Global fertilizer market to reach $ 93.9 billion by 2027
According to Renub Research, the global fertilizer market is expected to exceed $ 93.9 billion by the end of 2027.
According to the latest report from Renub Research, titled “Global Fertilizer Market by Segments, Region, Company Analysis and Forecast” According to Renub Research results, the global fertilizer market will reach $ 93.9 billion by 2027 The global fertilizer industry has played a central supporting role in the global agricultural sector. The growth in the use of chemical fertilizers among farmers has been the source of agrarian development nationwide in many countries. In addition, the fertilizer industry is spread all over the world among three main sectors: private sector enterprises, public sector and cooperative societies. Governments of many countries have also subsidized fertilizers to ensure that fertilizers are readily available to farmers and that countries remain self-sufficient in agriculture.
In addition, an increase in the prices of agricultural products has led to an increase in the demand for fertilizers on a global scale. As a result, fertilizer raw materials such as natural gas, phosphate rock and potash have faced rapid market price growth. Therefore, the persistent trend has been the shift in consumption. Globally, the global fertilizer market comprises three primary nutrients, all of which have essential and complementary roles in the ecological processes of plants. Of the three, nitrogen is the most crucial nutrient in the world. The other two primary nutrients contain phosphorus and potassium.
While nitrogen fertilizers are still manufactured by chemical processes, the production of phosphate and potassium fertilizers involves digestion and extraction activities. Two essential raw materials for nitrogen fertilizers are natural gas, widely available in many parts of the world, and air. Yet all nitrogen fertilizers are made from ammonia, processed directly from natural gas. The availability of raw materials drives the manufacture of ammonia forward, and therefore nitrogen fertilizers are possible in various places.
In addition, the global consumption of phosphorus fertilizers includes phosphoric acid fertilizers and non-phosphoric acid fertilizers. Non-phosphoric acid based fertilizers include phosphate in nitric acid based fertilizers and superphosphate. The demand for phosphorus fertilizers has increased due to population growth and increasing food demand. The increased consumption of milk and meat necessitated a large volume of feed which increased the demand for maximum fodder production.
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On the other hand, potassium fertilizers are generally applied to vegetables, rice, sugar, fruits, soybeans, palm oil and cotton because of their ability to improve crop productivity, crop yield. crops, nutritional value and resistance to disease and harmful pests. Increasing consumption of animal feed and increasing purchasing power around the world is expected to help in the growth of the potash fertilizer market. Our research suggests that the global fertilizer market was $ 83.5 billion in 2020 and is expected to grow at a CAGR of 1.69% during the forecast period (2020-2027).
Fertilizer consumption has increased rapidly, especially in China and India
Remarkably, fertilizer consumption has remained constant in Western Europe and North America, but has increased rapidly, especially in China and India. It is expected that the increase in global fertilizer consumption will soon come from East Asia, South Asia and Latin America. These changes in demand patterns significantly influence fertilizer trade flows, business investment decisions and hence regional and global competition.
The Indian fertilizer market is mainly dependent on imports from various countries, especially potash fertilizers in South Asia. There is a shortage of raw materials in the country, and the consequent dependence on imports leads to volatile prices in the fertilizer industry. However, the new policies will help stabilize commodity prices over the next few years.
In addition, variations in cultivated soils and climatic conditions in different regions are not effective on some crops or soils, resulting in less demand. Demand for potassium is expected to grow the fastest, driven by promising prospects in China, India, Brazil and Indonesia, and a rebound in Belarus. Demand for phosphorus is expected to increase more moderately, with declines in Turkey, Pakistan and Germany partially offsetting increases elsewhere.
The global fertilizer market is fragmented with major international players such as The Mosaic Company, Yara International, Nutrien Limited, CF Industries Holdings, Inc and K + S Group capturing the global market. Our analysis suggests that the companies studied now compete better with the giants of the fertilizer market. Intense global competition is also forcing large companies to review their business practices and assess how to address global industry challenges.
Nonetheless, the biggest challenges may rival the world’s leading fertilizer companies in terms of profitability and growth. Based on our analysis, it can be concluded that the best companies are also struggling to become more efficient in this deeply competitive industry. Thus, in the years to come, the evolution of fertilizer consumption patterns opens up opportunities for structural changes on the markets.
The most significant risk is the disruption of global production and supply chains linked to COVID-19:
In 2020, COVID-19 caused a sharp short-term price increase in the on-farm fertilizer market. However, rural demand and needs have been sustained and promising despite the coronavirus pandemic and macroeconomic uncertainties. This has resulted in an improvement in the underlying macros of the global fertilizer industry.
For example, farms in India were well placed and developed thanks to a bumper crop of Rabi and a good monsoon during the Kharif season. In addition, with the forecast of normal monsoons and the roll-out of the COVID vaccination program, the global market expects economic activities to normalize in fiscal year 22. From this perspective, consumption and Growth in fertilizer demand is currently expected to continue.
Follow the link for the full report with detailed table of contents and list of figures and tables: https://www.renub.com/global-fertilizer-market-p.php
Segment – We have covered the market and volume of the following Fertilizers like Ammonia, Phosphorus and Potassium.
Ammonia Fertilizers – This report studies the market and volume by region of Africa, Americas (North America & Latin America), Asia (West Asia, South Asia & Asia) East), Europe (Central Europe, Western Europe and Rest of Europe) and Oceania.
Phosphorus Fertilizers – This report covers the market and volume by region of Africa, Americas (North America & Latin America), Asia (West Asia, South Asia & East Asia ), Europe (Central Europe, Western Europe and the rest of Europe) and Oceania.
Potassium Fertilizers – This report covers the market and volume by region of Africa, Americas (North America & Latin America), Asia (West Asia, South Asia & East Asia ), Europe (Central Europe, Western Europe and the rest of Europe) and Oceania.
Key Players – We have researched the business through overviews, recent developments and revenues from the following companies: The Mosaic Company, Yara International, Nutrien Limited, CF Industries Holdings, Inc and K + S Group.
Industry related reports:
Specialty fertilizers market: https://www.renub.com/specialty-fertilizers-market-p.php
Fertilizer Market in India: https://www.renub.com/india-fertilizers-market-p.php
Hemp Seeds Market: https://www.renub.com/hemp-seed-market-p.php
World cotton market: https://www.renub.com/global-cotton-market-p.php
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