The global fertilizer market size was valued at around USD 190.5 billion in 2021 and is anticipated to reach around USD 320 billion by 2030, expanding at a CAGR of around 5% during the forecast period, 2022 – 2030. The growth of the market is attributed to the growing need to improve soil fertility to increase crop yield.
Fertilizers are defined as natural or artificial substances that, when applied to soil or plant tissues, provide nutrients, improve growth, and enhance productivity to plants. They contain essential nutrients required by plants such as potassium, nitrogen, and phosphorus. Fertilizers enhance water retention capacity of the soil and increase its fertility. Organic and inorganic are the two types of fertilizers used in farming. Organic fertilizers include livestock waste, agricultural waste, industrial waste, municipal sludge, and others. These fertilizers increase organic matter content of soil, change physical and chemical properties of soil, and promote reproduction of microorganisms. Organic fertilizers enrich soil with carbonic compounds. Urea is the most commonly used organic fertilizer around the globe. Inorganic fertilizers, also known as synthetic or artificial fertilizers, are made from minerals or synthetic compounds, which are generated artificially. Inorganic fertilizers include ammonium nitrate, potassium chloride, ammonium sulphate, magnesium sulphate, and others. Rising shift from inorganic fertilizers to organic fertilizers is attributed to hazardous effects of inorganic fertilizers on plants and soil after long-term usage. Fertilizers are expensive and some of its ingredients are harmful for skin and respiratory system, however, if used appropriately, fertilizers restore soil nutrients and aid in crop yield.
The global fertilizer market registered negative impact of the COVID-19 situation, due to import-export restrictions. Demand and prices of fertilizers fell drastically, due to closed borders, quarantines, and lockdowns. Various government initiatives and policies to support demand and supply of fertilizers are helping farmers, manufacturers, and others to recover from the pandemic situation.
Market Trends, Drivers, Restraints, and Opportunities
- Growing population and rising demand for food are projected to drive the global fertilizer market during the forecast period.
- Increasing awareness of fertilizers and their benefits are expected to fuel the market in the coming years.
- Various government initiatives and subsidies to support demand and supply of fertilizers fuel the market.
- Lack of awareness regarding optimum use of fertilizers is estimated to restrain the growth of the market.
- Rising pollution, due to uncontrolled use of fertilizers, is anticipated to hamper the growth of the market.
- High prices of specialty fertilizers are expected to hinder the growth of the market.
- Increasing adoption of organic fertilizers offer growth opportunities to key market players.
- Growing soil nutrient deficiency increases the importance of specialty fertilizers, which offer lucrative opportunities to key market players.
Scope of the Report
The report on the global fertilizer market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Fertilizer Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2022–2030
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Segmentation
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Types (Organic Fertilizers and Inorganic Fertilizers), Forms (Dry Fertilizers and Liquid Fertilizers), Crop Types (Pulses & Oilseeds, Grains & Cereals, Fruits & Vegetables, Commercial Crops, Turf & Ornamentals, and Others), Applications (Agriculture, Gardening, Horticulture, and Others), and Administration Methods (Foliar, Soil, and Fertigation)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Yara International ASA; Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), The Mosaic Company; Nutrien, Ltd.; The OCP Group; K+S Aktiengesellschaft; CF Industries Holdings, Inc.; Indian Farmers Fertiliser Cooperative Limited (IFFCO); ICL Group, Ltd.; Gemlik Fertilizer Industry, Inc.; Sumitomo Chemicals Co., Ltd; Unikeyterra Chemicals; Bunge Limited; Haifa Group; and Others
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Market Segment Insights
Organic fertilizers segment drives the market
Based on types, the market is bifurcated into organic and inorganic fertilizers. The organic fertilizers segment is expected to hold a large share of the market during the forecast period, as organic fertilizers are non-toxic, which makes them safe for the environment. They are not as concentrated as inorganic fertilizers, which makes them safe to handle and use by farmers. Regular use of organic fertilizers does not jeopardize biological balance of soil, but it improves soil fertility. Increasing environmental awareness and negative effects of inorganic fertilizers on soil are anticipated to expand the organic fertilizers segment and spur the global fertilizer market.
Dry fertilizers segment holds a large market share
On the basis of forms, the market is bifurcated into dry fertilizers and liquid fertilizers. The dry fertilizer segment is projected to expand at a rapid pace during the forecast period, as dry or granular fertilizers are easy to store without any particular storage conditions. These fertilizers are kept in room temperature. Dry fertilizers are cost-effective when bought in bulk. Growing agricultural production is expected to expand the dry fertilizers segment, which is expected to drive the market during the forecast period.
Fruits & Vegetables segment spurs the market
Based on crop types, the market is segmented into pulses & oilseeds, grains & cereals, fruits & vegetables, commercial crops, turf & ornamentals, and others. The fruits & vegetables segment is expected to drive the market during the forecast period, owing to growing demand for fruits and vegetables in developed and developing countries for their nutritional value. To meet surging demand for organic fruits and vegetables around the globe, farmers are using organic fertilizers, which fuels the market. Expansion of the grains & cereals segment in the coming years is attributed to the growing population across the globe.
Agriculture segment dominates the market
On the basis of applications, the market is divided into agriculture, gardening, horticulture, and others. The agriculture segment is estimated to hold a large share of market during the forecast period, due to growing population and rising demand for food across the globe. Increasing adoption of fertilizers to maintain the level of nutrients in the soil, fulfill nutritional requirements of crops, and boost agricultural productivity fuels the global fertilizer market.
Fertigation segment is projected as a fast-growing segment
According to administration methods, the market is segregated into foliar, soil, and fertigation. The fertigation segment is anticipated to drive the market, as the fertigation process maximizes the crop yield and minimizes environmental pollution. Fertigation is a labor, water, time, and energy-efficient process. Fertilizers are applied uniformly throughout the field as required. Adoption of efficient irrigation systems, rising awareness of the fertigation process, and holistic approach towards farming are expected to expand the fertigation segment, thus spurring the market during the forecast period.
Asia Pacific dominates the market
On the basis of regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to expand at a rapid pace, owing to increasing demand for various crops across the region. Growing population in developing countries of Asia Pacific is anticipated to drive the global fertilizer market in the region during the forecast period.
Segments
The global fertilizer market has been segmented on the basis of
Types
- Organic Fertilizers
- Inorganic Fertilizers
Forms
- Dry Fertilizers
- Liquid Fertilizers
Crop Types
- Pulses & Oilseeds
- Grains & Cereals
- Fruits & Vegetables
- Commercial Crops
- Turf & Ornamentals
- Others
Applications
- Agriculture
- Gardening
- Horticulture
- Others
Administration Methods
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Yara International ASA
- Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL)
- The Mosaic Company
- Nutrien, Ltd.
- The OCP Group
- K+S Aktiengesellschaft
- CF Industries Holdings, Inc.
- Indian Farmers Fertiliser Cooperative Limited (IFFCO)
- ICL Group, Ltd.
- Gemlik Fertilizer Industry, Inc.
- Sumitomo Chemicals Co., Ltd
- Unikeyterra Chemicals
- Bunge Limited
- Haifa Group
- Others
Competitive Landscape
The global fertilizer market is consolidated with the presence of key players such as Yara International ASA; Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL); The Mosaic Company; Nutrien, Ltd.; The OCP Group; K+S Aktiengesellschaft; CF Industries Holdings, Inc.; Indian Farmers Fertiliser Cooperative Limited (IFFCO); ICL Group, Ltd.; Gemlik Fertilizer Industry, Inc.; Sumitomo Chemicals Co., Ltd; Unikeyterra Chemicals; Bunge Limited; Haifa Group; and others, who use business strategies such as mergers, acquisitions, collaborations, partnerships, and product launches to strengthen their hold on the market. For example, in January 2020, Nutrien, Ltd., announced the acquisition of a Brazil-based retailer, Agrosema Comercial Agricola, Ltd., to penetrate into the fertilizer market in Latin America. In 2020, The Mosaic Company collaborated with BioConsortia, an innovative microbial company, to launch a nitrogen-fixing microbial product to increase productivity of wheat, corn, and others.
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