Fertilizer Market size is projected to surpass USD 240 billion by 2030, according to a new research report by Global Market Insights Inc.
The fertilizer industry is predicted to be driven by increased food demand across the globe due to a growing global population, changing food consumption patterns, and limited farms. The global population topped 7.9 billion in November 2021, according to the United States Census Bureau, and is anticipated to reach 9.7 billion by 2050. Food requirements have risen as a result of this tendency. The market will be driven by the increased output of cereals and oilseeds for feed and food. Moreover, increasing expansion of biofuel is expected to open new avenues for cereal production over the forecast period.
Modern diets have changed as a result of increasing urbanization and economic growth. Higher meat consumption, combined with a growing need for protein-rich diets, necessitates more grain output to feed livestock. Around two tons of grain feed are required to create one ton of poultry meat. A ton of pork and beef meat also requires four and ten tons of grain feed, respectively. Increasing production and consumption of fertilizer is likely to increase food production.
Browse key industry insights spread across 400 pages with 516 market data tables & 22 figures & charts from the report, “Fertilizer Market Analysis, By Form (Dry, Liquid), Product (Organic, Inorganic), Application (Agriculture, Horticulture, Gardening), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Fertilizer market from liquid segment is estimated to witness around 2% CAGR during the forecast timeframe. These types of fertilizers have lately gained popularity because to their numerous benefits, including uniformity, safe handling, and ease of blending during application. Furthermore, they can be applied to the ground or to the foliage. A liquid fertilizer uses less water, making it an excellent choice for areas where water scarcity is a common occurrence. Easy to perform uniform application, less nutrition loss, convenient to store, ease of handling, and faster acting is anticipated to increase its market concentration in the coming years.
Inorganic fertilizers dominated the market share
Inorganic segment accounted for 95% revenue share in 2021. Because the nutrients in inorganic fertilizers are already water soluble, they promote quick plant development. As a result, the effect is usually immediate and fast, and it contains all of the necessary nutrients in a ready-to-use form. Inorganic fertilizers are high in nutrients like nitrogen, phosphorus, and potassium, which are all necessary for plant growth. Excess nitrogen content in the soil can reduce soil fertility, limiting growth in the short term. However, the simple supply of nutrients for crops and low logistic costs will push segment value.
Fertilizer market for horticulture application will showcase significant growth over the projected period. Extensive adoption of fertilizers for fruits & vegetable production through horticulture in developed as well as developing economies to open lucrative opportunity for market. Additionally, government initiatives and programmes for the development of nations horticulture industry is predicted to further boost the industry demand.
Middle East & Africa to bank upon the growing population
Middle East & Africa Fertilizer market is projected to register around 3.5% CAGR from 2022 to 2030. Agriculture has long been at the heart of social and economic life in the Middle East, with diets based on cereals and livestock production, and later, fruits and vegetables grown on carefully irrigated land. Due to the region's mainly arid climate and limited water resources, it has become a hub for both ancient and modern agricultural innovation, ranging from irrigation practices to fertilizers.
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