Dallas, March 01, 2022 (GLOBE NEWSWIRE) -- According to the new report published by The Brainy Insights, the global mineral fertilizers market is expected to grow from USD 95.27 billion in 2020 to USD 143.34 billion by 2028 at a CAGR of 4.85% during the forecast period 2021-2028. Chemical fertilizers in the agricultural sector are increasingly required to produce high yields to fulfil the growing demand for food in the globe. This surging demand for these fertilizers is anticipated to boost the market growth over the forecast period.
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Fertilizers are organic or inorganic substances which contain chemical elements which enhance plant growth and soil fertility. The nutrient content in organic fertilizers (manure's) is relatively low. In minerals or inorganic fertilizers, the nutrients are inorganic salts produced through extraction and/or physical and chemical methods. The three primary nutrients of plants are nitrogen, potassium and phosphorus.Mineral fertilizers are chemically processed to satisfy crop requirements, and can provide plants with nutrients in correct, scientifically formulated quantities. The mineral fertilizers contain many times more nutrients than organic fertilizers. Mineral fertilizers are the most effective ways to increase crop quality and yields if properly utilized.
Growth in the demand for chemical fertilizers will result from growth in developing markets, government support, a low interest environment, government subsidies, and intensive farming techniques. Moreover, advanced chemical fertilizers are catching trends in the agriculture sector; new chemical fertilizers are more effective than organic fertilizers in delivering immediate nutrition. The high acceptance rate of such fertilizers will further fuel market growth.Safety regulations, irregular rainfall, overcapacity in food production and increasing natural gas prices are the factors which will negatively impact the market growth. Moreover, the demand for the fertilizers have risen from across the globe, but the supply against the demand is not sufficiently fulfilled. This has increased prices, in the fertilizer industry. In addition, the production gap attributed to higher raw material costs and high import prices impacts market growth for fertilizers.
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Key players operating in the global mineral fertilizers market include Bunge Ltd., CF Industries Holdings Inc., Coromandel International Ltd., Eurochem Inc., Israel Chemicals Ltd, JSC Belaruskali, K+S KALI GmbH, Nutrien Ltd., Sinofert Holdings Ltd., SQM, The Mosaic Company, Uralkali PJSC and Yara International ASA among others.The major players are now focusing on introducing strategies such as embracing innovative technologies, product developments, mergers & acquisitions, joint ventures, collaborations and partnerships to enhance their market position in the global mineral fertilizers industry.
• For instance, In September, 2019,Nutrien, Ltd. acquiredRuralco Holdings Limited (Ruralco) in Australia. By this acquisition, Nutrien will offer substantial benefits to its customers, as well as improve the delivery of its goods and services to Australian farmers.
The potash based fertilizers segment held the largest market share of around 38.4% and a market value of around USD 36.58 billion in 2020.
The nutrient type segment is divided into nitrogen-based fertilizers, phosphate-based fertilizers and potash based fertilizers. As potassium is essential to many essential processes in plants including, photosynthesis (energy creation), water and nutrient absorption, and overall crop quality. Therefore, the potash based fertilizers segment held the largest market share of around 38.4% and a market value of around USD 36.58 billion in 2020. Also, sufficient supply of potassium in the soil needs to be preserved to ensure healthy and nutritious plant growth.
The vegetables and fruits segment is anticipated to grow at the highest CAGR over the forecast period.
The crop category segment includes cereals, oilseeds, vegetables, fruits and others. As the fruit consumption trend has seen growth in the past two decades; it is anticipated that this pattern will continue throughout the forecast era. Moreover, increasing vegetable & fruit exports have also led to a rise in the field of crop planting, which has resulted in an increase in their production levels. Therefore, the vegetables and fruits segment is anticipated to grow at the highest CAGR over the forecast period.
The fertigation segment is anticipated to grow at the highest CAGR of around 5.9% over the forecast period.
The application segment includes fertigation, foliar spray, broadcasting and drop spreading/placement. Fertigation is an agricultural technique which includes application through irrigation of water and fertilizer. This method gives an opportunity of maximizing yield and minimizing pollution. In addition, a farmer can apply nutrients uniformly across the field, whenever needed, by fertigation. Therefore, the fertigation segment is anticipated to grow at the highest CAGR of around 5.9% over the forecast period.For the fields of row crops, horticultural crops, fruit crops, vegetable crops, and ornamental & flowering crops, fertigation is used. There has been a shift in farming practices towards holistic approaches that involve both fertilizer and water application techniques, a key factor that is projected to drive the mineral fertilizers market's growth over the forecast period, especially in North America and Europe.
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Regional Segment Analysis of the Mineral fertilizers Market
• North America (U.S. , Mexico, Canada)
• Europe (Germany, U.K., France, Spain, Italy, Rest of the Europe)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
As Asian countries like Korea, Japan, China and Vietnam are applying high fertilizer amounts of nitrogen per hectare for both perennial and short-term crops, the Asia Pacific is anticipated to register the fastest CAGR during the forecast period.
About the report:
The global mineral fertilizers market is analysed on the basis of value (USD billion).All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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