A fertilizer refers to all the materials which provide nutrients to plants that are necessary for their growth. Fertilizers can be of natural or synthetic origin and are used on soil to enrich it in one or more nutrients. Nitrogenous fertilizers, phosphatic fertilizers and other fertilizers are the primary categories in the fertilizer manufacturing industry. The largest category in the fertilizers market around the globe is nitrogen-based fertilizers which account for more than half of the market share. In 2020, the global market for fertilizers is projected to be valued at about USD 250 billion.
The soil quality has been continually deteriorating which has compelled the consumers to use fertilizers. Micronutrient deficiency in crops has been on a rise; therefore fertilizers are now being used to fulfil the deficiency. They have helped in increasing soil productivity and thus manage to produce a higher yield. The liquid fertilizers are becoming more popular as they can be absorbed quickly by the plants and provide a faster result. The fertilizers have immensely assisted the farmers to become less dependent on the weather conditions.
According to the report, “Fertilizer Market Global Report 2017”, the market is majorly dominated by a few big companies. The companies which have the most significant market share in the fertilizer market have for long been- Agrium, The Mosaic Company, Yara International Asa, PotashCorp, Uralkali, Israel Chemicals Ltd., CF Industries Holdings Inc., Eurochem, Sinofert Holdings Ltd., Coromandel International Ltd., Bunge Ltd and CVR Partners LP among others. There are many domestic players in each region as well but the international brands have had a clear advantage in terms of prices, availability, variety and brand recognition for a long time.
The largest market share in 2016 has been noticed to be held by Asia in the fertilizers market which held about 55% of the total share. China and India have been the biggest consumers of fertilizers in the region on account of demand from their huge farming community. The fertilizers were majorly seen to be highly subsidized and there has been an increasing mechanization of the agriculture industry which led to the surge in fertilizers demand in the region. Asia is followed by America which accounts for about 32% of the market share and is the second largest region in the industry. The third largest region is Europe which holds about 9% of the total market share.
The upcoming enhancements in technology are expected to be one of the significant drivers of the fertilizer market in the coming years. There has been a lot of scope for developments and new innovations in the fertilizers market especially in fertigation and foliar applications which need micro irrigation systems in order to dissolve the nutrients which are water-soluble formulations. The energy and labour can be controlled using such systems along with the dissolving of water-soluble fertilizers. Also, these systems are helpful in controlling the amount of fertilizers and water. Fertigation is the process used for the application of most of the nitrogen-based fertilizers.
The market for fertilizers is expected to nurture in the coming years globally. The demand for phosphate, nitrogen and potash will be rising at a steady pace. With the improvements in technology, production capacity as well as raw materials and intermediaries of the fertilizer market, wholly risen amount of revenues are foreseen to be discovered. Furthermore, the current gap between demand and supply of the fertilizers is expected to reduce at a faster rate leading to ameliorated growth rates in the overall market globally.
Key Factors Considered in the Report
Global Fertilizer Market Research Report
Global Nitrogen Fertilizer Industry Future Outlook
Global Fertilizer Market Demand
Global Fertilizer Market Import Value
Global Fertilizer Market Export Value
Global Nitrogen Fertilizer Market Demand and Supply
Global Organic Fertilizer Market Revenue
Global Phosphate Fertilizer Industry Analysis
Global Green Fertilizer Market Trends
Global High Yield Fertilizer Market Demand
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Ankur Gupta, Head Marketing & Communications