Fertilizer Market to exceed USD 210 billion by 2027
Published Date: June 7, 2021 Authors: Kiran Pulidindi, Akshay Prakash
According to a new research report by Global Market Insights Inc., the Fertilizer Market size to exceed USD 210 billion by 2027. The rising food demand across the globe owing to the growing global population along with changing food consumption patterns and limited farming is expected to drive the industry over the forecast timeframe.
According to the U.S. Census Bureau, the global population estimates in June 2019 were 7.5 billion and were expected to reach 9.7 billion by 2050. This trend has showcased higher requirements for food. The growing production of cereals and oilseeds for feed & food will drive the fertilizer industry in the near future. According to the Food and Agricultural Organization of the UN (FAO), the global cereal production in 2018 was around 2,653 million tons and is expected to grow by around 2.3% in 2019. Additionally, the expansion of biofuels is expected to demand additional cereal production over the forecast timeframe. Favorable rainfall and the usage of fertilizers enabled higher cereal production in 2019.
The growing urbanization coupled with economic growth has showcased changes in the diets of people. Higher meat consumption coupled with a high demand for protein-rich diets requires higher grain production to feed animals. To produce one ton of poultry meat around two tons of grain feed are required. Additionally, one ton of pork and beef meat requires four and ten tons of grain feed respectively.
Browse key industry insights spread across 400 pages with 570 market data tables & 22 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, 2021 – 2027” in detail along with the table of contents:
The liquid segment will witness around 2.0% CAGR in fertilizer market through 2027. Liquid fertilizers are gaining popularity recently due to their various applications such as easy blending, safe handling, and uniformity during its application. Moreover, they are ground-applied or foliar-applied. A liquid fertilizer requires less water, which makes it an ideal candidate in regions that face frequent water scarcity.
The inorganic segment holds over 95% share in fertilizer market. Inorganic fertilizers are rich in nutrients, which are essential such as nitrogen, phosphorus, and potassium. The presence of an excess amount of nutrient content in the soil can hamper soil fertility. However, easy availability of nutrients for crops and low logistic costs will propel inorganic fertilizer market growth during the projected period.
The horticulture segment will showcase around 2.5% CAGR through 2027. Extensive use of fertilizers to produce various fruits and vegetables through horticulture will surge demand in Asia Pacific, Latin America, and the Middle East & Africa. Government initiatives and investments to promote horticulture globally will further propel the fertilizer industry by 2027.
Middle East & Africa to bank upon the growing population
The Middle East & Africa will witness over 3% CAGR during the forecast period. The fertilizer industry is witnessing an upward trend in the Middle East & African region owing to an increase in demand for agricultural products from Egypt, Iran, and many African countries including Nigeria, Ethiopia, etc.
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