New York, United States, Oct. 07, 2024 (GLOBE NEWSWIRE) — Fertilizer is a necessary agricultural input that enhances soil fertility and promotes healthy plant growth. Fertilization is the process of creating a mixture of natural and synthetic substances. There are numerous sources of fertilizer, both natural and synthetic. Most modern agricultural practices concentrate on three macronutrients for fertilization: phosphorus (P), potassium (K), and nitrogen (N), with occasional additions of micronutrient supplements such as rock flour.

Farmers utilize dry, pelletized, and liquid methods and large agricultural machinery and hand tools to apply these fertilizers. They provide several benefits, including increased crop yields, increased nutrient content in produce, and efficient utilization of resources. Organic and inorganic fertilizers are the most common varieties (synthetic). Organic fertilizers are extracted from natural materials such as animal manure, compost, and plant residues.

Download Free Sample Report PDF @ https://straitsresearch.com/report/fertilizers-market/request-sample

Market Dynamics

Rising Population and Decreasing Arable Land Drives the Global Market

The global population is experiencing a significant surge, leading to an escalating need for food. Conversely, due to industrialization and urbanization, the amount of arable land available in many regions worldwide is decreasing. Therefore, increasing crop yield is required to meet the demand.

FAO’s Resource Outlook to 2050 reveals that more than 1.5 billion hectares (approximately 12%) of the planet’s land surface is used for crop production. There is little to no potential for agricultural land expansion. Due to the decline in arable land, pressure was placed on the remaining arable land to produce more food sustainably by employing technologically advanced fertilizers. The market is anticipated to be driven by the availability of fertilizers based on crop and soil requirements, rising food demand, and shrinking arable land.

Rising Technical Innovations in the Fertilizer Industry Creates Tremendous Opportunities

Chemical fertilizers substantially influence the environment, making a notable contribution to global warming and climate change. With the development of technologically advanced chemical fertilizers, the environmental footprint of fertilizers must be reduced, both in terms of production and application, according to a sizeable portion of the population and prominent corporations. In 2016, IFDC introduced a UDP technology in Bangladesh, which reduced rice consumption by 30–35 percent and increased rice yield by 15–18 percent.

Micronutrient deficiency in plants and soil has steadily increased and become a global concern. Various market-active major players are engaging in R&D and introducing new and improved micronutrient products in response to the growing micronutrient deficiencies in crops. In 2018, BRANDT acquired two new micronutrient formulations: Brandt Smart Quatro Plus, a high-efficiency foliar 5-0-0 with zinc, manganese, boron, and sulfur, and Brandt Smart Mn Plus, a high-efficiency foliar manganese formulation that is compatible with dicamba and 2,4-D herbicides. These technological advancements are anticipated to create opportunities for market expansion.

Regional Analysis

Asia-Pacific is the most significant global fertilizers market shareholder and is estimated to exhibit a CAGR of 3.8% during the forecast period. Asia-Pacific dominates the global fertilizer market due to its vast and diverse agricultural landscape and large population. Moreover, the presence of major agricultural economies, such as China and India, significantly impacts the demand for fertilizer. The region’s enhanced productivity can be attributed to the adoption of sophisticated agricultural technology and techniques, such as precision farming and innovative fertilizers, as well as the implementation of favorable government policies and initiatives.

Asia-Pacific’s position as a major exporter and producer of fertilizer strengthens its global market dominance. The region’s increasing awareness of sustainable agriculture and environmental issues has led to the development and widespread adoption of eco-friendly fertilizers, further solidifying its dominance in the global fertilizer market.

North America is estimated to exhibit a CAGR of 3.7% over the forecast period. The United States dominates North America’s fertilizer market, as 72.5% of the region’s total agricultural land is within its borders. Moreover, as the largest and most advanced economy, the United States is home to most multinational fertilizer companies, giving it an advantage over other regional nations regarding product availability for farmers and growers. According to a report from the Fertilizer Institute, the United States is the world’s fourth-largest producer of nitrogen fertilizers.

In addition, most ammonia consumed in the United States is produced abroad and consumed domestically. More than fifty percent of the nation’s fertilizer consumption is nitrogenous fertilizer. Moreover, in 2019, the United States was the second-largest importer and the ninth-largest exporter of urea and ammonia globally. Thus, the United States is the dominant player in the North American region; this, combined with the growing population and food security, is expected to propel the fertilizers markets steadily over the forecast period.

To Gather Additional Insights on the Regional Analysis of the Fertilizers Market @ https://straitsresearch.com/report/fertilizers-market/request-sample

Key Highlights

• Based on type, the global fertilizers market is bifurcated into nitrogenous, phosphatic, potassic, micronutrients, and other types. The nitrogenous fertilizers segment dominates the global market and is projected to exhibit a CAGR of 2.2% over the forecast period.
• Based on application, the global fertilizers market is segmented into grains and cereals, pulses and oilseeds, fruits and vegetables, commercial crops, and other applications. The grains and cereals segment owns the highest market share and is estimated to exhibit a CAGR of 3.4% during the forecast period.
• Asia-Pacific is the most significant global fertilizers market shareholder and is estimated to exhibit a CAGR of 3.8% during the forecast period.

Competitive Players

1. Nutrien Ltd.
2. Yara International ASA
3. Uralchem JSC
4. The Mosaic Company
5. CF Industries
6. Syngenta AG
7. Bunge Limited
8. Israel Chemical Ltd.
9. Sumitomo Chemicals Co. Ltd.
10. Indian Farmers Fertilizer Cooperative Limited
11. Haifa Group

Recent Developments

• June 2023- ICL, a global leader in specialty minerals, launched a new line of advanced foliar and fertigation solutions under their Nova brand of water-soluble fertilizers in North America. Nova FINISHTM, Nova PULSETM, Nova ELEVATETM, and Nova FLOWTM are the company’s flagship products.
• September 2023- Nestlé SA began pilot testing in the United Kingdom for a new low-carbon fertilizer made from cocoa shells as part of a sustainable agriculture initiative.

Segmentation

1. By Type
   1. Nitrogenous
   2. Phosphatic
   3. Potassic
   4. Micronutrients
   5. Other Types
2. By Applications
   1. Grains and Cereals
   2. Pulses and Oilseeds
   3. Fruits and Vegetables
   4. Commercial Crops
   5. Other Applications
3. By Region
   1. North America
   2. Europe
   3. Asia Pacific
   4. Middle East And Africa
   5. Latin America

Get Detailed Market Segmentation @ https://straitsresearch.com/report/fertilizers-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 905 0080 (U.S.)

+91 8087085354 (India)

+44 203 695 0070 (U.K.)

Email: sales@straitsresearch.com

Follow Us: LinkedIn | Facebook | Instagram | Twitter