Fertilizer Industry to Gain Momentum from Buoyant Demand for Nitrogen Fertilizer: Grand View Research, Inc.
San Francisco, Feb 07, 2023: The fertilizer industry size was valued at USD 200 billion in 2021 and will witness a noticeable CAGR on the back of rising concerns for food safety and climate variability, according to the “Global Fertilizer Industry Data Book, 2022 – 2030”, published by Grand View Research. Soaring demand to boost agriculture productivity has driven the market growth. The need for phosphate, nitrogen, potash and foliar to further the production of crops for fuel, fiber, feed and food has encouraged leading players to tap into the global landscape. Moreover, the prevailing geopolitical tensions have given rise to supply restrictions and reduced fertilizer availability. The Ukraine war, restrictive trade policies and rising energy prices have disrupted the fertilizer supply chain.
Surging global demand for fertilizers and soaring production of field crops have spurred the market growth. As per the data book published by Grand View Research, investments in innovation and soil fertility could act as a growth engine for the fertilizer industry. Promoting environmental sustainability, efficient fertilizer use, resilience against future shocks and subsidies will further the market potential. Notably, uptake in the food demand has acted as a catalyst to drive the production of fertilizers across advanced and emerging economies. Citing a UN report, DownToEarth noted that food demand will be 50% more in 2050 vis-à-vis 2012 to underpin the global population. Accordingly, concerted efforts in food security are likely to reinforce the business outlook.
Access the Global Fertilizer Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Lately, strong demand for NPK formulation and the need to boost plant efficiency have encouraged stakeholders to emphasize nitrogen fertilizers. Soil scientists have vouched for nitrogen, phosphorus and potassium fertilizers for the robust growth of plant leaves, root development and fruit & flower production. The nitrogenous fertilizers market size garnered 113.3 million tons in 2021 and could register around 1.2% CAGR from 2022 to 2030. Furthermore, an uptick in demand for packaged and processed food will augur innovation and growth, prompting industry leaders and other stakeholders to bolster their footfall across untapped areas.
Industry participants have exhibited profound traction for phosphatic fertilizers following the rising footprint of technologies fostering fertilization, disruptive innovation and the establishment of new factories. For instance, MAP has become highly sought-after in the wake of higher concentration of P, increased production and physical quality compared to DAP, TSP and SSP. Meanwhile, DAP has gained ground on the back of high nutrient content and is a tremendous nitrogen and phosphorous source. These dynamics have made phosphorus fertilizers an invaluable macronutrient for crop production. The phosphatic fertilizers market size was pegged at 48.8 million tons in 2021, depicting approximately 1.5% CAGR between 2022 and 2030. The expanding footfall of fertilizer technologies, including chemically modified, fixation-inhibitor, blends and multifunctional and controlled-release, has reinforced the position of leading companies gearing to bolster their portfolios.
Order your copy of the Free Sample of “Fertilizer Industry Data Book - Nitrogenous, Potassic, Phosphatic, Foliar, Water-soluble & Biofertilizers Market, And Fertilizer Additives Market Size, Share, Trends Analysis And Segment Forecasts, 2022 - 2030” Data Book, published by Grand View Research
Well-established and emerging players are gearing up to explore opportunities and trends to stay ahead of the curve. Some industry dynamics that are likely to be pronounced in the ensuing period are delineated below:
- Bullish adoption of state-of-the-art technologies, such as fertigation and coated fertilizers, has brought a paradigm shift in global food and feed production. Coating fertilizers have amassed immense popularity for sustainable agriculture as they release more product into the soil and less into the environment. The technological advancement will help farmers optimize and maximize crop performance, boost nutrient use efficiency and minimize nutrient loss.
- The trend for organic fertilizer to underpin the sustainability of food self-sufficiency will drive the market share. The applications of agriculture crop waste, animal manure and wastewater treatment organics to feed crops have complemented the use of organic content to enhance soil health.
- Buoyant demand for field crops, such as soybeans, cotton, winter wheat, corn, sorghum, rice and spring wheat, has prompted key players to inject funds into fertilizers. The use of organic and inorganic fertilizers could be noticeable to keep up with the global food demand.
On the regional ground, the Asia Pacific fertilizer market forecast will be pronounced in the light of burgeoning urbanization, technological advancements in farming techniques and demand for quality food. Advanced economies, such as Japan and Australia and emerging countries, including China and India have exhibited an increased inclination for organic food, partly due to rising income level, environmental protection and growing health awareness. Meanwhile, sanctions on Belarus, disruption in natural gas supplies owing to the war in Ukraine, and prevailing geopolitical tensions have impacted the fertilizer supply in most Asia Pacific countries. For instance, in January 2023, India turned to Morocco following China’s suspension of exports of ammonium phosphate for fertilizer manufacturing.
Go through the table of content of Fertilizer Industry Data Book to get a better understanding of the Coverage & Scope of the study
Incumbent players anticipate organic and inorganic growth strategies to bode well for the global outlook. Prominent companies are slated to inject funds into product offerings, technological advancements, R&D activities and mergers & acquisitions. For instance, in September 2022, ICL rolled out eqo.x, a biodegradable coated fertilizer technology to underpin sustainable agriculture and food security. The Israel-based company expects the technology to be ready for the farmers in the EU by 2023 and is pouring USD 20 million for eqo.x release technology in the Netherlands.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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