Fertilizer Market Size
Fertilizer Market size was valued at USD 202 billion in 2023 and is anticipated to register a CAGR of over 2.7% between 2024 and 2032. The market is a vital component of the agriculture industry, playing a pivotal role in enhancing crop yield and ensuring food security. With a rising global population and increasing demand for food production, the market has experienced substantial growth.
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Nitrogen-based fertilizers, phosphates, and potash are among the key products driving this market, catering to various crops and soil types. Developing economies with expanding agricultural sectors contribute significantly to the market expansion. However, environmental concerns related to nutrient runoff and greenhouse gas emissions from fertilizer use have led to increased focus on sustainable and precision agriculture practices. The market is witnessing innovations in nutrient formulations and technologies to address these challenges. As agriculture continues to evolve, the market remains a dynamic sector, adapting to meet the ever-growing demands of a changing world.
Fertilizer Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Fertilizer Market Size in 2023 |
USD 202 Billion |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
2.7% |
| 2032 Value Projection |
USD 257 Billion |
| Historical Data for |
2018 - 2023 |
| No. of Pages |
300 |
| Tables, Charts & Figures |
188 |
| Segments covered |
Form, Product, Application |
| Growth Drivers |
|
| Pitfalls & Challenges |
- Lack of awareness about the optimum usage of fertilizers
- Increasing uncertainties and significant policy focus towards the environment
|
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As our families keep getting bigger and we all need to eat, farmers need ways to grow more food on the same amount of land. That's where fertilizer comes in. It helps crops grow bigger and stronger, and there's a growing demand for it. Fertilizers are like vitamins for soil, making sure it has all the nutrients plants need. And with new types of fertilizers, like ones that dissolve in water, farmers can use them more wisely, without overdoing it. Companies in the fertilizer business are spreading their wings across different countries, setting up shop and marketing their products. They're also teaming up through mergers and acquisitions and coming up with new and improved fertilizers to make farming more profitable and keep us all fed.
Fertilizer Market Trends
The farming world is changing in exciting ways thanks to new farming techniques and concern for the environment. One big trend is towards sustainable farming, where farmers use fertilizers that are organic or plant-based. These fertilizers help keep soil healthy, reduce pollution, and fit well with the growing preference for eco-friendly farming. Another biggie is precision agriculture, which is when farmers use technology to make sure they're using just the right amount of fertilizer. With fancy sensors, drones, and computers, farmers can know exactly how much fertilizer each part of their field needs. This helps them save money and grow better crops with less waste. And finally, farmers are paying more attention to managing nutrients carefully. They're using fertilizers in a smarter way to make sure their crops get exactly what they need, without throwing anything away. This helps keep the soil healthy and prevents problems like nutrient imbalances.
Fertilizer Market Analysis
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Based on form, the market is divided into dry and liquid. Dry fertilizers held the dominant market share of USD 169 billion in 2023. Dry fertilizer dominates the market share, owing to its versatility and widespread use in various agriculture applications. Precision agriculture, incorporating digital tools for targeted application, is optimizing dry fertilizer use. Increased emphasis on nutrient efficiency and reduced environmental impact is prompting innovations in fertilizer formulations. With a focus on environmentally conscious agriculture, the dry fertilizer is evolving to meet the demands of modern farming while addressing sustainability concerns.
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Based on application, the fertilizer market is categorized into agriculture, horticulture, gardening, and other. Agriculture accounted for over 42% business share in 2023 and is projected to grow through 2032. Growing adoption of precision agriculture technologies, such as GPS-guided equipment and sensors, is influencing fertilizer, optimizing nutrient use efficiency. Increased awareness of environmental impacts has led to a shift towards sustainable practices, emphasizing the use of organic and bio-based fertilizers, cover cropping, and reduced chemical inputs.
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Asia Pacific dominated the global Fertilizer market in 2023. Asia Pacific generated a revenue of over USD 101 billion in 2023. The Asia Pacific region has emerged as a dominant force in the global market, playing a pivotal role in shaping its dynamics. Several factors contribute to this dominance. The region houses some of the world's most populous countries, such as China and India, driving substantial agricultural activity and creating a massive demand for fertilizers to enhance crop yields.
Additionally, the agricultural landscape in Asia Pacific is diverse, encompassing a wide range of crops and farming practices. This diversity has led to a demand for a variety of fertilizers tailored to specific soil and crop requirements, further boosting the regional market. The adoption of modern agricultural practices and technologies, including precision farming and controlled-release fertilizers, has been on the rise, contributing to increased efficiency and sustainability in fertilizer use.
Fertilizer Market Share
The fertilizer market is not dominated by a few huge players like you might see in other industries. Instead, it's like a crowded marketplace with a mix of big companies like Yara and SABIC, and a whole bunch of smaller, local businesses. These smaller companies make up a big chunk of the market, about 55-60%. The big players have a range of prices depending on how much you buy and how complicated your order is. They've also got their distribution networks dialed in to make sure the fertilizer gets to you when you need it. The industry has its ups and downs, like dealing with changing prices for the raw materials used to make fertilizer, new rules and regulations, and figuring out how to use fertilizer in ways that don't hurt the environment. But overall, the fertilizer market is a bustling place where big and small players are constantly innovating, working together, and doing what they can to keep up with the world's growing need for food.
Fertilizer Market Share
Major players operating in the fertilizer market include
- Yara International ASA
- Nutrien Ltd.
- The Mosaic Company
- CF Industries Holdings, Inc.
- K+S Group
- EuroChem Group AG
- Israel Chemicals Ltd.
- OCP Group
- Haifa Group
- IFFCO
- Sinofert Holdings Limited
- Coromandel International Limited
- Uralkali
- Bunge Limited
- Syngenta AG
Fertilizer Industry News
- In September 2023, SABIC Agri-Nutrients Company (SABIC AN) collaborated with two American companies, BiOWiSH Technologies and ADM, to help farmers enhance their crop yields sustainably and affordably. SABIC AN's product lineup features a biologically-enhanced urea fertilizer developed in collaboration with BiOWiSH. This fertilizer reduces greenhouse gas emissions compared to traditional urea. Additionally, it holds the potential to enhance the sequestration of atmospheric carbon dioxide into the soil, contributing to a more environment-friendly and efficient agricultural approach.
- In December 2022, Bunge Limited invested USD 550 million in a fully-integrated facility of soy protein and textured soy protein concentrates. This facility is expected to be commissioned in mid-2025 and fulfill customer needs for key ingredients in the production of pet food & feed products.
The Fertilizer market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Kilo Tons) from 2018 to 2032, for the following segments
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By Form, 2018 – 2032
By Product, 2018 – 2032
- Organic
- Plant based
- Animal based
- Mineral based
- Inorganic
- Nitrogen
- Urea
- Anhydrous ammonia
- CAN
- UAN Solution
- Ammonium sulfate
- Phosphorus
- Diammonium phosphate
- Monoammonium phosphate
- Triple superphosphate
- Ordinary superphosphate
- Ammonium polyphosphate
- Others
- Potassium
- Potassium chloride
- Potassium sulfate
- Potassium nitrate
By Application, 2018 – 2032
- Agriculture
- Horticulture
- Gardening
- Others
The above information is provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Indonesia
- Latin America
- MEA
- Saudi Arabia
- UAE
- South Africa
