Innovations in the Agricultural Sector Thriving the Fertilizers Market
Fertilizers market: by form, by types and sources, by method of application, by crops, by application, by geography - forecast (2018 - 2023).” The global fertilizer market is estimated to be worth more than $125 billion and is expected to grow at a CAGR of more than 6.3% during the forecast period from 2018 to 2023. The market for potash alone, a major constituent of fertilizers and an important nutrient for plants, was estimated to be worth around $65 billion.
Browse 51 Market Tables, 176 Figures spread through 200 slides and an in-depth TOC on
Fertilizers Market (2018 - 2023)”
Fertilizers Market Overview
A fertilizer is any synthetic or naturally obtained product that is applied to plants or soil to supply essential nutrient for the growth of the plants. The fertilizer market is segmented into nitrogen (N), phosphate (P2O5) and potash (K2O). According to the Food and Agriculture Organization (FAO) of the United Nations estimations, the global demand for fertilizer nutrients N, P2O5 and K2O is growing annually by 1.5%, 2.2%, and 2.4%respectively; poised to cross 201.66 million tonnes of global fertilizer demands in the forecast period of 2018 to 2023. The demands of these fertilizers are increasing due to incremented awareness about sustainable agricultural practices. China and India are the largest agriculture-dependent countries and hence Asia Pacific is the most lucrative region in the global fertilizers market, followed by North America and then Latin America.
Fertilizers Market Demand Analysis
- The most important growth driver of fertilizer is the increasing population. The requirement to cater the worldwide food demands from forever shrinking landscape of arable land on the back of expanding urban territories is pressurizing the food providers to increase yield from the available crop fields. This can be achieved via proper application of fertilizers, and therefore greater demand for the same.
- The hazardous effects of synthetic fertilizers on the food crops are tilting the synthetic fertilizer market to migrate to the organic fertilizer market. The organic fertilizer is obtained from natural sources such as manure, organic cakes, blood meal, bone meal, bio-solids from industry, and seaweed. This organic fertilizer is gaining popularity owing to the growing governmental emphasis on adopting eco-friendly measures.
- Other than its application in food crops, these fertilizers are heavily being used for the maintenance of grass fields in areas such as sports field, gardens, golf courses, and lawns. The awareness to increase the green patches all over the world is estimated to drive the global fertilizer market.
- Continuous innovations are happening in the agricultural sector, as a result, the market of high-efficiency fertilizers has emerged. These fertilizers are encapsulated into cost-effective polymer coatings. These fertilizers are heavily being used as a catalyst for the production of grains and cereals in the U.S. and Asia-Pacific countries.