Fertilizers Market Updates by 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
Market Size Value in US$ 195,210 million in 2022 Market Size Value by US$ 243,570 million by 2030 Growth rate CAGR of 2.8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Fertilizers Market: Strategic Insights
| Market Size Value in | US$ 195,210 million in 2022 |
| Market Size Value by | US$ 243,570 million by 2030 |
| Growth rate | CAGR of 2.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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 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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Category, Form, Crop Type, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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