- Global fertilizer market insights valued the industry at $384.37 billion in 2024, with a projected expansion reaching $543.20 billion by 2030.
- Rice, wheat, and corn, the main field crops cultivated globally, collectively cover around 38% of the world’s agricultural land.
- Chemical fertilizers are the most widespread products with a market share of 72%, according to data from 2021.
- Regarding product form, dry fertilizers dominate the largest share of the market, with a market revenue of $143.9 billion.
- The agriculture sector is the largest fertilizer consumer, accounting for 33% of the market.
A detailed analysis by Vaki Chim has revealed the top trends shaping the fertilizer industry in 2024 and beyond.
The fertilizer market is expected to feed nine billion people globally by 2050. A notable compound annual growth rate (CAGR) of 6.4% is particularly expected for the organic fertilizer branch from 2024 to 2034.
Organic fertilizer growth also has to do with accommodating farmers’ preferences for application methods. In 2021, it was reported that soil application was used in over 62% of fertilization instances. Slow-release gel fertilizers are increasingly in demand.
Regional trends:
India’s agricultural sector is propelling a projected CAGR of 4.9% with an astonishing $473.72 billion market size by 2029.
The United States (US) has witnessed consecutive years of growth, reflecting a positive trend in domestic fertilizer consumption. However, the country relies on imports for 12% of its nitrogen, 9% of its phosphate, and a staggering 93% of its potash consumption.
In the Middle East and Africa, market dynamics are projected to witness a steady growth trajectory, with a CAGR of 4% expected from 2023 to 2032.
However, approximately 90% of the fertilizer consumed in Sub-Saharan Africa is imported. Moreover, the low fertilizer usage in the region, at just 22 kilograms per hectare compared to the global average of 146 kilograms per hectare, highlights the urgent need for action.
Recent reports have shown that NPK fertilizer consumption for agriculture in the European Union (EU) is forecast to decrease by 4.6%.
Our analysis of price trends and geopolitical impact found that price volatility is the most influential challenge for the agricultural sector. Despite product costs in 2023 moving closer to pre-pandemic levels, geopolitical risks, trade restrictions, and regional tensions still pose uncertainties for the market.
For further details on these statistics, read the full report: https://growplant.org/blog/fertilizer-trends/
If using this report, please credit and link to: https://growplant.org/
