The Asia-Pacific fertilizer market size is anticipated to register a significant CAGR during the forecast period, 2021-2028. The growth of market is attributed due to technological advancement in the fertilizer market, growing demand for micronutrient fertilizers & food, and decreasing per capita arable land.
Fertilizers comprises of artificial or natural substances which includes chemical compositions that improves the productivity and improves the growth of the plant. Fertilizers enhances the soil fertility and replace it with the chemical elements which is been taken away by the previous plant from the soil some of the modern fertilizers includes potash, nitrogenous, and phosphate fertilizers.
Some of the factors that drive the Asia Pacific fertilizer market include growing food demand, environmental awareness, and favorable government support, increasing privatization & growing investments, and decreasing land availability.
With the COVID-19 outbreak severally impacted the Asia pacific market, lockdown on the revenue of the market vendors, disruptors, and followers, halting down of transport system, clogged roads & ports and delay in services. The production dependency of the food crops resulted in decrease in production yield due to inaccessibility of inputs by the farmers.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing sustainable practices and use of fertilizers for crop intensification is expected to drive the market in the coming years.
- Growing demand for biological alternatives to elevate the production yield is estimated to boost the market during the forecast period.
- Increasing population and growing demand for food is anticipated to spur the market during the projected period.
- Rising adoption of advanced technological equipments and innovations in the segment is estimated to propel the market in the coming years.
- Decreased per capita arable land, growing demand for micronutrient fertilizers is estimated to fuel the market in the coming years.
- High production cost act as major factor that hinder the market growth during the projected period.
- Increasing demand for bio-fertilizer possess a challenge that can hamper the growth of the market in the coming years.
Scope of the market
The report on the Asia Pacific fertilizers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Fertilizers market – Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Nitrogenous Fertilizers [Urea, Ammonium Nitrate, Ammonium Sulfate, and Calcium Ammonium Nitrate], Phosphatic Fertilzers [Single Super Phosphate (SSP), Triple Super Phosphate (TSP), Di-ammonium Phosphate (DAP), and Mono-ammonium Phosphate (MAP)], Potash Fertilizer [Muriate of Potash (MoP), and Other Potash Fertilizers], and Others), Applications (Pulses & Oilseeds, Plantation Crops, Fruits & Vegetables, Grains & Cereals, and Others)
Japan, India, China, Australia, Indonesia, Vietnam, Thailand, Philippines, Rest of Asia Pacific
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Yara International; Sinofert Holding Ltd; China BlueChemical Ltd; PT Petrokimia Gresik; Group OCP.
Market Segment Insights
The nitrogenous segment is expected to exhibit high CAGR
Based on types, the market is segregated into types nitrogenous fertilizers, phosphatic fertilizers, potash fertilizer, and others. The nitrogenous fertilizers segment is further segregated into urea, ammonium nitrate, ammonium sulfate, and calcium ammonium nitrate. The phosphatic fertilizers segment is sub-segmented into single super phosphate (SSP), triple super phosphate (TSP), di-ammonium phosphate (DAP), and mono-ammonium phosphate (MAP). The potash fertilizer segment is further segregated into muriate of potash (MOP) and other potash fertilizers. The nitrogenous segment is expected to exhibit high CAGR in the coming years owing to productivity increase and level yield, growing awareness regarding nutritional balance, soil profile, and favorable government regulations are some of the factors driving the market during the forecast period.
The fruits & vegetables segment is estimated to hold a key share of the market
On the basis of applications, the market is categorized into pulses & oilseeds, plantation crops, fruits & vegetables, grains & cereals, and others. The fruits & vegetables segment is estimated to hold a key share of the market in the coming years owing to growing concern towards food security and rising demand for smart and efficient fertilizers are the driving factors.
China is anticipated to dominate the market
In the term of regions, the market is classified into Japan, India, China, Australia, Indonesia, Vietnam, Thailand, Philippines, and Rest of Asia Pacific. China is anticipated to dominate the market during the projected period due to extended agricultural lands in North of China which approx 22% of the global population, minimum price ensure by government and provide storage facility, and awareness amongst the farmers in the use of fertilizers and pesticides to increase production yield.
The Asia Pacific market has been bifurcated on the basis of
- Nitrogenous Fertilizers
- Ammonium Nitrate
- Ammonium Sulfate
- Calcium Ammonium Nitrate
- Phosphatic Fertilzers
- Single Super Phosphate (SSP)
- Triple Super Phosphate (TSP)
- Di-ammonium Phosphate (DAP)
- Mono-ammonium Phosphate (MAP)
- Potash Fertilizer
- Muriate of Potash (MoP)
- Other Potash Fertilizers
- Pulses and Oilseeds
- Plantation Crops
- Fruits and Vegetables
- Grains and Cereals
- Other Applications
- Rest of Asia Pacific
- Yara International
- Sinofert Holding Ltd
- China BlueChemical Ltd]
- PT Petrokimia Gresik
- Group OCP.
Key players competing in Asia Pacific fertilizer market include Yara International; Sinofert Holding Ltd; China BlueChemical Ltd; PT Petrokimia Gresik; Group OCP.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.