Global Fertilizers Market: Snapshot
According to The United Nations, world population will hike from 7.6 billion to 9.8 billion by 2050, and increasing global wealth will fuel the demand for meat and grain to feed animals raised for food. Therefore, to feed great population worldwide, the farmers must produce more food, for which they will need fertilizers. Furthermore, diet-rich nutrients may help to maintain a healthy body and can reduce the risk of chronic diseases. Healthy plant growth will promote health and standard living. Increasing productivity of nutrient full plants requires a good mixture known as fertilizers. Substances such as natural or synthetic origin spread on soil or plant tissues while planting to stimulate plant nutrients essential for growth.
As per the findings of an IndustryARC report, titled “Fertilizers Market: By Form, By Types and Sources, By Method of Application, By Crops, By Application, By Geography – Forecast (2019 2025),” it is estimated that the global fertilizers market size was around $61,530 million in 2018. Additionally, the demand is anticipated to grow with a CAGR of around 3.67% during the forecast period of 2019 to 2025. The focus is shifting towards managing plants and flowers in new environmentally responsible ways. That’s how horticulture is emerging as a leading application growing with a CAGR of around 3.7% through to 2025. Horticulture helps to obtain high returns per unit area of land. Additionally, horticulture can include fruit farming that is important ingredients for several industries such as essentials oils and canning which in turn is opening new revenue avenues for fertilizers market companies.
The analyst of the IndustryARC report highlights that APAC is the key region with a regional share of more than 53% in 2018. The Ministry of Agriculture and Labor Welfare, India is the second largest producer of fruits and vegetables. Horticulture contributes around 30% of the total agriculture output with fruits and vegetables account for nearly 90% of total horticulture production.
Global Fertilizers Market Companies: Recent Developments
In December 2017, Landmark announced the acquisition with Agrium of Macrofertil. Their fertilizer distribution business with annual sales was around $120 million. Nitrogen-based fertilizers is a global commodity including dealers, fertilizers producers, and end users that decide their purchasing cost as per the availability and delivered price of the product. Agrium along with the fertilizer industry have involved in the development of nitrous oxide emission reduction protocol (NERP). The execution of NERP will help in more operative and effective farm application of nitrogen fertilizers. Agrium also developed strategies that will help to reduce the amount of N2O emission in agriculture. Various innovations and involvements of Agrium is an effort to accomplish a sensible and realistic agreement system that will help to preserve the effectiveness of the industry.
- Yara International:
Yara international is known for partners with farmers across the globe to reduce environmental impact and improve crop quality. Recent fertilizers solutions by Yara such as YaraBela and YaraLiva are formulated to target nutrition to suit each specific situations. YaraBela Nitrogen fertilizers helps to provide consistent crop performance inspite of any climatic conditions. Moreover, YaraLiva fertilizers progress strength, size, and appearance of the fruit, tuber, leaf or lettuce. The cost effectiveness and quality of fertilizers are enhancing the business of Yara international. On February 2019, Yara and Engine collaborated together to test the hydrogen technology efficiency in fertilizer production. This solution will help them to make carbon free fertilizers at an acceptable cost which will help them gain traction from consumers, and hence, thrive in the fertilizers market.
- The Mosaic Company:
MicroEssentials premium phosphate fertilizers helped to increase the corn yields by an average of 7.2 bushels per acre. The Mosaic company partnered with Sehgal Foundation to perform project Mosaic Villages Project in India together. The project helped demonstrate how fertilizers can be booster of capital intoaa local economy. Furthermore, initiative towards educating farmers about loans and proper use of land helped farmer to produce good quality of crops. The program reached and spread from 513acres of land in 2008 to 17,213acres of land in 2018. This program is aiding to the fertilizers market revenue by manifolds.
Fertilizers are spread in soil or plant tissues to enhance the growth of the plant by adding additives including nitrogen, potassium, and phosphate. Growing agriculture demand in India, APAC is the major region in fertilizers market. Reduced amount of N2O emission will help to improve the agricultural activities.
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- Specialty Fertilizers Market:
- Nitrogenous Fertilizer Market