Fertilizer Market to exceed $230 billion by 2026

According to a new research report by Global Market Insights, Inc., the fertilizer market size is estimated to surpass USD 230 billion by 2026.
 

Escalating population along with growing food demand across the world will drive the fertilizer market in the near term. Fertilizers provide several advantages that include higher crop production in limited area along with improving soil nutrient availability.

 

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Moreover, development of advanced products such as slow/controlled release fertilizers and water-soluble products have enabled farmers to be more efficient, minimizing the risk of excess usage. These factors will positively encourage the use of fertilizers to produce crops.
 

A significant policy focus on environment will positively impact the market

Rising global initiatives to improve product application efficiency and reduce the impact of nutrient losses to the environment will further increase the fertilizer market share in the coming years. For instance, in March 2019, United Nations Environment Assembly (UNEA) adopted the global resolution on sustainable nitrogen (N) management.
 

Likewise, in June 2019, United Nations Food and Agriculture Organization adopted the first International code of conduct for the sustainable use and management of agrochemicals. These initiatives will create awareness about optimum product usage, which in turn will encourage the fertilizers usage.
 

Browse key industry insights spread across 380 pages with 604 market data tables & 28 figures & charts from the report, “Fertilizer Market by Form (Dry, Liquid), By Product (Organic, Inorganic), By Application (Agriculture, Horticulture, Gardening), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/fertilizer-market
 

Based on form fertilizer market is segmented into liquid and dry. Liquid fertilizers are quick and effective products that nourish plants with minimum water intake. In addition to this, easy application, blending, and uniform distribution make it more suitable for both starter and in-season applications. Thus, the segment will showcase a fair growth of around 2% over the forecast span.
 

Growing demand for primary fertilizers will increase the use of inorganic products

Inorganic fertilizers such as nitrogen, phosphorus, and potassium-based products account for a large share of more than 95% in the overall fertilizer market volume and is likely to grow with a significant rate in the near term.
 

This is because inorganic fertilizers are equally rich in all three essential nutrients i.e., N-P-K, which are most essential for crops and are always ready for immediate supply of nutrients to plants when required. These factors will positively drive the use of inorganic fertilizers for various applications.
 

Rising popularity in horticulture applications will encourage product demand

Horticulture sector accounts a considerable share of around 45% in 2018, which is anticipated to grow with the significant rate during the study period owing to the wide usage of fertilizers to produce various fruits and vegetables across worldwide. Moreover, government initiatives and investments in to promote horticulture across various regions will further propel its fertilizer market value by 2026.
 

For instance, in 2019, Haryana state horticulture development agency of India had approved 40 proposals for mushroom cultivation under the Mission for Integrated Development of Horticulture (MIDH) across the country.
 

Demand in Middle East & Africa to drive growth in the market

Middle East & Africa is the fasting growing market for fertilizers, which is likely to flourish with a significant rate of around 3.5% in the coming years, owing to increase demand from Egypt, Iran and many African countries such as Nigeria, Ethiopia, etc. Furthermore, growing population and consequent food demand across the region will drive fertilizer market growth in the near future.
 

Investment for production capacity growth is prevalent among industry players

Key product manufacturers in the fertilizer industry include Nutrien ltd., CF Industries Holdings, The Mosaic Company, Yara International, Sumitomo Chemical, and Haifa Group. These companies are focused towards intensifying their regional presence by establishing new sales and marketing offices in different strategic locations. Additionally, mergers and acquisitions along with new product development are key strategies adopted by industry participants to enhance its profitability and support market growth in the near future. Other important players in the industry includes Bunge ltd., Uralkali, Syngenta, Belaruskali, OCP Group, etc.
 

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