Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Fertilizer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global fertilizer market size reached US$ 170.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 210.0 Billion by 2028, exhibiting a growth rate (CAGR) of 3.7% during 2023-2028. The increasing utilization of biofertilizers to reduce the accumulation of chemical residues in agricultural products, rising adoption of veganism, and the growing consumption of fruits, seeds, and nuts to prevent the occurrence of chronic diseases represent some of the key factors driving the market.

Fertilizers refer to chemical agents added to the soil to improve the growth of plants and increase crop yield. They comprise various inorganic and organic substances, agricultural wastes, animal manure, compost, and humic substances (HS) produced by microorganisms. They impart positive effects on the physiology of plants, improve soil structure, and neutralize acidic and alkaline soils. They are soluble in water and can be easily absorbed by plants through various physiological processes. They also add nitrogen and phosphorus in the soil, which help plants in conducting photosynthesis and amino acid synthesis and boosting cell growth. They facilitate the development of strong roots and increase the water-holding capacity of plants. Fertilizers retain the basic functioning of various essential biochemical procedures and improve the disease-resistance capacity of plants. They also prevent numerous complications caused by nutrient deficiency in plants, such as chlorosis, necrosis, premature falling of leaves, delay in flowering, and cell division inhibition. As fertilizers enhance the quality of crops for producing better harvests, the demand for fertilizers is rising around the world.

Fertilizer Market Trends:
At present, the increasing production of crops due to the surging population across the globe represents one of the key factors influencing the market positively. Besides this, the rising adoption of organic farming to produce good quality crops and avoid the utilization of artificial ingredients, hormones, pesticides, and antibiotics is propelling the growth of the market. In addition, the increasing awareness about the contamination of water bodies and the destruction of marine life from synthetic chemicals is contributing to the growth of the market. Apart from this, the rising consumption of fruits, vegetables, seeds, and nuts to stay healthy and prevent the occurrence of chronic lifestyle disorders, such as diabetes, obesity, hypertension, stroke, and thyroiditis, is supporting the market growth. Additionally, governing agencies of various countries are promoting the utilization of biofertilizers to prevent the accumulation of chemical residues in agricultural products and minimize farming expenses. Moreover, the growing consumption of vegetables, plant-based meats, and non-dairy milk due to the rising adoption of veganism is offering a favorable market outlook. Furthermore, key market players are utilizing waste heat and fuel gases to operate fertilizer production plants sustainably and employ green ammonia to minimize carbon emissions, which is bolstering the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global fertilizer market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, product, product form and crop type.

Product Type Insights:

Chemical Fertilizer
Biofertilizers

The report has provided a detailed breakup and analysis of the fertilizer market based on the product type. This includes chemical fertilizer and biofertilizers. According to the report, chemical fertilizer represented the largest segment.

Product Insights:

Straight Fertilizers
Nitrogenous Fertilizers
Urea
Calcium Ammonium Nitrate
Ammonium Nitrate
Ammonium Sulfate
Anhydrous Ammonia
Others
Phosphatic Fertilizers
Mono-Ammonium Phosphate (MAP)
Di-Ammonium Phosphate (DAP)
Single Super Phosphate (SSP)
Triple Super Phosphate (TSP)
Others
Potash Fertilizers
Muriate of Potash (MoP)
Sulfate of Potash (SoP)
Secondary Macronutrient Fertilizers
Calcium Fertilizers
Magnesium Fertilizers
Sulfur Fertilizers
Micronutrient Fertilizers
Zinc
Manganese
Copper
Iron
Boron
Molybdenum
Others
Complex Fertilizers

A detailed breakup and analysis of the fertilizer market based on product has also been provided in the report. This includes straight fertilizers [nitrogenous fertilizers (urea, calcium ammonium nitrate, ammonium nitrate, ammonium sulfate, anhydrous ammonia, and others); phosphatic fertilizers (mono-ammonium phosphate (MAP), di-ammonium phosphate (DAP), single super phosphate (SSP), triple super phosphate (TSP), and others); potash fertilizers (muriate of potash (MoP) and sulfate of potash (SoP)); secondary macronutrient fertilizers (calcium fertilizers, magnesium fertilizers, and sulfur fertilizers); and micronutrient fertilizers (zinc, manganese, copper, iron, boron, molybdenum, and others)] and complex fertilizers. According to the report, straight fertilizers accounted for the largest market share.

Product Form Insights:

Dry

Liquid

A detailed breakup and analysis of the fertilizer market based on the product form has also been provided in the report. This includes dry and liquid. According to the report, dry accounted for the largest market share.

Crop Type Insights:
Grains and Cereals
Pulses and Oilseeds
Fruits and Vegetables
Flowers and Ornamentals
Others

A detailed breakup and analysis of the fertilizer market based on the crop type has also been provided in the report. This grains and cereals, pulses and oilseeds, fruits and vegetables, flowers and ornamentals, and others. According to the report, grains and cereals accounted for the largest market share.

Regional Insights:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, Asia Pacific was the largest market for fertilizer. Some of the factors driving Asia Pacific fertilizer market included the growing awareness about the benefits of biofertilizers, increasing adoption of organic produce, rising shift of farmers from growing field crops to horticulture crops, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global fertilizer market. Detailed profiles of all major companies have also been provided. Some of the companies covered include CF Industries, Haifa Group, Indian Farmers Fertiliser Co-operative Limited (IFFCO), Israel Chemicals Ltd. (ICL), Nutrien Limited, Sociedad Química y Minera (SQM), The Mosaic Company, Uralkali, and Yara International. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global fertilizer market in 2022?
2. What is the expected growth rate of the global fertilizer market during 2023-2028?
3. What are the key factors driving the global fertilizer market?
4. What has been the impact of COVID-19 on the global fertilizer market?
5. What is the breakup of the global fertilizer market based on the product type?
6. What is the breakup of the global fertilizer market based on the product?
7. What is the breakup of the global fertilizer market based on the product form?
8. What is the breakup of the global fertilizer market based on the crop type?
9. What are the key regions in the global fertilizer market?
10. Who are the key players/companies in the global fertilizer market?