Fertilizer Market size worth US$327.472 billion by 2029

fertilizer market

The fertilizer market is expected to grow at a CAGR of 4.21% during the forecasted period, with a market valuation of US$266.487 billion in 2024, and is expected to reach US$327.472 billion by 2029.

Fertilizer is a type of natural and artificial substance, that contains multiple chemical elements that improve the growth productiveness and quality of plants. A fertilizer offers multiple benefits to the agricultural sector like the fertilizers improves crop yields and also simultaneously increases soil quality and structure. A fertilizer also improves the water-holding capacity of the soil, making the soil porous, and facilitating the exchange of gases, which helps to boost crop production. The fertilizers also improve plant nutrients and are easily absorbed by the plants.

The market demand for fertilizers is forecasted to attain a greater market share during the forecasted timeline, with the increasing demand for food and agricultural products across the globe. The demand for agricultural crops, like fruits, vegetables, and cereals are among the most consumed products. Furthermore, with the expansion of the population across the globe, the market demand for fertilizers is also estimated to grow.

With the increasing market demand for agricultural products, multiple companies and organizations have invested heavily in the research and development of fertilizers. Various companies and organizations have introduced new products, which are also estimated to boost the market demand forward. For instance, in June 2023, ICL Specialty Fertilizers, a part of the ICL Group Ltd., launched water-soluble micronutrient and NPK fertilizer in the North American market. Similarly, in April 2023, IFFCO and the Ministry of Cooperation announced the launch of IFFCO Nano DAP (liquid), which is aimed at boosting agricultural production in the nation. The company stated that a 500 ml bottle of IFFCO Nano DAP is equivalent to about 45kg of granular urea.

The global fertilizer market, by type, is segmented into organic and inorganic. Under the type category of the global fertilizer market, the inorganic category is estimated to attain a greater market share. An inorganic fertilizer is a type of fertilizer, which are made with the formulation of chemicals. The inorganic fertilizers include urea, single super phosphate, and potash among others. The inorganic category is further segmented into nitrogen, phosphate, and potassium.

The crop type segment of the fertilizer market is categorized into cereals & grains, fruits & vegetables, oilseeds & pulses, and others. Under the crop type category of the global fertilizer market, the cereals and grains categories are projected to attain a greater market share. With the increase in the market demand for the food and beverage products, the demand for agricultural produces, most importantly, the demand for cereals and grains will increase significantly.

The global fertilizer market, under form, is segmented into dry and liquid. The liquid fertilizer category under the form category is estimate to attain a greater market share. A liquid fertilizer is a form of liquid nutrients, which includes all necessary nutrients that help in promoting plant growth, like phosphorus and potassium dissolved in it. Liquid fertilizers offer multiple benefits over dry fertilizers, as they offer even application across the farmland. The liquid fertilizers also act faster than the dry category and offer lesser nitrogen loss.

Based on geography, the Asia Pacific region of the global fertilizer market is anticipated to attain significant growth. The Asia Pacific region is among the biggest producers of agriculture products across the globe. Multiple Asian Pacific countries like India, China, Bangladesh, and Vietnam are among the biggest producers of agricultural products. Furthermore, with the increase in the global population, the market demand for agricultural produce is also estimated to rise, increasing the global demand for fertilizers.

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.

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This analytics report segments the global fertilizer market 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