IMARC Group, a leading market research company, has recently releases report titled “Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global fertilizer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the fertilizer market?
The global fertilizer market size reached US$ 170.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028.
What is fertilizer?
Fertilizer is a substance added to soil or plants to enhance their growth and yield. It mainly comprises essential nutrients such as nitrogen, phosphorus, and potassium and aids in replenishing nutrient-deficient soil and promoting plant health. It is commonly available in the market in different forms, such as granular, liquid, or even organic compost. The role of fertilizers is pivotal in modern agriculture as they aid in improving the fertility of the land and substantially enhancing crop yield. They are widely used in farms, gardens, and large-scale agricultural settings, making them integral to the global food production chain. Since they assist in fulfilling the ever-growing demand for food, feed, and biofuel products, fertilizers have gained immense traction across the globe.
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What are the growth prospects and trends in the fertilizer industry?
The global fertilizer market is primarily driven by the expanding population worldwide, escalating food demand, and agricultural advancements. Moreover, several government initiatives aimed at sustainable farming are encouraging the use of fertilizers for improved crop yield, thus fueling market growth. In addition, the development of innovative, eco-friendly fertilizers that minimize environmental impact while optimizing productivity represents another major growth-inducing factor. These next-generation products align with global sustainability goals and are gradually replacing traditional chemical-based fertilizers. Furthermore, the emerging trend of precision agriculture, which involves the targeted application of fertilizers using technology, is creating new opportunities, thus propelling market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Straight Fertilizers
- Nitrogenous Fertilizers
- Calcium Ammonium Nitrate
- Ammonium Nitrate
- Ammonium Sulfate
- Anhydrous Ammonia
- Phosphatic Fertilizers
- Mono-Ammonium Phosphate (MAP)
- Di-Ammonium Phosphate (DAP)
- Single Super Phosphate (SSP)
- Triple Super Phosphate (TSP)
- Potash Fertilizers
- Muriate of Potash (MoP)
- Sulfate of Potash (SoP)
- Secondary Macronutrient Fertilizers
- Calcium Fertilizers
- Magnesium Fertilizers
- Sulfur Fertilizers
- Micronutrient Fertilizers
- Complex Fertilizers
- Nitrogenous Fertilizers
Breakup by Product Form:
Breakup by Crop Type:
- Grains and Cereals
- Pulses and Oilseeds
- Fruits and Vegetables
- Flowers and Ornamentals
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- CF Industries
- Haifa Group
- Indian Farmers Fertiliser Co-operative Limited (IFFCO)
- Israel Chemicals Ltd. (ICL)
- Nutrien Limited
- Sociedad Química y Minera (SQM)
- The Mosaic Company
- Yara International.
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