Fertilizer Industry: Biofertilizers Market Size to expand at a CAGR of 6.0% by 2030

Posted on 2023-12-22 by researchinsights in Agriculture, Chemicals, Industrial // 0 Comments

Fertilizer Industry Data Book – Nitrogenous, Potassic, Phosphatic, Foliar, Water-soluble, Biofertilizers, And Fertilizer Additives Market Size, Share, Trends Analysis and Segment Forecasts, 2022 – 2030

The global Fertilizer Industry was estimated at 201.3 Million Tons in 2021 and is anticipated to increase at a significant CAGR of 1.2% from 2022 to 2030.

The fertilizer industry database, compiled by Grand View Research, is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.

Nitrogenous Fertilizers Market Insights

The global nitrogenous fertilizer market size was valued at 113.3 Million Tons in 2021 and is projected to register a compound annual growth rate (CAGR) of 1.2% in terms of revenue from 2022 to 2030. The growth is attributed to the increasing popularity of agriculture on a commercial level across the world. There has been a rising demand for nitrogenous fertilizers from the agriculture industry for providing appropriate nutrition to the various food crops, thereby improving their yield. Agricultural commodities including vegetables, fruits, cotton, and cereals are crucial areas of application for these fertilizers. The production capacity of the crops is broadly affected by variations in climatic conditions, thereby changing the supply and demand of crops according to different seasons. The fertilizers are crucial ingredients utilized in agricultural practice for enhancing crop growth. A large number of crops cultivated across the world use fertilizers.

Nitrogen is some of the crucial nutrients necessary for the growth of plants. It is naturally available in the atmosphere, although, very few plants are able to absorb it. Thus, it is synthetically supplied to the plants in the form of nitrogenous fertilizers. The product is offered in the global market in various forms including calcium ammonium nitrate, ammonium sulfate, ammonia, and others, with different proportions of the nutrient values. The aforementioned products help to regulate the growth of the plants for faster yield and also provide a better texture.

Hydrogen and nitrogen are the crucial raw materials utilized in the manufacturing process of the product. The primary nutrient used in the fertilizers is nitrogen, and plants require it in large quantities. It plays a significant role in the photosynthesis process, thereby allowing plants to produce their food by using sunlight. Also, it is necessary for nearly every aspect of plant physiology. Nitrogen deficiency in plants can lead to the development of yellow leaves and poor growth. However, a surplus quantity of nitrogen in the fertilizers can result in enormous vegetative growth in crops, at the expense of fruiting and flowering.

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Biofertilizers Market Insights

The global biofertilizers market size was valued at 1.4 Million Tons in 2021 and is expected to grow expand at a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030. The increasing usage of microbes in biofertilizers proves the potential for sustainable farming methods and food safety. The increasing concern with respect to food safety is expected to drive the market for biofertilizers over the forecast period. The EU “Common Agricultural Policy” promotes the use of bio-based products along with organic farming and provides up to 30.0% of the budget as direct green payment to farmers complying with sustainable agricultural practices. A favorable regulatory scenario, especially in North America and Europe is expected to be a key driving factor for the market for biofertilizers over the next couple of years across these regions.

The global agriculture industry is a fast-moving sector with dynamic changes on various levels across all economies of the world. With the intervention of digital farming and precision farming practices prevailing in all countries, the growing economic regions are adapting to technological reforms to sustain the ecosystem. Technological adaptability comes with high investments, which in turn, affects the overall return on investments. This is a key factor that puts an entry barrier to small agricultural entrepreneurs and medium-scale farmers to penetrate the global competitive environment.

Go through the table of content of Fertilizer Industry Data Book to get a better understanding of the Coverage and scope of the study

Fertilizer Industry Data Book Competitive Landscape

Fertilizer markets across the globe returned to making profits in Q2 2022. This is followed by a supply squeeze of essential crop nutrients in the wake of the Russian invasion of Ukraine. Sanctions on Belarus and Russia, which are amongst the top producers of potash behind Canada, a key nutrient of potassium fertilizers, led to an increase in the mineral’s prices to levels registered back during the 2008 food crisis. The sanctions left a 35% void in the global output of potash.

Key players operating in the Fertilizer Industry are:

Nutrien
CF Industries
Mosaic
Yara International
Omnia Holdings

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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