Fertilizer Market to Reach USD 574.45 Bn by 2031,Driven by Surge in Demand for Organic and Sustainable Farming Practices

"Nourishing Growth: Exploring the Fertilizer Market - Trends, Innovations, and Sustainable Solutions for Global Agriculture."

TEXES, AUSTIN, UNITED STATES, May 27, 2024 /EINPresswire.com/ -- The SNS Insider report reveals that the fertilizer market was valued at USD 365.88 billion in 2023 and is projected to reach USD 574.45 billion by 2031, exhibiting a CAGR of 5.8% during the forecast period of 2024-2031.

The increasing need for food security, coupled with the loss of arable land, has intensified the use of fertilizers to boost agricultural productivity.
The United Nations projects the global population to exceed nine billion by 2050, further amplifying the demand for fertilizers.
Governments worldwide are implementing policies and incentives to promote sustainable agriculture, including a shift toward organic farming. The European Union, for instance, has allocated a substantial portion of its Common Agricultural Policy (CAP) budget to support organic farming initiatives. This growing demand for organic fertilizers is a key contributor to the overall market growth.

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Some of the Key Players Included are:
Coromandel International Ltd., CF Industries, Indian Farmers Fertiliser Cooperative Limited, Nutrien Ltd, Israel Chemicals Ltd, The Mosaic Company, National Fertilizers Ltd, PhosAgro, EuroChem, and Yara Fertilisers India Pvt. and other key players are mentioned in the final report.

The fertilizer market is undergoing a transformation, with sustainable agriculture and precision agriculture emerging as prominent trends.

The demand for organic and bio-based fertilizers, which promote soil health and minimize environmental impact, is on the rise. Additionally, the integration of technology in precision agriculture is optimizing fertilizer application, leading to improved efficiency and reduced wastage.

Industry players are actively expanding their regional presence through new sales and marketing facilities. Mergers and acquisitions, along with new product developments, are key strategies being employed to enhance profitability and drive industry progress.

• In June 2022, ICLinked a five-year agreement with India Potash Limited (IPL) to supply 1 million metric tons of Polysulphate, supporting the Indian government's organic agriculture program.

• In May 2022, ICLsecured framework agreements with customers in India and China to supply a combined 1.3 million metric tons of potash in 2022.

• In February 2022, ICLlaunched innovative lawn care fertilizers with controlled-release nitrogen, minimizing mowing effort and promoting safer, easier application.

Segment Analysis
By Type, the inorganic sub-segment dominated the market in 2023 capturing the highest revenue share. This dominance stems from the rapid nutrient release of inorganic fertilizers, making them readily available to plants. Moreover, their precise formulation and legal regulation ensure they effectively meet the specific nutrient requirements of both plants and soil. By Crop Type, Field crops, including rice, wheat, and corn, accounted for the largest share in 2023 due to the widespread cultivation of field crops worldwide, occupying more than 95.0% of the global agricultural land. Horticultural crops and turf & ornamentals followed, with the Asia-Pacific region leading in horticultural crop production.

By Type
• Organic
• Inorganic
 
By Form
• Conventional
• Specialty
 
By Crop Type
• Field Crops
• Horticultural Crops
• Turf & Ornamental
 
By Application
• Soil
• Foliar
• Fertigation

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Impact of Russia-Ukraine War
The ongoing conflict has significantly disrupted the global fertilizer supply chain, as Russia and Belarus are major exporters of potash and nitrogen fertilizers. This has led to soaring fertilizer prices, posing challenges for farmers worldwide.

Impact of Economic Slowdown
Economic downturns can dampen demand for fertilizers as farmers may reduce their input costs. However, the essential nature of fertilizers in ensuring food security generally moderates this impact.

Asia-Pacific led the global fertilizer market in 2023
This dominance is driven by the region's vast agricultural landscape and the increasing demand for high-quality produce. China is the world's largest producer and exporter of fertilizers, while India ranks as the second-largest consumer. The region's substantial rice production and growing emphasis on specialty fertilizers contribute to its dominance.

Key Takeaways
• Organic and bio-based fertilizers are gaining traction due to their environmental benefits and alignment with sustainable farming practices.
• The Asia-Pacific region dominates the market, primarily due to its vast agricultural landscape and the growing demand for high-quality produce.
• The global fertilizer market is experiencing a notable shift towards organic and bio-based fertilizers, driven by the increasing focus on sustainable agriculture practices.
• Precision agriculture and other technological innovations are optimizing fertilizer application, leading to greater efficiency and reduced environmental impact.
• The Russia-Ukraine war has disrupted supply chains and affected fertilizer prices, highlighting the need for diversification of supply sources and resilience in the market.
 
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