The globalMineral Fertilizers marketis forecast to reach USD 130.72 Billion by 2027, according to a new report by Reports and Data. An increase in global population, and economic growth is a major driving factor of the market.
The market, mainly in the emerging nation, is growing with the support of the government. Governments all across the globe are offering support in the form of subsidies, incentives, loans, and tax waivers on agricultural fertilizers, which is boosting the overall industry. Rising interest rate, soil erosion, reduction in free trade, increasing usage of bio-fertilizers, government regulations, alternative farming prices, and increasing trend of organic food are also restricting the demand of the market.
The latest trend of using nano-fertilizers in agriculture are also affecting the market positively. Nano-fertilizers are increasing the soil fertility yield and improve the quality of crops. Nano-fertilizers also increase the efficiency of nutrients and lower the cost of environmental protection. Key companies manufacturing these fertilizers are Richfield Fertilizers Pvt. Ltd, Nanosolutions, Alert Biotech, and Florikan
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Impact of COVID-19
The widespread of the COVID-19 has created a ripple effect that is affecting all sectors everywhere. The borders are being closed, vessels are being quarantined, and the movement of the people is also being tracked. Products are being constrained, including fertilizers and their raw materials. A disruption of the fertilizer industry across the globe is expected in the coming days.
The countries that rely heavily on trucks for their supply of fertilizers will be the most affected as vehicle movement is being strictly prohibited. Those countries which have ports are finding it a little easier to get raw materials supplied. Brazil relies heavily on trucks as transport and will be the worst off while India and China are turning towards their ports for shipment.
Further key findings from the report suggest
- In the year 2019, the demand for nitrogen prices was under pressure for various reasons. Lower energy prices, weak trade growth, and trade disruptions kept the price from rising much the previous year. The segment still held the largest market share of 33.9% in the year 2019.
- Seed treatments have evolved over the years from merely protecting the seed to helping them improve long-term plant health, which led to higher production and better quality. The seed treatments are designed to enhance growth, plant emergence, and nutrition efficiency, which, with crop immunity, promote a more uniform and vigorous crop.
- Asia Pacific held the largest market share of 58.1% in the year 2019. East and South Asia are the major consumer of fertilizers in the region. Most of the countries in the region are the agricultural economy, and the government's initiative to promote better crop production propelled the demand for the market product.
- China, Egypt, and Southeast Asia have all increased the production of urea from the year 2018. The only region that saw a dramatic decrease of 39% was Iran, due to the U.S. sanctions. India witnessed a large increase in the urea imports due to strong sales and low production in the country.
For the purpose of this report, Reports and Data have segmented into the global Mineral Fertilizers market on the basis of type, application, application method, and region:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- North America
- Asia Pacific
- Latin America
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Seed Treatment
- Soil Treatment
- Root Dipping
Application Method Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2017-2027)
- Foliar Spray
- Drop Spreading/Placement
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