According to the report title “Global Fertilizer Market Outlook, 2027”, published by Bonafide Research, the consumption of the global fertilizer market is expected to reach more than $260 Billion by the year 2027. In volume terms, nitrogenous fertilizer has the highest market share, followed by phosphate and Potash fertilizer. The majorly consumed fertilizers are Urea, DAP, MAP, MOP, and Complex.
Asia-Pacific has the largest fertilizer market in terms of both by value & by volume followed by Europe and North America. In nitrogenous fertilizer, Asia-Pacific covers around half of the market share worldwide. On the other hand North America, Latin America & MEA contributes more than 25% of the market share. China is the market leader followed by India, USA, & Brazil. Canada is the largest producer and exporter of Potash fertilizer while the USA consumes most of the potash fertilizer. In complex fertilizer India & Russia has a remarkable market share.
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Fertilizer applications are dependent on the need of nutrients by plants. The most important nutrient is nitrogen. The fertilizers are majorly consumed by these categories like fruits & vegetables, oilseeds & pulses, cereals & grains and other plants. The majority of fertilizers are used in the production of vegetables/fruits and cereals/pulses with around 70-80% market share. Latin America has different scenario in consumption of fertilizer by application compared to Europe and Asia-Pacific. Each fertilizer product has its own benefits though complex fertilizer leads with the highest market share followed by Urea, DAP and MOP into global fertilizer consumption. Argentina leads in MAP fertilizer while Saudi Arabia leads in DAP fertilizer’s market share in the phosphate fertilizer segment. Most of the fertilizers are consumed by Wheat, rice, maize, soybean, vegetable, sugar crops, fruits and other food crops.
Plants provide food, fiber, shelter and a host of other welfare and fertilizer plays a significant role in this process. The world’s population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050 (Source: United Nations). So in order to fulfill the increased global food demand fertilizers will be needed more than ever to boost crop production to keep people fed and healthy. A fertilizer is a product containing various types of nutrients by which plants can grow more efficiently. Crop nutrients not only enhance the growth of plants but also aid the fertility of the soil with various numerous minerals and other elements. It is available in varied forms like solid and liquid. The market has distinct types of fertilizers available specific to their need, so it is beneficial to have in-depth knowledge of their types before utilizing them. The chemical fertilizer is mainly sub-divided into three major nutrients as Nitrogenous The fertilizer industry has not been significantly affected by COVID-19 because many countries have exempted the segment during the lockdown period. Though the lack of the supply of raw materials & manpower the market had gotten away from it y-o-y growth. The economic issues are now being felt in the regions where the coronavirus is increasing, such as Asia, America and Europe. During the COVID-19 the fundamentals of the fertilizer industry are strong even during the crisis. The demand is driven by the increasing use of crop nutrients in crop production to fulfill the growing food demand. There are some crucial factors for stable global fertilizer consumption like population growth, growth of the world GDP, alternative uses of crops, etc. So in order to maintain the growth of the current and future coming problems the agriculture’s R&D departments are persevering.
Major Companies present in the market:
The Mosaic Company, Yara International, Nutrien Limited, K+S Aktiengesellschaft, OCP Group, CF Industries Holdings, Sociedad Química y Minera de Chile (SQM), National Fertilizers Limited Coromandel International Limited, EuroChem Group, Wesfarmers, Indian Farmers Fertilizer Cooperative Limited (IFFCO)
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