Fertilizer Market Size, Share, Opportunities, And Trends By Type (Organic, Inorganic (Nitrogen, Phosphate, Potassium)), By Crop Type (Cereals & Grains, Fruits & Vegetables, Oilseeds & Pulses, Other), By Form (Dry, Liquid) And By Geography - Forecasts From 2024 To 2029

The fertilizer market is anticipated to grow at a CAGR of 4.21% over the forecast period to reach US$327.472 billion by 2029, increasing from estimated value of US$266.487 billion in 2024.

Fertilizers are regarded to be fundamental to agriculture as they provide nutrients for plants to grow and thrive. According to the International Fertilizer Association, it is estimated that half the food eaten is produced owing to the effective usage of mineral fertilizers. With the particular increase in urbanization, there is a growing need for appropriate agricultural inputs to increase production. Among various fertilizer types, mineral and chemical nitrogenous fertilizers are the most traded in 2022, with 43%, fertilizers mixtures at 29%, and potassic mineral and chemical fertilizers at 24%.

Moreover, government policies like subsidies and incentives for fertilizer use can significantly impact market demand. For instance, in India, the anticipated growth rate for domestic sales volume of complex fertilizers, including diammonium phosphate (dap) and npk (nitrogen, phosphorus, and potassium), in the fiscal year 2025 is expected to range between 4-5%. The outlook for a normal monsoon and stable retail prices supports this growth. Lower volatility in raw material costs will enable the government to provide a corresponding nutrient-based subsidy (NBS), aiming to enhance the operating profitability of manufacturers to a normalized level.

FERTILIZER MARKET DRIVERS:

• Growing demand for food and its production will boost the fertilizer market

The global human population reached 8.0 billion in mid-November 2022. Projections indicate that the world’s population will increase by nearly 2 billion individuals over the next 30 years, reaching 9.7 billion by 2050 and potentially peaking at nearly 10.4 billion in the mid-2080s. China and India remain the two most populous countries, with over 1 billion people, representing nearly 18 percent of the world’s population.

In 2023, acute food insecurity levels reached record highs due to prolonged food crises and new shocks. Approximately 238 million people across 48 countries are facing severe food insecurity, which is 10% higher than in 2022. Fertilizers play a crucial role in enhancing agricultural yields and ensuring sufficient food production to meet the needs of a growing population. The necessity to address food security concerns is expected to drive the fertilizer market’s growth in the foreseeable future.

Fertilizer Market Geographical Outlook

The fertilizer market is segmented by geography into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region is anticipated to hold a significant share, being one of the largest producers of crops. Asia Pacific is driven by the growing economies of China and India, which have the largest populations in the world. The demand for organic and healthy alternatives will drive the European region.

• The United States in North America is expected to witness growth in the fertilizer market.

The fertilizer industry in the United States is affected by various factors, such as crop demand and output requirements, which might depend on the current rules and subsidies of the local government. In addition, producers' fertilizer purchasing decisions are affected by the fluctuations in the global prices that accompany specific crops, particularly maize and soybeans. Growth-enabling precision agricultural technological developments are also fueling the nation's demand for fertilizers.

According to USDA, crop area harvested per 1,000 acres in the United States increased from 2,91,429 thousand acres in 2020 to 2,98,863 thousand acres in 2021. The list included crops like corn, sorghum, oats, barley, rye, winter wheat, Durum wheat, rice, soybeans, peanuts, sunflower, cotton, dry edible beans, chickpeas, potatoes, canola, proso millet, and sugarbeets, with harvested acreage for hay, tobacco, and sugarcane, including double cropped acres and unharvested small grains.

Furthermore, the 2021 USDA report shows that among the fruit and vegetable agricultural businesses, there are around 3,000 that use CEA-type protection. This 2-3% is a significant sector in the US regarding total crop value. CEA-grown crops are characterized by high-value herbs, leafy greens, microgreens, berries, vine vegetables (like cucumbers, tomatoes, and peppers), flowers, mushrooms, and nursery crops. As per the estimates, more than 2,000 vertical farming operations in the US utilize fertilizers on a large scale.

Various product introductions and government initiatives greatly influence the fertilizer industry in the United States. New product innovations, such as revolutionary formulations or increased nutrient delivery systems, have the potential to stimulate market development by improving farmer productivity and performance.

Government-funded research and development programs frequently stimulate innovation in the fertilizer industry, resulting in the development of new products and methods. Owing to this, in March 2023, Secretary Tom Vilsack of the United States Department of Agriculture (USDA) announced that more than 350 independent businesses from 47 states and two territories applied for $3 billion in the first two rounds of a new grant program to increase innovative domestic fertilizer production capacity.

Fertilizer Market Segment Analysis

• The fertilizer market is segmented by type into organic and inorganic.

The organic market is driven by growing health-conscious choices amongst natural and organic food consumers. Governments often promote organic fertilizers to promote environmentally better-related inputs for food production. Inorganic fertilizers are still used for the large-scale production of crops, and they are further segmented into nitrogen, phosphate, and potassium.

• Fertilizer market segmentation by crop type into cereals & grains, fruits & vegetables, oilseeds & pulses, and others.

Cereals and grains, including rice, wheat, and corn, are important staples for a large section of the population. Fruits & vegetables often need fertilizers to meet specific requirements of the crops. With the growing demand for horticulture farming, the need for both inorganic and organic fertilizers will go up. Oilseeds & pulses are required by a large section of the people for their daily food requirements. Others include coffee, cocoa, rubber, tea, etc.

• Fertilizer market segmentation by form into dry and liquid.

The form of the fertilizers determines how they are spread across the field, produced, stored, or transported.

Fertilizer Market Key Players:

• Yara International ASA's strategic plan is to responsibly deliver feed, protect the planet, and meet Yara’s ambition to Grow a Nature-Positive Food Future. The company has three strategic ambitions: first, climate neutrality, aiming to reduce its carbon emissions and increase productivity. Additionally, it contributes to decarbonizing agriculture, energy, and transport. The second pillar is regenerative farming, which includes improving farming productivity and nutrient use efficiency. The last pillar is prosperity, which includes farmer’s income and sustainability. The company also has two strategic priorities: to accelerate operational excellence and expand the company’s reach and offering by offering new products at new locations.
• The Mosaic Company, a Fortune 500 firm in the United States, is the world's biggest combined manufacturer of concentrated phosphate and potash, two of the most common fertilizers used in agriculture. Its production capacity is 27 million tonnes.
• Haifa Group is a multinational firm and the world's biggest provider of specialist plant nutrition. For decades, Haifa has established itself as a global leader, recognized for providing creative solutions in all areas of specialization. It offers liquid fertilizers for Nutrigation™ and foliar sprays, controlled-release fertilizers, and granular fertilizers for soil application.

Fertilizer market key developments:

• In December 2023, Koch Ag & Energy Solutions (KAES), a global provider of agricultural, energy, and chemical solutions, announced that it had reached an agreement to buy OCI Global's fertilizer facility in Wever, Iowa, for $3.6 billion.
• In June 2023, ICL, a global leader in specialized minerals, announced the North American introduction of a new line of innovative foliar and fertigation solutions under the Nova brand of water-soluble fertilizers. The flagship products are Nova FINISH™, Nova PULSE™, Nova ELEVATE™, and Nova FLOW™.

Fertilizer Market Scope:

Report Metric	Details
Fertilizer Market Size in 2024	US$266.487 billion
Fertilizer Market Size in 2029	US$327.472 billion
Growth Rate	CAGR of 4.21%
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2024
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segmentation	Type Crop Type Form Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in Fertilizer Market	OCI N.V. ICL Group Ltd. Syngenta AG IFFCO EuroChem
Customization Scope	Free report customization with purchase

 

The fertilizer market is segmented and analyzed as follows:

• By Type
  • Organic
  • Inorganic
    • Nitrogen
    • Phosphate
    • Potassium
• By Crop Type
  • Cereals & Grains
  • Fruits & Vegetables
  • Oilseeds & Pulses
  • Others
• By Form
  • Dry
  • Liquid
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Rest of the Middle East and Africa
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Growing Demand for Food

4.2. Market Restraints

4.2.1. Threats from Substitutes

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. FERTILIZER MARKET BY TYPE

5.1. Introduction

5.1. Organic

5.2. Inorganic

5.2.1. Nitrogen

5.2.2. Phosphate

5.2.3. Potassium

6. FERTILIZER MARKET BY CROP TYPE

6.1. Introduction

6.1. Cereals & Grains

6.2. Fruits & Vegetables

6.3. Oilseeds & Pulses

6.4. Others

7. FERTILIZER MARKET BY FORM

7.1. Introduction

7.2. Dry

7.3. Liquid

8. FERTILIZER MARKET BY GEOGRAPHY

8.1. Global Overview

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Rest of South America

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Spain

8.4.6. Rest of Europe

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. United Arab Emirates

8.5.3. Rest of the Middle East and Africa

8.6. Asia-Pacific

8.6.1. China

8.6.2. India

8.6.3. Japan

8.6.4. South Korea

8.6.5. Taiwan

8.6.6. Thailand

8.6.7. Indonesia

8.6.8. Rest of Asia-Pacific

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Yara International ASA

10.2. The Mosaic Company (IMC Global Inc.)

10.3. Haifa Group

10.4. CF Industries Holdings, Inc.

10.5. Nutrien Ltd.

10.6. OCI N.V.

10.7. ICL Group Ltd.

10.8. Syngenta AG

10.9. IFFCO

10.10. EuroChem                

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