Fertilizers Market Characteristics
The fertilizers market consists of the sales of fertilizers by entities (organizations, sole traders or partnerships) that produce nitrogenous or phosphatic fertilizer materials. The market also includes establishments producing fertilizers from sewage or animal waste, manufacturing nitrogenous or phosphatic materials and mix with other ingredients into fertilizers.
Many farmers across the world are shifting from chemical fertilizers to organic fertilizers. Organic fertilizers are carbon-based compounds that increase the productivity and growth quality of plants. Using organic fertilizers helps ensure food produced from these fertilizers is non-toxic, safe and environment friendly and also ensures farms remain fertile for longer periods.
Competitive Landscape of the Fertilizers Market
Major players in the global fertilizers market include Yara International, The Mosiac Company, EuroChem Inc., Potash Corp. and CF Industries Holding Inc.
Fertilizers Market Size
The fertilizers market size is expected to reach $270 billion by 2022, significantly growing at a CAGR of around 3% during the forecast period. The growth in the fertilizers industry is due to growing global population, increasing public private investments in agriculture industry and government subsidies to promote agriculture.
However, the market for fertilizers is expected to face certain restraints from several factors such as increase in interest rates, reduction in free trade and stringent regulations to prevent soil erosion.
Fertilizer Market Segmentation
The global fertilizers market is further segmented based on type of fertilizer and geography.
By Type of Fertilizer - The fertilizers market is segmented into nitrogen, phosphate and potash. Among these three segments, the nitrogen fertilizer market accounts for the largest share in the global fertilizers market.
By Geography - The global fertilizers is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American fertilizers market accounts the largest share in the global fertilizers market.
Trends in the Fertilzers Market
Shift to organic fertilizers, manufacturing fertilizers from manure and sewage and increasing demand for water soluble fertilizers are the major trends witnessed in the global fertilizers market.
Potential Opportunities in the Fertilizers Market
With emergence of organic and eco-friendly fertilizers, increasing demand from farmers and government subsidies and investments offered to boost the agriculture industry, the scope and potential for the global fertilizers market is expected to significantly rise in the forecast period.