Fertilizers Market Trends, Stats and Forecast 2031

The fertilizers market size is projected to reach US$ 249.92 billion by 2031 from US$ 197.56 billion in 2023. The market is expected to register a CAGR of 3.0% during 2023–2031. Rising preference for organic and bio-based fertilizers and increasing awareness about sustainability are likely to remain key trends in the fertilizers market.

Fertilizers Market Analysis

Global nutrient demand, declining crop prices, poor economic outlook, increasing market pressure, and unpredictable energy prices are a few of the major factors fueling the demand for fertilizers. Further, the presence of limited arable land with ever-increasing food demand due to the population has put pressure on increasing food productivity, resulting in increased usage of fertilizers.

The worldwide population is projected to increase rapidly by 2050. With such an increase, the demand for food will also rise. The current agricultural output is insufficient since most of the population depends on agricultural produce. Thus, farmers require advanced facilities to maximize their yields. Major vendors are emphasizing technology development to obtain more raw materials and introduce more efficient, environmentally friendly, and sustainable fertilizer production methods to meet the demands of a growing population. These factors will propel the market growth during the forecast period.

Fertilizers Market Overview

Fertilizers are commonly used by agricultural producers and farmers to boost crop yield and enhance the general health of every crop. They add fertilizers to the soil, which acts as a key source of essential nutrients for plants. Fertilizers are available in organic form (such as compost and manure) and synthetic form (made from chemical compounds). Organic fertilizers are obtained from natural resources, making them more environmentally friendly. These fertilizers are also considered expensive as compared to synthetic fertilizers. The fertilizers market is driven by the increasing global population, rising need for food security, and advancement in crop science and technology.

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Fertilizers Market: Strategic Insights

Fertilizers Market

• Market Size 2023
  US$ 197.56 Billion
• Market Size 2031
  US$ 249.92 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Nitrogenous Fertilizers
• Phospheric Fertilizers
• Potash Fertilizers
• Micronutrients Fertilizers

Category

• Organic
• Conventional

Form

• Dry
• Liquid
• Granular

Crop Type

• Cereals &Grains
• Oilseeds & Pulses
• Fruits & Vegetables

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Fertilizers Market Drivers and Opportunities

Rising Adoption of Fertilizers for Cereals & Grains Application to Favor Market

Since cereals and grains are grown in almost all countries, the global demand for insecticides such as fertilizers is high. On a global level, the total production of cereal and grains has been increasing. With the growth in cereal & grain production and consumption, it has become necessary for producers to focus more on yield and quality by using effective fertilizers. The cereals and grains are growing as they are a rich source of vitamins and minerals and are used in large amounts in animal feed. The increase in demand for food and the decline in arable land has prompted the increase in demand for fertilizers to meet the demand and reduce the scarcity of foods. Therefore, farmers have been using various fertilizers in combination with conventional chemicals, which has helped them achieve no-residue crops with internationally accepted standards. These factors are boosting the fertilizers market growth across the globe.

Surging Demand for Organic Products

In recent years, health trends have been rapidly evolving, with many consumers choosing clean-labeled and organic products over conventional products. With the surging number of people suffering from heart diseases, obesity, high blood pressure, skin disorders, and diabetes and rising health consciousness among people, the demand for organically certified products is increasing. Consumers perceive organic products to be healthier than conventional ones as they are grown following stringent farming practices that avoid using chemical fertilizers, genetically modified organisms (GMOs), synthetic pesticides, antibiotics, and growth hormones. This factor is significantly driving the demand for organic products, which further boosts the demand for organic fertilizers such as essential oils and propels the growth of the fertilizers market.

Fertilizers Market Report Segmentation Analysis

Key segments that contributed to the derivation of the fertilizers market analysis are type, category, form, and crop type.

• Based on type, the fertilizers market is divided into nitrogenous fertilizers, phosphatic fertilizers, potash fertilizers, micronutrient fertilizers, and others. The nitrogenous fertilizers segment held the largest market share in 2023.
• By category, the market is segmented into organic and conventional. The conventional segment held a larger share of the market in 2023.
• Based on form, the fertilizers market is segmented into liquid, dry, and granular.
• In terms of crop type, the market is categorized into cereals & grains, oilseeds & pulses, fruits & vegetables, and others. The hair oil segment dominated the market in 2023.

Fertilizers Market Share Analysis by Geography

The geographic scope of the fertilizers market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

The fertilizers market in Asia Pacific is significantly growing with the thriving agriculture industry. The COVID-19 pandemic has highlighted the importance of healthy food and changing consumer's lifestyles toward healthy and responsible food consumption. The growing demand for fertilizers from the food sector in Asia Pacific drives this regional market. Moreover, the demand for organic fertilizers is increasing in the region with increasing organic agricultural land and government support from various countries. According to the report of FiBL and IFOAM, the total area dedicated to organic agriculture in Asia was more than 5.9 million hectares in 2021. There were 11.4 million producers, most of which were in India. The leading countries by area were India and China.

Fertilizers Market Market Report Scope

Fertilizers Market News and Recent Developments

The fertilizers market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion and strategies:

• ICL signed a long-term agreement with India Potash Limited (IPL) to supply Polysulphate through 2031; the five-year term is for an aggregate amount of 1 million metric tons. The availability of Polysulphate is expected to help boost the Government of India's organic agriculture program. (Source: ICL, Press Release, 2022)
• ICL introduced lawn care fertilizers containing either urea coated with sulfur and a biodegradable polymer membrane (Poly-S) or resin-coated nitrogen combined with phosphorus and potash (PACE). This avoids uncontrolled shock growth, which means less mowing effort. The fertilizers are considered particularly easy and safe to use, and suitable for robotic lawnmowers. (Source: ICL, Newsletter, 2022)

Fertilizers Market Report Coverage and Deliverables

The “Fertilizers Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles