• May 13, 2024
  • Updated 8:56 am

Fertilizer Market Projected to Reach US$ 250.00 Billion by 2030 on Global Scale ⅼ Renub Research

Global Fertilizer Market is predicted to extend at a compound annual growth rate of 3.80% from 2024 to 2030.Agricultural productivity, critical for international food safety, depends heavily on fertilizers to optimize crop yields by presenting essential nutrients like nitrogen, phosphorus, and potassium necessary for plant growth. The growing worldwide population accentuates the demand for food, necessitating heightened agricultural output and emphasizing the integral position of the fertilizer market in addressing this imperative. Intensive farming practices have depleted essential soil nutrients, diminishing fertility and crop yields. Applying fertilizers becomes pivotal in replenishing those nutrients, ensuring optimal plant growth, and fostering sustainable agricultural production to fulfill the growing needs of an ever-expanding population.

Moreover, precision agriculture, pushed through data analytics and technology, optimizes fertilizer use, lowering waste and environmental effects while improving crop yields. The industry shifts toward sustainability, adopting alternatives like organic and biofertilizers for eco-friendly nutrient replenishment. Climate-smart strategies, integrating fertilizer optimization, cope with challenges from weather in agriculture. Growing biofuel demand from vegetation like corn and sugarcane propels fertilizer intake. Urban agriculture, rooftop gardening, and vertical farming open market possibilities for specialty fertilizers, marking an industry-wide shift towards sustainability and technological innovation. So, the global fertilizer market will be valued at US$ 250.00 billion by 2030.

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Likewise, governments globally implement policies to bolster agricultural growth, ensuring food security through subsidies for fertilizer purchases, research and development (R&D) support, and infrastructure development. R&D investments are intended to enhance fertilizer performance, lessen the environmental effects, and expand new types, with investment directed to investigate establishments and private zone partnerships. In India, the Nutrient Subsidy (NBS) is pivotal, presenting fixed subsidies per nutrient unit to farmers, adjusted biannually based on worldwide fertilizer prices. In 2023, the Indian government increased NBS quotes by 10% for the Kharif season, offsetting rising international fertilizer prices. The Soil Health Card Scheme, launched in 2015, provides farmers with soil testing reviews, optimizes fertilizer use, and sells environmental sustainability. These projects mirror a commitment to sustainable agriculture and research-driven performance in the dynamic global food production landscape.

Phosphorus is gaining prominence within the worldwide fertilizer market due to its essential role in enhancing crop yields. 

As a critical nutrient for plant growth, phosphorus supports root development, energy transfer, and overall cellular functions. Farmers are spotting the importance of phosphorus-based fertilizers to optimize agricultural output with the growing worldwide need for food manufacturing to feed an increasing population. This heightened recognition and improvements in fertilizer technologies position phosphorus as a key factor in current agricultural practices, contributing to its boom in the worldwide fertilizer market.

Type – Global Fertilizer Market breakup from 3 viewpoints:

  1. Nitrogen (Nitrates, Urea, UAN, Compound Fertilizer, and Others)
  2. Phosphorus
  3. Potassium

Liquid varieties of fertilizers claim a giant percentage in the global market due to their performance and simplicity of application. 

Liquid fertilizers provide specific nutrient delivery directly to vegetation, ensuring surest absorption and decreasing wastage. Their adaptability to diverse irrigation systems enhances convenience for farmers. Also, liquid fertilizers facilitate quick nutrient availability, providing faster plant growth. With agriculture embracing precision farming, the user-friendly nature and effectiveness of liquid fertilizers contribute to their significant market share, reflecting a current and efficient method of nutrient management in global agriculture.

Forms – Global Fertilizer Market breakup from 2 viewpoints:

  1. Dry
  2. Liquid

The growing percentage of gardening in the international fertilizer market stems from a burgeoning interest in sustainable and organic practices. 

As purchasers prioritize domestically sourced, fresh produce, domestic gardening gains recognition. This shift in lifestyle fosters a demand for specialized fertilizers catering to the particular needs of gardeners. The rise of urban gardening and community-supported agriculture further amplifies this trend. With a focal point on environmental recognition, humans interact in accountable gardening, prompting a surge in adopting eco-friendly fertilizers. This expanding market displays a growing international inclination closer to palms-on, environmentally aware cultivation, shaping the fertilizer industry to align with evolving customer values.

Application – Global Fertilizer Market breakup from 4 viewpoints:

  1. Agriculture
  2. Horticulture
  3. Gardening
  4. Others

Maize claims the highest share in the global fertilizer market thanks to its reputation as a staple meal and feed crop. 

As a prime commodity, maize demands high-yield agricultural practices, and fertilizers are essential in optimizing productiveness. The versatility of maize, used for human intake, livestock feed, and commercial purposes, amplifies the want for nutrient-rich soil. Fertilizers enhance crop fitness, making sure yields are robust. Also, improvements in agricultural technology and a growing international populace’s reliance on maize contribute to sustained fertilizer demand. The monetary significance and extensive agricultural use of maize consolidate its dominant role in the worldwide fertilizer market.

Crops – Global Fertilizer Market breakup from 14 viewpoints:

  1. Grassland
  2. Vegetables
  3. Fruits/Tree nuts
  4. Roots/Tubers
  5. Sugar Crops
  6. Fibre Crops
  7. Other Oil Crops
  8. Oil Palm
  9. Soybeans
  10. Other Cereals
  11. Maize
  12. Rice
  13. Wheat
  14. Other

India’s share is rising in the global fertilizer market.

According to the Fertilizer Association of India’s (FAI’s) annual report for 2022-23, India witnessed a 4% growth in fertilizer consumption, reaching 38.6 million tonnes in 2023. Urea dominates the market, constituting 60% of total usage, followed by diammonium phosphate (DAP) and muriate of potash (MOP). As the world’s second-biggest manufacturer of food grains, India heavily depends on fertilizers to enhance crop yields. With a usually growing population, the need for food is growing, similarly fuelling the want for fertilizers. Government projects and expanded consciousness reflect India’s commitment to bolstering agricultural productiveness, aligning with the state’s historical emphasis on fertilizers throughout the Green Revolution, and promoting sustainable practices in an evolving agrarian panorama.

Countries – Global Fertilizer Market Breakup from 19 viewpoints:

  1. China
  2. India
  3. Brazil
  4. USA
  5. Indonesia
  6. Pakistan
  7. Russia
  8. Canada
  9. Australia
  10. Bangladesh
  11. Ukraine
  12. Vietnam
  13. Turkey
  14. Argentina
  15. Mexico
  16. Germany
  17. Italy
  18. United Kingdom
  19. ROW

Competitive Landscape.

Notable businesses involved in the global fertilizer market are Yara International ASA, K+S AG, CF Industries Holdings, Grupa Azoty S.A, ICL Group, OCI NV, Sociedad Quimica y Minera de Chile SA, BASF SE., and PhosAgro.

All companies have been covered from 3 viewpoints:

• Overview

• Recent Developments

• Revenue 

Company Analysis:

  1. Yara International ASA
  2. K+S AG
  3. CF Industries Holdings
  4. Grupa Azoty S.A
  5. ICL Group
  6. OCI NV
  7. Sociedad Quimica y Minera de Chile SA
  8. BASF SE

Browse Related Report:

Biological Organic Fertilizers Market: https://www.renub.com/biological-organic-fertilizers-market-p.php

Europe Fertilizer Market: https://www.renub.com/europe-fertilizer-market-p.php

Specialty Fertilizer Market: https://www.renub.com/specialty-fertilizers-market-p.php

Organic Fertilizer Market: https://www.renub.com/organic-fertilizer-market-p.php

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