Fertilizer Market is anticipated to reach US$282.095 billion by 2029 at a CAGR of 3.80%

The fertilizer market is anticipated to grow at a CAGR of 3.80% from US$217.242 billion in 2022 to US$282.095 billion by 2029.

NOIDA, UTTAR PARDESH, INDIA, June 14, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the fertilizer market is projected to grow at a CAGR of 3.80% between 2022 and 2029 to reach US$282.095 billion by 2029.

Route optimization maximizes performance and minimizes costs by utilizing algorithms to determine the shortest path between two or more points. To optimize route delivery time and fuel efficiency, more software companies are adopting cutting-edge technologies as transportation and logistics technology advances.

Due to the increasing need for efficient transportation, it is expected that this growth will increase traffic management efficacy. With the rising global population and the increasing rate of urbanization, transport systems experience major challenges such as congestion, hold-ups and other forms of inefficiency. Fertilizer enhances delivery schedules, reduces travel time, and boosts overall transportation effectiveness by helping to establish the shortest and most effective path.

In farming and gardening, any material or mix enclosed in the soil to allow plants to grow and boost their yield is referred to as fertilizer. This is done to add the soil a variety of nutrients, which are necessary for the growth of plants that require them. It consists of substances which are extracts from last year's crops — recommended for preserving soil strength respectively. Synthetic fertilizers also yield faster results because their nutrient composition can be precisely controlled due to their chemical production. Achieving optimal growth of crops and minimizing the harmful impact on the surroundings necessitates good fertilizing methods. Currently, options may range from artificial to natural and exist in diverse states such as liquid, solid or powder.

The agricultural sector's notable growth is the main driver of the market. Furthermore, the increasing population, fast urbanization, and rising food demand are leading to the widespread use of fertilizers to raise average crop yields per hectare and increase agricultural productivity, which in turn is driving market expansion. In addition, rising rural incomes and easier access to credit facilities are two more factors that contribute significantly to growth. Additionally, there are endless governmental and non-governmental organizations (NGOs) that fuel market expansion by sensitizing farmers on the benefits of using fertilizers and carrying out public campaigns to make them more aware. Farmers also find themselves investing in buying fertilizer to improve their crop yields following an increase in their disposable incomes, which has led to an expanded market size.

Access sample report or view details: https://www.knowledge-sourcing.com/report/fertilizer-market

The fertilizer market, by type, is divided into two types- organic and inorganic. Organic fertilizers are derived from natural sources, such as plants and animal faeces, among others. This difference in toxicity level and nutritional value compared to synthetic fertilizers has been the main reason behind the expansion in their market. High crop yields are made possible by organic fertilizers' well-balanced nutrient content, which strengthens soil structure and gets rid of dangerous pollutants. Recognizing the value of organic fertilizers in farming, numerous nations are launching campaigns to support these fertilizers.

The fertilizer market, by crop type, is divided into four types- cereals & grains, fruits & vegetables, oilseeds & pulses, and others. There has been a significant growth in the grains and cereals segment due to the high demand of staple food crops such as grains and cereals by an expanding global population.

Moreover, the need and consumption of grains and cereals are on the increase owing to the changing tastes and diets especially in new markets. Additionally, advances in agricultural technology have brought about an enormous increase in grain output efficiency. Better irrigation methods, GMO’d crops, and fine farming techniques are critical in increasing yields and total production. In the same way, increased awareness of cereals and grains as beneficial in dieting has seen people consume more of these. Due to the essential nutrients they often contain, these crops serve to prevent malnutrition as well as promote good eating habits.

The fertilizer market, by form, is divided into two types- liquid and solid. The numerous benefits that solid fertilizers provide in terms of efficient storage and transportation are the reason behind the growth of the dry segment in the fertilizer market. Because of their low level of moisture which also guarantees extended shelf-life also curbs caking besides easing handling and storage over extended periods, other aspects worth mentioning include the fact that dry fertilizers are cheaper than liquids or organics; hence considered ideal by those seeking to make farming practices cost-effective. Furthermore, the use of precision agricultural methods has led to an increased requirement for dry fertilizers.

The North American region is expected to witness significant growth in the fertilizer market during the forecasted period. Numerous factors, including crop demand and output requirements, which may rely on the current regulations and subsidies of the local government, influence the fertilizer industry in the United States. In addition, producers' decisions to purchase fertilizer are influenced by changes in global prices associated with particular crops, particularly soybeans and maize. The country's need for fertilizers is being driven by technological advancements in precision agriculture, which facilitate growth.

The research includes several key players from the Fertilizer market, such as Yara International ASA, The Mosaic Company (IMC Global Inc.), Haifa Group, CF Industries Holdings, Inc., Nutrien Ltd., OCI N.V., ICL Group Ltd., Syngenta AG, IFFCO, EuroChem, Saudi Arabian Fertilizer Company.

The market analytics report segments the fertilizer market using the following criteria:

• By Type

o Organic
o Inorganic

• Nitrogen
• Phosphate
• Potassium

• By Crop Type

o Cereals & Grains
o Fruits & Vegetables
o Oilseeds & Pulses
o Others

• By Form

o Dry
o Liquid

• By Geography

o North America

• USA
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others

Companies Mentioned:

• Yara International ASA
• The Mosaic Company (IMC Global Inc.)
• Haifa Group
• CF Industries Holdings, Inc.
• Nutrien Ltd.
• OCI N.V.
• ICL Group Ltd.
• Syngenta AG
• IFFCO
• EuroChem
• Saudi Arabian Fertilizer Company

Explore More Reports:

• Water Soluble Fertilizer Market: https://www.knowledge-sourcing.com/report/water-soluble-fertilizers-market

• NPK Fertilizer Market: https://www.knowledge-sourcing.com/report/global-npk-fertilizers-market

• Fertilizer Spreader Market: https://www.knowledge-sourcing.com/report/fertilizer-spreader-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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