SELBYVILLE, Del., June 10, 2021 (Newswire.com) - Based on Global Market Insights Inc.'s report, the global Fertilizer Market was estimated at $171.759 billion in 2020 and is slated to exceed $210 billion by 2027, registering a CAGR of 2.4% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The escalating population and growing demand for food worldwide will drive the fertilizer market in the near term. Fertilizers provide several advantages that include higher crop production in limited areas along with improving soil nutrient availability. The development of advanced fertilizer product portfolios, such as water-soluble fertilizers, has enabled farmers to use fertilizers more efficiently, minimizing the risks of excess usage.
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Dry fertilizers accounted for over 80% volume share in 2020 and will dominate the segment over the forecast spell. Dry fertilizers are cost-effective and do not require any specialized storage conditions. Dry fertilizers are often blended with other granular fertilizers to enhance the effectiveness of the fertilizer.
Organic fertilizers will witness strong growth in the global market due to the growing awareness of soil pollution and damage to the environment due to various inorganic fertilizers. Various government initiatives are helping farmers in adopting organic fertilizers to boost their crop production.
The gardening segment will witness over a 2.5% CAGR through 2027. Gardening activity generally includes public parks, botanical gardens, etc., which require fertilizers to maintain the growth of shrubs, plants, herbs, and flowers. Moreover, with rapid urbanization, the demand for gardens and parks at community spaces, private homes, office buildings, restaurants, and hotels will increase, thereby driving the fertilizer market growth for gardening applications during the projected period.
Latin America will witness around a 3% CAGR over the forecast timeframe owing to the increasing demand for food in the region. The region's inadequate cultivable land to sustain its growing population adds stress on the system to produce more efficiently. Thus, inorganic fertilizers are used that not only improve food production rates but also boost soil fertility. Additionally, the expansion of croplands and rising government support toward the effective use of fertilizers will positively drive the fertilizer market in the region.
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The key fertilizer industry players include, Haifa Group, Nutrien Ltd., Yara International ASA, CF Industries Holdings, Inc., Syngenta AG, Bunge Limited, Israel Chemicals Ltd. (ICL), Indian Farmers Fertiliser Cooperative Limited (IFFCO), Sumitomo Chemical Co., Ltd., GÜBRETA, SQM S.A, Gemlik Fertilizer, Inc., Unikeyterra, Bandırma Gübre Fabrikaları A.Ş., etc.
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Source: Global Market Insights Inc.