What Fueled The Previous Growth In The Chemical Fertilizers Market?
The chemical fertilizers market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the size of the chemical fertilizers market. It is envisaged that the market will rise from a value of $192.5 billion in 2024 to $210.18 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.2%.
The augmentation experienced over the historical period is credited to factors such as enhanced agricultural productivity, increased worldwide food requirement, advancements in the production and distribution technologies of fertilizers, changes in agricultural strategies, and soil exhaustion.
How Does the Forecast Look for the Chemical Fertilizers Market?
The chemical fertilizers market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness robust growth in the forthcoming years, the market size of chemical fertilizers is projected to expand to $284.96 billion by 2029, with a compound annual growth rate (CAGR) of 7.9%.
Factors such as sustainable farming practices, impact of climate change, advanced agricultural techniques, amendments in regulations, increasing population, and urbanization are likely to propel growth in the forecast period. The period is also expected to see major trends like customized fertilizer mixtures, slow and controlled-release fertilizers, biofertilizers and biostimulants, nutrient management technology, as well as organic farming and organic fertilizers.
What Are The Leading Drivers Of Growth In The Chemical Fertilizers Market?
Globally, farmers are employing advanced farming methods to amplify the product yield per hectare. Intensive farming, a system that escalates agricultural output and mechanization, strives to enhance the crop yield from the available land using different approaches that include an extensive usage of chemical fertilizers and pesticides. Such methods aid in fulfilling the growing food requirements of the increasing population and mitigate any possibilities of food scarcity. Certain intensive farming methods such as monoculture, stimulate the requirement for fertilizers. Monoculture essentially involves the cultivation of a single crop type intensively over a vast region which results in nutrient depletion in the soil, hence leading to a significant reliance on synthetic fertilizers.
How Are The Segments Defined Within The Global Chemical Fertilizers Market?
The chemical fertilizers market covered in this report is segmented –
1) By Type: Nitrogen Fertilizer, Phosphate Fertilizer, Potash Fertilizer
2) By Crop Category: Cereals, Oilseeds, Vegetables, Fruits, Other Crop Categories
3) By Form: Solid, Liquid, Gaseous
4) By Product Type: Complex Fertilizers, DAP, MOP, Urea, SSP, Other Product Types
5) By Method of Application: Broadcasting, Drop Spreading, Fertigation, Foliar Spray
Subsegments:
1) By Nitrogen Fertilizer: Urea, Ammonium Nitrate, Ammonium Sulfate, Calcium Ammonium Nitrate (CAN), Other Nitrogen Fertilizers
2) By Phosphate Fertilizer: Single Superphosphate (SSP), Triple Superphosphate (TSP), Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Other Phosphate Fertilizers
3) By Potash Fertilizer: Muriate Of Potash (MOP), Sulfate Of Potash (SOP), Other Potash Fertilizers
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How Are New Trends Expected To Influence The Growth Of The Chemical Fertilizers Market?
Leading companies in the chemical fertilizers sector, such as ICL, are strengthening their focus on the creation of high-tech solutions like water-soluble micronutrients and N-P-K fertilizers, in response to critical needs within the industry. Such advancements dissolve readily in water, ensuring a smooth application process and supply essential nutrients for robust plant health and agricultural yield enhancement. To illustrate, in June 2023, ICL, a manufacturing firm based in Israel, introduced its range of water-soluble micronutrient and N-P-K fertilizers — namely Nova FINISH, Nova PULSE, Nova ELEVATE, and Nova FLOW. These products are crafted for both foliar and fertigation applications providing high-grade nutrients, customized to the demands of different crops. Notably, these fertilizers greatly increase solubility and are compatible with most herbicides, effectively addressing nutrient deficiencies and mitigating plant stress. Jason Haegele, who leads the Agronomy department at ICL North America, emphasized the importance of these innovations for farmers grappling with diverse crop nutrition conundrums.
Who Are the Key Players In The Chemical Fertilizers Market?
Major companies operating in the chemical fertilizers market include:
• Sinopec Limited
• Yara International ASA (ADR)
• Guardian Industries LLC
• Nutrien Ltd
• Marubeni Corporation
• Mitsui & Co. Ltd.
• BASF SE
• CF Industries Holdings Inc
• Israel Corp Ltd
• Sinofert Holdings Limited
• Central Farmers Fertilizers Industries
• The Mosaic Company
• Haifa Group
• Indian Farmers Fertiliser Co-operative Limited (IFFCO)
• Oriental Chemicals Iimited
• Abu Qir Fertilizers and Chemicals
• Acron Group
• Intrepid Potash Inc.
• EuroChem Group AG
• Uralkali
• PhosAgro
• PotashCorp
• Agrium
• Kali und Salz (K+Z)
• Coromandel International Limited
• Gujarat State Fertilizers & Chemicals Ltd.
• Chambal Fertilisers and Chemicals Limited
• Rashtriya Chemicals & Fertilizers Ltd.
• Deepak Fertilisers and Petrochemicals Corporation Ltd.
• Zuari Agro Chemicals Ltd.
• National Fertilizers Limited
• Fertiberia
• Office Chérifien des Phosphates (OCP) Group
• Sociedad Química y Minera de ( SQM )
• Potash Ridge Corporation.
What Is The Most Dominant Region In The Chemical Fertilizers Market?
Asia-Pacific was the largest region in the chemical fertilizers market in 2023. North America was the second-largest region in the chemical fertilizers market. The regions covered in the chemical fertilizers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
