Global Mineral Fertilizer Market Size to Reach USD 173.92 Billion in 2032 | Emergen Research
Increasing concern related to soil health and robust regulatory framework for import and export of mineral fertilizers are key factors driving Mineral Fertilizer Market revenue growth
Vancouver, Sept. 28, 2023 (GLOBE NEWSWIRE) — The global mineral fertilizer market size was USD 108.20 Billion in 2022 and is expected to register a steady revenue CAGR of 4.8% during the forecast period, according to latest analysis by Emergen Research. Rising concern related to soil health and robust regulatory framework for import and export of mineral fertilizers are key factors driving market revenue growth. Mineral fertilizers are inorganic substances, mostly salts, which comprise nutrients needed by plants. These fertilizers are processed chemically to satisfy crop requirements and can provide nutrients to plants, which are the most effective ways of increasing crop quality and yields if utilized correctly.
Many agricultural organizations are concerned with regenerative and sustainable crop and livestock production, as well as land management. It is difficult to produce enough food to support an ever-increasing human population without a productive and healthy soil. The soil health of agricultural fields has deteriorated in recent decades, hence many recent studies have linked this deterioration in health to the overuse of chemical fertilizer. While fertilizer is applied to the soil to increase its fertility, research has shown that it damages several soil qualities, reducing fertility and making it more difficult to develop healthy and high-volume crop harvests in the long run. This has led to the implementation of various schemes and policies to increase awareness among farmers and cultivators and facilitate sustainable use of mineral fertilizers.
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Fertilizers are important in agriculture for increasing yield and productivity and produce disease free crops. This has led to a robust trade of mineral fertilizers among countries. In addition, developing countries are heavily dependent on fertilizer imports to meet the rising demand, which is expected to drive revenue growth of the market.
However, over-use of mineral fertilizers by farmers, shifting preference towards organic fertilizers, and volatile prices of mineral fertilizers are key factors, which could restrain market revenue growth. In addition, mineral fertilizers can cause harm to human health, therefore there is rising demand for organic fertilizers, which could also restrain market revenue growth.
Scope of Research
|Market Size in 2022||USD 108.20 Billion|
|Revenue Forecast To 2032||USD 173.92 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Nutrient type, crop category, application, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||BP Bunge Bioenergia S.A., CF Industries Holdings, Inc., Coromandel International Limited, Israel Chemicals Ltd., K+S Aktiengesellschaft, Nutrien Ltd., Mosaic Company, Nufarm, Yara International ASA, and Uralkali|
|Customization Scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global mineral fertilizers market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new solutions and services. Some major players included in the global mineral fertilizers market report are:
- BP Bunge Bioenergia S.A.
- CF Industries Holdings, Inc.
- Coromandel International Limited
- Israel Chemicals Ltd.
- K+S Aktiengesellschaft
- Nutrien Ltd.
- Mosaic Company
- Yara International ASA
- On 16 February 2023, Coromandel International Limited successfully developed a nano technology-based fertilizer, Nano DAP. The product is studied for efficacy, biosafety and toxicity. The company is setting up a greenfield facility within Andhra Pradesh and has planned the launch of product in 2023.
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Some Key Highlights From the Report
- The nitrogen based fertilizers segment is expected to account for largest revenue share in the global mineral fertilizers market over the forecast period. This is because nitrogen fertilizers definitely play an important role in ensuring an adequate supply of healthy food. Nitrogenous fertilizer includes the production of urea, synthetic ammonia, nitric acid, and ammonium nitrate. Urea is a low-cost nitrogen fertilizer due to its high nitrogen content and, as a result, has reduced transport and storage costs and is widely used by farmers to improve yield.
- The vegetables segment is expected to register steadily fast revenue growth rate in the global mineral fertilizers market over the forecast period. This is due to increasing use of mineral fertilizers in proper concentration, which can help in preventing diseases along with an increase in crop yield. Vegetables are widely cultivated, consumed, and exported globally..
- The fertigation segment is expected to account for significantly large revenue share in the global mineral fertilizer market over the forecast period. This is because fertigation is a very efficient form of nutrient application, in which fertilizers are injected into the soil via an irrigation system. Fertilizing and irrigating crops with fertigation improves water and nitrogen use efficiency. These are already soluble and ready for plant uptake because nutrients are delivered via irrigation water. Furthermore, fertigation has been demonstrated to reduce both fertilizer input and nutrient leaching and fertigation consumes less fertilizer than typical granular fertilizer systems. This is expected to drive revenue growth of this segment during the forecast period.
- The Asia Pacific market accounted for largest revenue share in the global mineral fertilizer market in 2022. This is due to rising population and increasing government initiatives to ensure food security in this region. In countries like India, and China, the government has provided fertilizer subsidy and had implemented various schemes to facilitate the sustainable use of mineral fertilizers.
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Emergen Research has segmented the global mineral fertilizer market on the basis of nutrient type, crop category, application, and region:
- Nutrient Type Outlook (Revenue, USD Billion; 2019-2032)
- Nitrogen Based Fertilizers
- Phosphate Based Fertilizer
- Potash Based Fertilizer
- Crop Category Outlook (Revenue, USD Billion; 2019-2032)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Foliar Spray
- Drop Spreading
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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