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Global Fertilizer Market, Size, Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

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Global Fertilizer Market Outlook

The global fertilizer market is expected to reach a valuation of USD 250 billion by 2030, according to Renub Research. Fertilizers have been instrumental in boosting global agricultural productivity over the past century, providing essential nutrients like nitrogen, phosphorus, and potassium to enhance crop growth and ensure sustainable food production. The Food and Agriculture Organization of the United Nations (FAO) estimated that global fertilizer usage in 2023 was 191.8 million metric tons, reflecting steady growth and an anticipated increase in the future.

Market Drivers and Trends

The projected global population of 9.7 billion by 2050 is driving demand for food, placing increased pressure on agriculture. Farmers rely on fertilizers to increase crop yields and meet this growing demand, especially in developing countries with higher growth rates and less-developed agricultural infrastructure. Fertilizers play a crucial role in addressing food security and poverty alleviation. Moreover, urbanization leads to a reduction in agricultural land, necessitating more intensive production on the remaining land, often achieved through increased fertilizer use.

Precision agriculture is gaining traction, with fertilizers playing a key role in optimizing crop production through data-driven approaches and advanced technologies like sensors, drones, and satellite imagery. This trend is expected to drive the fertilizer market, promoting efficiency and sustainability. Additionally, the growing focus on horticulture, where fertilizers are pivotal due to high nutrient requirements, is contributing to the market’s growth.

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Market Growth and Challenges

The global fertilizer market is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.80% from 2024 to 2030. This growth is fueled by factors such as rising disposable incomes, government subsidies, and technological advancements in fertilizer production and application. However, environmental concerns, including the impact of fertilizer overuse on soil health and water pollution, pose challenges. Governments and industry players are promoting sustainable practices to mitigate these impacts.

Market Segmentation

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By type, the global fertilizer market is divided into nitrogen, phosphorus, and potassium fertilizers. Nitrogen fertilizers dominate the market due to their essential role in plant growth and development. Nitrogen is a key component of amino acids, proteins, and chlorophyll, making it crucial for photosynthesis. Its ability to boost crop yields makes it a fundamental part of the global fertilizer industry.

By form, the market is segmented into dry and liquid fertilizers. Dry fertilizers, which include granules, powders, or prills, are preferred due to their longer shelf life and ease of handling, storage, and transportation. This form of fertilizer reduces the risk of clumping and caking, ensuring simpler application by farmers.

By application, the global fertilizer market is categorized into agriculture, horticulture, gardening, and others. Agriculture is the dominant application, as fertilizers are essential for maintaining soil fertility and supporting global food production. The expanding global population and the need for increased agricultural output drive this segment’s growth.

Geographic Insights

The global fertilizer market encompasses regions like China, India, Brazil, the USA, Indonesia, Pakistan, Russia, Canada, Australia, and Europe. Brazil, a significant player in the market, relies heavily on fertilizers to meet its agricultural demands. In 2023, the volume of fertilizers delivered to the Brazilian market was 12.9 million tonnes, slightly lower than in 2022. However, Brazil’s strategic location, abundant natural resources, and government support make it a key player in the fertilizer industry.

Key Players in the Global Fertilizer Market

Leading companies in the global fertilizer market include Yara International ASA, K+S AG, CF Industries Holdings, Grupa Azoty S.A., ICL Group, OCI NV, Sociedad Química y Minera de Chile SA, BASF SE, and PhosAgro. These companies play a significant role in driving innovation and expanding the market’s global reach.

Recent developments in the industry include:

  • ICL Group and India Potash Limited (IPL): In June 2022, these companies extended a contract for the supply of polysulphate through 2026, totaling one million metric tons over five years. This agreement supports India’s organic agriculture program.
  • Grupa Azoty S.A.: This leading Polish chemical company is involved in producing nitrogen and compound fertilizers, contributing to the global fertilizer market’s growth and development.

Overall, the global fertilizer market is poised for continued growth, driven by factors such as increasing population, technological advancements, and a growing focus on precision agriculture and sustainability. Despite environmental challenges, the market is expected to remain a critical component of the global agricultural industry, ensuring food security and supporting the livelihoods of millions worldwide.

 

About the Company:

 

Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

 

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