Global Fertilizer Market Projected to Reach a Valuation of US$93.9 billion by 2027
The increasing global population has led to a growing demand for fertilization on a global scale. Fertilizers play a crucial role in promoting plant growth by providing essential nutrients to the soil, resulting in enhanced production efficiency and optimal food production. The key nutrients necessary for healthy crop growth include ammonia, phosphorus, and potassium, which must be adequately balanced.
According to a comprehensive research report by ResearchAndMarkets, the global fertilizer market is expected to surpass a value of US$93.9 billion by the year 2027.
Nitrogen is a vital element in plant development, as it aids in the formation of proteins essential for building plant tissues. Phosphorus, on the other hand, facilitates plant growth through the photosynthesis process, which converts sunlight into energy. Potassium contributes to carbohydrate and starch synthesis. The research further indicates that the global fertilizer market reached a value of US$83.5 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 1.69% during the forecast period (2020-2027).
European countries have recently implemented new regulations for fertilizers, emphasizing high-quality standards and the free circulation of fertilizers across Europe, ensuring proper safety measures. This new regulation aims to promote the use of phosphate fertilizers with low cadmium content, offering farmers a more environmentally friendly choice for agriculture. In Oceania countries, where agricultural land is limited, dependence on exports is significant. Egypt and South Africa, for instance, have focused on ammonium nitrate production.
In 2020, the Mosaic Company collaborated with BioConsortia, Inc. to introduce a nitrogen-fixing microbial product designed to enhance the growth of major non-legume row crops such as corn and wheat. The COVID-19 pandemic has also had an impact on the global fertilizer market, particularly in terms of disruptions in the supply chain distribution. Lockdown measures posed challenges for farmers in terms of transporting and receiving shipments of agricultural inputs.
Titled “Global Fertilizer Market Forecast by Segments (Ammonia, Phosphorus, and Potassium) and Region (Africa, Americas, Asia, Europe, and Oceania), Company Analysis (The Mosaic Company, Yara International, Nutrien Limited, CF Industries Holdings, Inc., and K+S Group),” this report provides a comprehensive analysis of the global fertilizer industry, covering various segments and key market players.
