The consumption of fertilizers in Asia would be boosted by easing credit availability norms for farmers, increasing knowledge among the farmers, diversification of crop production and improving fertilizer distribution facilities.
January 19, 2014 (Newswire) - The Asian fertilizer industry has witnessed the highest application rates per unit of area particularly in countries such as China and India. The Asia fertilizer industry accounted for more than half of the consumption in global nitrogen fertilizer market. However industry lacks in consumption of potash fertilizers and to some extent phosphate fertilizers which has led to its deficiency in soils of different countries. However in the recent years, government of different countries have started to take various initiatives to promote growth of phosphate and potash fertilizers in by promoting usage of compound fertilizers particularly NPK.
NPK has been the fastest growing fertilizer product in the major fertilizer industries of Asia. For instance, NPK segment in potash fertilizers has grown a tremendous CAGR of 25.3% during 2006-2012 while it has been even more in the Indonesian fertilizer industry where it has grown at a CAGR of 28.8% during the same period. The potash fertilizer market of Asia is expected to witness a CAGR of 5.5% while a robust growth of 9.1% would be witnessed in the phosphate fertilizer market during 2012-2017.
A large number of projects are coming up in the largest contributing fertilizer industries such as China fertilizer industry is coming up with many of the phosphate and potash fertilizer projects which would complete their construction by 2015. All these factors would drive the growth of Asian fertilizer industry which is expected to reach ~ thousand nutrient tons in 2017 growing at 6.1% CAGR during 2012-2017. Likewise the overall potash segment in Vietnam is expected to boost the demand of fertilizer industry by witnessing a CAGR of 5.3% during 2012-2017.
"Government initiatives such as Vietnamese government along with International Fertilizer Association funded program 'Balanced Fertilization for Better Crops in Vietnam (BALCROP)' was executed by the Vietnamese farmers, extension workers and scientists in collaboration with the potash and phosphate institute. - According to the research report 'Asia Fertilizer Industry Outlook to 2017' by Ken Research.
The increasing awareness of the importance of well being and fitness among the affluent middle class population is expected to augment the growth of health clubs market in the region. The booming fitness industry driven by the increasing number of gyms and sports clubs in the Asian countries is likely to contribute to the growth of sports drinks market in the coming years.
The report provides detailed overview on the Fertilizer industry in Asia and help reader to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, fertilizer companies and marketing companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.
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