According to the report by Expert Market Research (EMR), the global Fertilizer Market Size reached a value of USD 224.78 billion in 2023. Aided by the increasing demand for food due to the growing global population and the essential role of fertilizers in enhancing agricultural productivity, the market is projected to further grow at a CAGR of 3.7% between 2024 and 2032 to reach a value of USD 312.63 billion by 2032.
Fertilizers are critical in modern agriculture, providing essential nutrients to crops and improving soil fertility. The market for fertilizers is extensive, encompassing various types such as nitrogen, phosphate, potassium, and micronutrient fertilizers. The growth of the fertilizer market is driven by factors such as rising food demand, technological advancements in fertilizer production, and the increasing adoption of sustainable farming practices.
The global fertilizer market growth is primarily driven by the increasing demand for food. Technological advancements in fertilizer production and application are also playing a crucial role in market growth. Innovations such as controlled-release fertilizers, biofertilisers, and precision agriculture technologies are improving the efficiency of fertilizer use, reducing environmental impact, and enhancing crop productivity. These advancements are driving the adoption of modern fertilizers among farmers worldwide.
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Nitrogen fertilizers are a significant segment of the market. Nitrogen is an essential nutrient for plant growth, playing a vital role in photosynthesis and protein synthesis. The demand for nitrogen fertilizers is driven by their effectiveness in promoting healthy plant development and increasing crop yields. Urea, ammonium nitrate, and ammonium sulphate are commonly used nitrogen fertilizers.
The development of advanced nitrogen fertilizers, such as slow-release and stabilised nitrogen products, is supporting fertilizer market growth. These products improve nitrogen use efficiency, reduce nitrogen losses, and minimise environmental pollution. The increasing adoption of these advanced fertilizers is driven by the need for sustainable and efficient nutrient management practices.
Phosphate fertilizers are essential for root development and energy transfer in plants. The demand for phosphate fertilizers is driven by their importance in promoting healthy root systems, improving crop quality, and enhancing resistance to diseases. Diammonium phosphate (DAP), monoammonium phosphate (MAP), and triple superphosphate (TSP) are commonly used phosphate fertilizers, consequently driving up the fertilizer market share.
The increasing focus on balanced fertilization practices and the development of specialty phosphate fertilizers are supporting market growth. Specialty fertilizers, such as water-soluble and fortified phosphate products, offer targeted nutrient delivery and improved crop performance. The adoption of these fertilizers is driven by the need for precision agriculture and optimized nutrient management.
Potassium fertilizers are crucial for various physiological processes in plants, including water regulation, enzyme activation, and photosynthesis. The demand for potassium fertilizers is driven by their role in improving crop quality, enhancing drought resistance, and increasing overall plant health. Potassium chloride (MOP) and potassium sulphate (SOP) are commonly used potassium fertilizers.
As per the fertilizer market analysis, the development of innovative potassium fertilizers, such as potassium nitrate and potassium thiosulfate, is supporting market growth. These products offer additional benefits, such as improved nutrient uptake and compatibility with various crops and soil types. The increasing adoption of these fertilizers is driven by the need for improved crop performance and sustainable farming practices.
Fertilizer Market Segmentation
The market can be divided based on type, form, application, and region
Market Breakup by Type
- Organic
- Inorganic
Market Breakup by Form
- Dry
- Liquid
Market Breakup by Application
- Agriculture
- Horticulture
- Gardening
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive landscape of Fertilizer Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Global fertilizer market. Some of the major players explored in the report by expert market research are as follows:
- Coromandel International Limited
- K+S Aktiengesellschaft
- OCI N.V.
- Shandong Hualu Hengsheng Group Co., Ltd
- Acron Group
- ICL Group Ltd.
- Yara International ASA
- Nutrien Ltd
- PhosAgro PJSC
- CF Industries Holdings, Inc.
- Others
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