New York, United States, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The Global Fertilizer Market Size is projected to grow from USD 182.2 Billion in 2021 to USD 254.87 Billion by 2030 at a CAGR of 3.89% during the forecast period. as per the latest research report published by Spherical Insights & Consulting. The Asia Pacific is expected to grow the fastest during the forecast period
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To increase agricultural yield by providing nutrients essential for plant growth, fertilizers are compounds that are given to the soil or plant tissue. Chemicals called fertilizers are injected into soil or plant tissues to deliver one or more nutrients essential for plant growth. Higher crop yields are encouraged while maintaining and enhancing the availability of soil nutrients. Farmers may now utilize fertilizers more safely and productively while reducing their risk of exposure to dangerous chemicals thanks to the rising usage of organic fertilizers. Due to the need of providing crops with essential minerals like nitrogen, phosphate, potassium, and others that promote soil fertility, the fertilizer business is rapidly growing in popularity. As a result of rising food consumption brought on by a growing population, the need for fertilizers, particularly in the agricultural sector, has increased quickly. The lack of nutrients in the soil brought on by using pesticides and other harmful chemicals has also reduced agricultural output. It is projected that this would lead to an increase in fertilizer demand. The fertilizer market is very fragmented, with many companies operating globally. Industry participants are forming joint ventures and strategic alliances to expand their geographic reach and product lines because of the significance of fertilizers in increasing agricultural productivity. The Haifa Group, for instance, said in 2019 that it has extended the capacity of its Controlled Release Fertilizer (CRF) business in France to generate 8,000 MTPA. With the use of this technology, the company was able to increase its manufacturing capacity by up to 24,000 MTPA. Using chemical fertilizers as efficiently as feasible is one effective way to raise crop productivity, for example. However, using chemical fertilizers excessively damages the soil because it changes the pH balance, which is unhealthy for the ecosystem and the crop.
Browse key industry insights spread across 199 pages with 129 market data tables and figures & charts from the report “Global Fertilizer Market Size, Share, and COVID-19 Impact Analysis, By Type (Organic and Inorganic), By Form (Dry and Liquid), Application (Horticulture, Agriculture, Gardening, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents
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This research report categorizes the fertilizer market based on various segments and regions and forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the fertilizer market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the fertilizer market.
Based on application, the market is segmented into horticulture, agriculture, gardening, and others. The agriculture segment is likely to expand at a high CAGR during the forecast period. The need for fertilizers in the agriculture sector has grown significantly due to the expanding global population, globalization, and the creation of smart cities, which have led to a reduction in the amount of arable land accessible and an increase in the requirement for food. To meet the nutritional requirements of crops, preserve the soil's nutrient content, and boost agricultural output, fertilizers are essential. According to Future Farming, a company that focuses on smart farming, the world's population is predicted to reach 10 billion by the year 2050. This revelation was made on October 30, 2019. Consequently, more agricultural output is necessary to meet the growing population's food demands. To balance the nutrients in the soil, fertilizers must be used in the agricultural sector.
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Based on region, the Fertilizer Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is expected to grow at a high CAGR. This growth is mostly attributable to the region's biggest fertilizer users. For instance, according to an article published on December 12 in the World Fertilizer, a well-known news source for fertilizer information, China is the world's largest urea consumer, accounting for one-third of the world's urea usage. More than 60% of the urea used as fertilizer to grow cereals and oilseeds, including rapeseed, corn, and soybean, is consumed in China. India ranks third behind China and the US in terms of ammonia usage. Urea is used as fertilizer for agriculture in India with 99%. Indonesia ranks third in the Asia-Pacific area for the use of nitrogen fertilizers, after China and India. Hong Kong Special Administrative Region, Singapore, Malaysia, New Zealand, Vietnam, South Korea, and other nations in this region also consume a lot of fertilizer. During the projection period, all of these factors are expected to increase the demand for fertilizer in the Asia-Pacific area.
Key Companies & Recent Developments:
The report offers the appropriate analysis of the key organizations/companies involved within the global Fertilizer market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. ARA International, Nutrien Ltd., The Mosaic Company, Haifa Group, Syngenta AG, ICL Group Ltd., EuroChem Group, OCP Group S.A., K+S Aktiengesellschaft, Uralkali and Others Key Players.
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