DUBLIN, March 29, 2024 /PRNewswire/ — The “Global Fertilizer Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Global Fertilizer Market reached US$ 192.56 Billion in 2023 and is expected to reap a valuation of US$ 250 Billion by 2030.From 2024 to 2030, a compound annual growth rate (CAGR) of 3.8% in the global fertilizer market is anticipated.
Fertilizers play a pivotal role in present-day agriculture by improving soil fertility and boosting crop yields. In contemporary agricultural practices, where international food demand is escalating, fertilizers offer crucial nutrients like nitrogen, phosphorus, and potassium, ensuring the most effective plant boom. They enable farmers to maximize productivity, meet increasing meal requirements, and mitigate the effects of environmental challenges. Fertilizers contribute considerably to sustainable and green farming, helping a developing populace and ensuring global food safety in the face of evolving climatic and demographic demanding situations in modern agriculture practices.
The developing global population, which passed eight billion according to the United Nations in November 2022, coupled with an increasing demand for meals, is fueling the expansion of the global fertilizer market. With agriculture already using 50% of the Earth’s livable land, consuming 70% of freshwater, and contributing to 1/4 of world greenhouse gas emissions, it’s critical to reinforce agricultural productivity to meet escalating meal requirements. Fertilizers are pivotal in present-day agriculture, addressing this need by delivering vital nutrients to crops, fostering soil fertility, and augmenting crop yields.
Balancing the usage of artificial and organic fertilizers is essential to mitigate their bad impacts and conserve resources. As per an article by Science Direct, recent trends in excessive input farming structures have witnessed the extreme utility of chemical fertilizers containing nitrogen, phosphorus, or potassium to meet escalating agricultural demands. Still, only a fragment (30-40%) of those vitamins are absorbed by plants because of low fertilizer-use efficiency, contributing to environmental pollutants. Consequently, pursuing sustainable and green technology gives enormous potentialities for tackling environmental, social, and financial challenges while propelling growth in the worldwide fertilizer market. Notably, Stamicarbon’s introduction of the Stami Green Ammonia Technology in 2021 exemplifies this shift, utilizing renewable resources instead of fossil fuels to take away carbon emissions from manufacturing, for that reason, fostering sustainable and environmentally pleasant fertilizer manufacturing.
Government rules and subsidies considerably influence the fertilizer market, exemplified by projects like the USDA’s $500 million Fertilizer Production Expansion Program in 2022 to reinforce home production, rural activity advent, and farmer options. The application’s funding was elevated to $900 million in response to demand by June 2023. Similarly, in 2022, India’s Department of Fertilizer carried out schemes like the Urea Subsidy Scheme, Nutrient Subsidy Scheme (NBS), and Direct Benefit Transfer (DBT) to ensure sufficient fertilizer availability for farmers. The One Nation, One Fertilizers scheme further streamlined supply, reducing farmer choice-making burdens. Efforts to improve retail infrastructure included converting stores into model fertilizer facilities, with 600 at the district degree becoming the Pradhan MantriKisanSamridhi Kendra.
The demand for phosphorus is projected to increase in the global fertilizer market
Based on types, the Global Fertilizer Market is broken up into Nitrogen (Ammonia (N), Ammonium Nitrate (N), Ammonium Phosphate (N), Ammonium Sulphate (N), Calcium Ammonium Nitrate (N), Potassium Nitrate (N), Urea (N), Urea Ammonium Nitrate (N), NK (N), NPK (N), NP (N), and Other segments), Phosphorus, and Potassium fertilizers. Phosphorus is expected to grow in the global fertilizer market. This is because of its vital position in providing plant growth and increasing agricultural productivity. As the demand for food increases with population expansion, phosphorus-based fertilizers are crucial for reinforcing crop yields and making sure meal protection is international.
It is predicted that rice will have a notable share in the global fertilizer market
The Global Fertilizer Market is categorized into various crop types such as Grassland, Vegetables, Fruits/Treenuts, Roots/Tubers, Sugar Crops, Fibre Crops, Other Oil Crops, Oil Palm, Soybeans, Other Cereals, Maize, Rice, Wheat, and Others. Rice is predicted to have a vast share within the global fertilizer market, attributed to its popularity as a staple meal crop for billions worldwide. As the demand for rice increases with the population boom and changing nutritional habits, the need for fertilizers to optimize yields becomes essential for meeting food demands.
It is anticipated that Brazil will have a significant impact on the worldwide fertilizer industry
The Global Fertilizer Market is divided by country, including China, India, Brazil, USA, Indonesia, Pakistan, Russia, Canada, Australia, Bangladesh, Ukraine, Vietnam, Turkey, Argentina, Mexico, Germany, Italy, United Kingdom, and the rest of the world.
Brazil is predicted to play a tremendous role in the global fertilizer market. This is because of its enormous agricultural region, which calls for good-sized fertilizer for crop production. According to the USDA, Brazil has a sizable capability for elevated agricultural productiveness because of its expansive arable land. Over the past decade, Brazil has grown considerably in agriculture and livestock manufacturing, doubling agricultural output and cattle production tripling. As one of the pinnacle producers of 34 commodities and the most important net exporter globally, Brazil’s agricultural exports of soybeans and sugarcane have surged. This has brought about an upward push in fertilizer intake inside the country. To preserve agricultural enlargement and enhance export competitiveness.
Company Analysis:
- Yara International
- K+S
- CF Industries
- GrupaAzoty
- ICL Group
- OCI NV
- Sociedad Quimica y Minera de Chile
- BASF
- PhosAgro
Report Segmentation
By Type:
- Nitrogen (Nitrates, Urea, UAN, Compound Fertilizer, and Others)
- Phosphorus
- Potassium
By Category:
- Organic
- Inorganic
By Form:
- Dry
- Liquid
By Application:
- Agriculture
- Horticulture
- Gardening
- Others
By Crop:
- Grassland
- Vegetables
- Fruits/Treenuts
- Roots/Tubers
- Sugar Crops
- Fibre Crops
- Other Oil Crops
- Oil Palm
- Soybeans
- Other Cereals
- Maize
- Rice
- Wheat
- Other
For more information about this report visit https://www.researchandmarkets.com/r/yo17pj
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