inorganic segment with a share of over 50% in volume. This is so since nitrogen absorption into amino acids is the building block for protein in plants and is extremely vital for their growth and development.
In addition, nitrogen is also an essential component of chlorophyll, which is needed for several enzyme reactions. The effective supply of nitrogen to a plant makes it vital agrochemicals, which in turn would increase the product consumption in the fertilizer market by 2026.
Latin America and Asia-Pacific to provide significant growth impetus in terms of revenue:
Latin America represents a fair share of the global fertilizer industry landscape and is projected to grow with an increasing CAGR of around 3% between 2020 to 2026, due to the increasing demand for food in the region. Insufficient cultivable land to sustain its growing population adds stress to the system to produce crops more effectively.
Consequently, the demand for inorganic products in the region is slated to increase over the estimated timeframe. This is because these products not only enhance food production rates but also boost soil fertility. In addition, the expansion of croplands and rising government support for effective product use will positively drive the fertilizer market in Latin America.
APAC is the largest market for fertilizers, accounting for more than half of the total revenue in 2019 and is likely to dominate the fertilizer market share with a considerable rate during the analysis time frame. This growth could be ascribed to an increase in product demand to grow crops, as well as meet consumption needs from economies like India, Vietnam, Bangladesh, Pakistan, and China.
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Leading market players:
The key players analyzed in the fertilizer market landscape include Sumitomo Chemical Co., Ltd., Haifa Group, OCP Group, Bunge ltd., Nutrien ltd., Yara International ASA, Belaruskali, CF Industries Holdings Inc., Syngenta AG, Uralkali, and The Mosaic Company among others. These players are primarily involved in different strategies such as R&D investment, mergers and acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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Fertilizer Market to grow at a CAGR of 2.3% by 2026
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SOURCE Global Market Insights, Inc.