The latest report by Precision Business Insights, titled “Fertilizers Market” covers complete information on market size, share, growth, trends, segment analysis, key players, drivers, and restraints. The global fertilizers market size was valued at USD 195.6 billion in 2021 and is poised to witness a considerable CAGR rate of 2.1% over 2022-2028.
An overview on the Fertilizers Market
Technology and science both have benefited the fertilizer industry and agriculture in general for more than a century. Fertilizer production is the biggest energy consumer of the world. Partnerships between the private and public sectors for improving the registration process for new fertilizers and expanding farmers’ access to pioneering technologies, which give significant agronomic advantages. The NextGen fertilizer challenge is going to get better on-farm use of efficient fertilizer product advances while also stimulating novelty. The market is anticipated to benefit from fertilizer promotion in rural areas and on television and radio. Furthermore, increase in the rural profits and the simplicity and speed with which credit can be obtained are anticipated to fuel the profit generation. TFI collaborated on the NextGen Fertilizer Challenges with the United States Department of Agriculture (USDA) and the Environmental Protection Agency in Mar 2022 with the aim to speed up the new fertilizer products technology development.
There is growing adoption of organic fertilizers because of its environmental advantages and the world is facing several climatic shifts and harm to ecology systems. A few organic fertilizers available include mineral-organic, pure, bio-organic and microbiological. People are giving more preference to organic foods and ready to pay a premium price for them, which are anticipated to fuel the organic fertilizers’ demand. On the other hand, climate change, excessive salt content and non-uniform nutrient composition are constraining the expansion of the market.
1) By Type: Organic Fertilizers, Inorganic Fertilizers, Bio-Fertilizers
2) By Form: Granules, Liquid, Gaseous, Others
3) By Application: Foliar Spraying, Fertigation, Sowing, Broadcasting, Spraying, Drip Method, Others
4) By Crop Type: Horticulture Crops, Cash Crops, Cereals, Turfs and Ornamental, Crops Plantation, Crops Others
North America accounted for major share in Fertilizers Market:
Among other regions, North America fertilizers market has witnessed the uppermost revenue share in the year 2021 and is anticipated to dominate the market in forthcoming years. Demand for fertilizers is anticipated to increase during the projected time span resulting in a positive outlook because of improved economic conditions. After a period of modest development, the North America fertilizers market is recovering at present. There are several factors fuelling the North America market such as increase in the technological developments by the key players working in the sector, growing population and restricted arable land in the U.S. and increasing export potential for nitrogen-based fertilizer. The Asia Pacific is anticipated to be the rapidly growing region in the market. Rice is a big nitrogen-consuming crop in Asia.
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Competitive Analysis – Fertilizers Market
A few major players working in the fertilizers market are Haifa Group, Nutrien Ltd., Yara International ASA, CF Industries Holdings, Inc and Sumitomo Chemical Co., Ltd.
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