New York, USA, Oct. 15, 2021 (GLOBE NEWSWIRE) -- According to report published by Research Dive, the global fertilizer market is expected to generate a revenue of $323,375.0 million by 2028, growing exponentially at a CAGR of 5.0% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Fertilizers play a significant role in maximizing the productivity of the crop by enhancing the fertility of the soil, thereby, aiding in the crop growth. Increasing population and rapid urbanization has substantially increased the demand for food around the globe. These factors are expected to bolster the growth of the market during the forecast period.
Restraints: Increase in pollution due to unconstrained use of fertilizers is expected to impede the growth of the market during the forecast period.
Opportunities: Increasing prevalence of organic fertilizers due to its various properties like soil nutrients enhancement, improved water retention capacity, and reduction in need for pesticides are expected to create tremendous opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into various segments based on type, form, application, and region.
Type: Inorganic Sub-segment to be Most Profitable
The inorganic sub-segment is expected to generate a revenue of $186,167.5 million during the forecast period. Inorganic fertilizers contain nutrient rich salts such as nitrogen, phosphorus, potassium, and so on that quickly breaks down or dissolves, making it quickly available to the plants. This factor is expected to drive the growth of the sub-segment during the forecast period.
Form: Solid Sub-segment to be Most Beneficial
The solid sub-segment is expected to generate a revenue of $200,943.9 million during the forecast period. Solid fertilizers are highly economical and convenient to store, as they maintain their state which is important in cold regions. This factor is expected to bolster the growth of the sub-segment during the forecast period.
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Application: Agriculture Sub-segment to be Most Lucrative
The agriculture sub-segment is predicted to generate a revenue of $130,795.8 million during the forecast period. Significant surge in population, globalization, and urbanization around the world has subsequently increased the demand for food. This factor is anticipated to accelerate the growth of the sub-segment during the forecast period.
Region: Asia Pacific Region Expected to Dominate the Market
The Asia Pacific Region is expected to grow exponentially with a CAGR of 5.4% during the forecast period. Availability of massive agricultural lands and high consumption of fertilizers in this region are expected to fuel the growth of the market during the forecast period. China, India, and Indonesia are the major countries with the highest consumption of fertilizers in the Asia Pacific region.
Impact of COVID-19 on the Market
The outbreak of COVID-19 had adversely impacted the global fertilizer market, owing to the lockdowns that were prevalent in various countries across the globe. Stringent restriction imposed by the government on import and export significantly disrupted the supply chain and distribution channel of the fertilizer industry. Thus, the pandemic has had a negative impact on the global fertilizer market.
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Key Players of the Market
The prominent players of the market include
- Yara International
- Uralkali
- Nutrien Ltd
- ICL Group Ltd
- EuroChem Group
- The Mosaic Company
- OCP Group S.A
- Haifa Group
- K+S Aktiengesellschaft
- Syngenta AG, and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in September 2021, Yara International ASA, a Norwegian chemical company, acquired Ecolan Oy, a Finnish producer of recycled fertilizers, so as to maximize Yara’s presence in the fertilizer market by expanding its organic fertilizer business.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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